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December 2011 Archives

Adding Adult Children to Bank Accounts...

One of the most commonly asked questions amongst my estate planning clients is, "should I add my adult child to my bank account?" Although it might seem like a good planning idea in the event you have an accident or other incapacitating event, my answer is generally NO! First, when you add your child to your account you are making a gift to that child. If the value of that gift exceeds the annual gift exemption (currently $13,000) you are required to file a gift tax return and, depending on the amount, you possibly have a gift tax liability.

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Suzanne P. Nicholl
6165 Greenwich Dr.
Suite 340
San Diego, CA 92122
Phone: 619-894-8552
Fax: 858-373-5556
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