My wife and I are about to have a baby boy. We'd like to give him my full name but call him by my middle name. What should I watch out for in terms of taxes and credit reports as far as how to report our names. Do i need to start using 'Sr.' after my name? With custodial accounts, should they be set up with 'Jr.' after his name? I'm concerned since several of my friends have had problems with their parents loans or bad credit showing up on my friends accounts (they either had similar names or initials). I realize that the IRS (and credit reporting agencies) should be able to separate us based on our SSN# but I'd like to avoid any problems before they happen.john (Sr.)
All I can tell you is that I have a son-in-law with the same name as his father. His credit report is so screwed up, I see no chance of him ever straightening it out in his lifetime. It creates endless problems including the inability to buy a house. I would not wish this on anybody.Be creative: give him his own name.Joe Varga
I'd do "Jr." The Rockefellers are up to John Davison Rockefeller IV (he's Senator Jay Rockefeller of West Virginia) and they seem to keep things straight by their numbering system.In our family we distinguish by changing the middle name. As it happens signatures are almost identical (the acorn does not fall far from the tree, I guess). But I am aware of only one case in 60 years when the signature of JBoa was confused with that of JCBoa, and none in 45 years when that of JCBoa was confused with that of JABoa.
I, myself, am a Junior, although I do not use the Jr. suffix in my name. It is on my birth certificate, but not on my SS card or DL and therefore, not on my credit report. While I have been seperated from my father since 2 years of age, I don't know much about him. But I digress. From my understanding, my father was "creative" in many ways (financially among them), however, I was never stung by any of his financial transgressions.The short version is: keep track of your own fiscal responsibilities (including periodic credit report evaluation) and all should be well. Remember, the burden of proof is on the creditor.
I agree with Joe. I have a client who is a Jr. He is constantly harrassed as if he was his father, Sr., who's credit is bad, not to mention parking tickets, etc. I vote for giving him his own name.
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