I was in Troy, Michigan giving an estate planning presentation when someone in the audience asked "whether he should be on a joint account with his parents to aide them in paying their bills?"
My answer was that there is a better way to go about things utilizing a Michigan financial durable power of attorney. With a financial power of attorney in place naming the son as agent-in-fact, he would be able to aide his parents with their bill paying and finances while protecting his parents from creditor claims against himself and providing the parents the peace of mind knowing that the son owes the parents a fiduciary duty.
If you have named anyone other than your spouse jointly on a bank account or deed, you may be opening up a can of worms. Feel free to contact us if you are in this situation, as there may be a better way to handle it.
Tuesday, October 6th, I will be presenting again on Michigan Estate Planning in Troy, Michigan in the afternoon.
-Christopher J. Berry, Esq., A Troy, Michigan Wills and Living Trust Attorney, is a Partner with The Law Offices of Witzke Berry PLLC, which practices in the areas of Troy Estate Planning, Troy Michigan Medicaid Planning, and Troy Michigan Probate Litigation, serving Metro-Detroit and Oakland County, Macomb County, and Wayne County. We can be reached at 248-971-1700
My answer was that there is a better way to go about things utilizing a Michigan financial durable power of attorney. With a financial power of attorney in place naming the son as agent-in-fact, he would be able to aide his parents with their bill paying and finances while protecting his parents from creditor claims against himself and providing the parents the peace of mind knowing that the son owes the parents a fiduciary duty.
If you have named anyone other than your spouse jointly on a bank account or deed, you may be opening up a can of worms. Feel free to contact us if you are in this situation, as there may be a better way to handle it.
Tuesday, October 6th, I will be presenting again on Michigan Estate Planning in Troy, Michigan in the afternoon.
-Christopher J. Berry, Esq., A Troy, Michigan Wills and Living Trust Attorney, is a Partner with The Law Offices of Witzke Berry PLLC, which practices in the areas of Troy Estate Planning, Troy Michigan Medicaid Planning, and Troy Michigan Probate Litigation, serving Metro-Detroit and Oakland County, Macomb County, and Wayne County. We can be reached at 248-971-1700
