Personal Investment & Financial Planning Q`s/question

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QUESTION: Hello

  At this time I have about 50K in my money market account in the bank. I need to put my mother as the primary owner of this money for only 2 to 3 years for some personal reasons, but I dont want her to use or touch that money whatsoever. I dont want her to be allowed to take anything from this money. During this period while she owns my money, I want to have a complete charge over this money because I am the actual owner. After 2 to 3 years I want to have the authority to change the ownership back under my original name. What should I do to be able to accomplish that legally and smoothly?

Thanks for your advice


ANSWER: If your mother is listed as the sole primary owner of the account then she will have access to this money. If you feel comfortable sharing the reasoning behind temporarily naming her as the owner, I may be able to offer other suggestions to help with your needs.

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QUESTION: At this time I have about 50K in my money market account in the bank. I need to put my mother as the primary owner of this money for only 2 to 3 years for some personal reasons, but I dont want her to use or touch that money whatsoever. I dont want her to be allowed to take anything from this money. During this period while she owns my money, I want to have a complete charge over this money because I am the actual owner. After 2 to 3 years I want to have the authority to change the ownership back under my original name. What should I do to be able to accomplish that legally and smoothly?
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Answer If your mother is listed as the sole primary owner of the account then she will have access to this money. If you feel comfortable sharing the reasoning behind temporarily naming her as the owner, I may be able to offer other suggestions to help with your needs.
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Dear sir

Please provide me with your direct E-mail so we can communicate easily.
My mother has a gambling problem, and I can not allow her to take any funds out of my account. My reasons behind temporarily naming her as the owner are very legitimate and lawful, so please offer me your other suggestions.

Thanks  

Answer
If you don't mind, I would prefer to use Allexperts as a means of communication since my advice regarding this matter should not be deemed as legal advice and I would prefer to answer your question through the forum it is asked.

In regards to your follow up question, there may be options as it relates to setting up a Trust for the benefit of your mother, placing the money in this Trust, and then revoking this Trust down the road. You could put restrictions on this Trust as it relates to withdrawal capabilities by your mother. The issue at hand is if you are trying to temporarily protect this money from creditors, lawsuits, etc, by placing it in your mother's name, a good attorney will try to enforce look back provisions and prove that your intent was to protect this money vs setting the Trust up for the benefit of your mother. If this is true and can be proven, a court could rule that this money is not protected. I am using the creditor, lawsuit, scenario as an example. Bottom line is if the true intent of sheltering the money does not match up with the perceived intent, then problems could arise and the Trust may not serve its true purpose of protecting the money. I hope this helps. Please share any additional details you feel are helpful in me being able to offer further advice. If sheltering this money is a top priority of yours, then I would speak directly with a qaulified attorney who understand the nuances of asset protection.  I hope this helps.

Personal Investment & Financial Planning Q`s

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John D Smith, CFP

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I can answer detailed questions regarding mutual fund investing, retirement planning, education planning and related comprehensive wealth management and investment concerns.

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