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Pa Name Family Form

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Instructions and help about Pa Name Family

I do not recommend adding family members to your assets without seeking the assistance of an attorney for example if you add one of your children to a bank account then and they're a joint owner then their creditors can come after that whole bank account because that bank account is considered owned by your child if you want to add them as a beneficiary to avoid a will that's a much more effective way of transferring that asset to them at your passing but then they don't have control over it during your lifetime therefore it is still your asset the other situation that you might want to be mindful of is when you transfer an asset or add a person's name to your asset you're actually gifting it and there are consequences for that both at the federal tax level as well as for Medicaid or long-term care planning that you probably did not intend when you added your family member to your asset

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