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The following content originally appeared in the article Should You Have a Joint Bank Account with Your Parent? by Sheryl Nance-Nash on Samada.com on February 7, 2018.

 


Should You Have a Joint Bank Account With Your Parent?

Taking care of an aging parent is full of challenges. So on first thought, opening a joint bank account with your aging mom or dad seems like a no-brainer. Dig deeper though, before you make such a move. For all the advantages, there are risks and complications. “Opening a joint bank account with your aging parent is one of those plans that sounds like a good idea, but usually isn’t,” says Joshua Zimmelman, a tax accountant and president of Westwood Tax & Consulting in Rockville Centre, New York.

Benefits of having a joint bank account

A joint bank account can be the simplest and easiest way to help parents pay bills and monitor and track funds, says Lauren Klein, a certified financial planner and president of Klein Financial Advisors in Newport Beach, California. There’s a certain amount of comfort that comes from knowing that your parent’s bills are being paid on time. You can use their account to make everyday purchases like groceries as well as pay for bigger expenses, keeping them separate from your personal accounts.

And with your eyes on their account, it’s easier for you to spot potential fraud. “It allows the adult child to check for unauthorized purchases, or other problems with the account such as late fees or overdrafts,” points out Linda Sherry, director of national priorities for Consumer Action, a consumer advocacy organization in Washington, D.C.

Click here to read the complete article on Samada.com.

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All written content on this site is for information purposes only. Opinions expressed herein are solely those of Lauren S. Klein, President, Klein Financial Advisors, Inc. Material presented is believed to be from reliable sources and we make no representations as to its accuracy or completeness. Read More >