Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121592  
Subject: Re: Yet another JTWROS question Date: 2/12/2000 12:48 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
<<My wife has a joint acct with her father. He has essentially no assets; in fact he may die with the estate owing debts. The money in the joint acct was all his,he put it in there so it would pass to my wife on his death without going thru probate.>>

And there are MUCH better ways to accomplish this. Read more about the problems associated with joint accounts with somebody other than your spouse. Do a folder search on this issue, and you'll see why it's normally something that you don't want to do.

<<Two questions:
1) If he dies with debts, will that money actually pass to my wife or does it belong to the estate until the debts are paid?>>

Sorry...this is a legal question and will depend upon your state law. I would GUESS that the creditors, if they care enough, would come looking for the co-owner of the joint account. But again...that's just a GUESS.

<<2) Is there any way that having that joint account will somehow obligate my wife for any of his debts (or at least above and beyond what is in the account)?>>

Again...another legal question. I would seriously doubt that the creditors could go beyond the assets in the account and zap your wife. But again, that's only a GUESS. You'll need competent legal help in order to answer these questions. And I ain't it. Sorry.

Perhaps Chris Riser can stop by and provide you with some additional information. He's an estate tax attorney that stops by here from time to time. He's both competent and an attorney. Exactly what you need.

TMF Taxes
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Prev | Next | Next Thread


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

Looking at Currency Ratios
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.