Before adding a joint account holder to your account, it would be wise to read about this recent New Jersey case which illustrates the risks involved when adding someone, even a close family member, to your account.
In Coiro v. Wachovia, 11-cv-3587, the recently widowed Josephine Coiro added her daughter to her checking account so the money could be accessed even if she became ill or would be unable to act. In April 2010, she sold her home and deposited the proceeds of $381,272 in the account. Five days later, her daughter filed Chapter 7 bankruptcy. Even though her daughter did not include the account as an asset, Wells Fargo, which monitors bankruptcy filings, froze it. [Read more…] about Choose Your Joint Account Holders Wisely