Archive for May 2, 2017

Joint Account with Child May Backfire

Studio portrait of a senior couple jokingly choking each other while looking at the camera.

Designating one of your children as the joint holder of your bank account may create problems.

It is typically better to use a Minnesota Durable Power of Attorney document to enable the child to write checks and to take other actions on your behalf during your senior years instead of creating the jointly held account.

Why? A jointly held account may place your carefully crafted estate plan in jeopardy. » Read more..