Trusts & Estates Law/Attorney in fact for bank account of kids
Can I open an account for my kids and get the bank to accept my appointment by the kids as their attorney in fact for all bank transactions in their account, then I transfer all my money to their account, so that when I die all they have to do to come to control of their account is to present my death certificate to the bank?
Sounds simple enough.
It just won't work the way you are hoping. (If you were very successful with it).
Now if you drop $5000, of your salary, in an account with their name in it. Probably no one is going to notice or care. But if you wanted to do it for $50,000 and did it year after year, then there will be a lot of heads that will pop up and be very interested in what is going on.
Your kids would always have priority on the account. They could dismiss you at any time.
If you deposit your personal after tax money into their account; they are either taxed on it as income (again), or if you claimed it was a gift, it would be subject to gift tax rules. Their personal tax returns would show total income that was less than reflected in bank accounts in their name. That kind of discrepancy will ultimately result in an audit.
You spending "their money" could be a foundation for a fraud charge, and the "State" might be willing to bring that charge for the benefit of the kids whether they wanted it too or not. Fraud is criminal so the State gets to decide what cases they will bring.
. . .
On the other hand, if this is business income we are talking about, then allowing a corporation to retain your wealth means that it is not yours when you die and therefore not subject to any estate issues. And the corporation, with the president deceased could hire a new president, even one of your kids, and that president would then have control of the entirety of the corporation.
That explanation is short and lacking enough detail to make a decision, most knowledgeable people would reasonably say that the entire value of the corporation that you own becomes part of your estate and therefore the above would not work.
Call me for the rest of the details.