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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Family Law
Satisfied Customers: 110495
Experience:  Experienced attorney: Family law, Estate Law, SS Law etc.
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My wifes mother is having difficulty managing her finances.

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My wife's mother is having difficulty managing her finances. Her kids opened up a bank account for her with she and both kids on it. It is a checking and savings but she is not on the savings. Both her social security and annuity go into this account. Is there a potential for having trouble with taxes for doing this?
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

Just because her children are on a bank account with their mother for convenience purposes to merely protect her assets does not make the children liable for the taxes on this account. The mother will have to claim any income in this account on her taxes and as long as the mother's taxes are properly filed there is no potential tax issue with anyone.

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