Joint Bank Accounts
from Elder Law Issues
Joint bank accounts are a useful tool for certain estate planning goals. Unfortunately, there are many pitfalls that people do not anticipate when establishing them. Establishing joint ownership of an account with a child or loved one will allow them to manage that account for you if you become incapacitated. The downside is that once you inevitably die, they will inherit the account regardless of any other documentation you prepare. This can work for or against a well-crafted estate plan. In this podcast we discuss alternatives to joint bank accounts as well as other consequences that most well-meaning people do not consider.
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