Hey guys. Just out of curiosity. If your children are under 18, are their bank accounts at risk in the event of a lawsuit? How are they viewed in terms of whose assets they are?
It depends on how the accounts are titled.
Do you mean whose name the accounts are under? my kids are 5 and 2 yrs. old. I think I have to be on the account to make deposits. I don’t know how it works. My wife does that part. It would be a shame to lose my kid’s money (if it ever came to that).
If it’s a joint account with your kids, your creditors can seize it. If you are just a custodian, which it sounds like, then the kid’s accounts are safe from your creditors.
I see. Thanx a lot BLL. I appreciate it.