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What are reasons someone might ask you to open a joint savings account with them on?

My mom isn't in the best financial situation. She wants to take $2000 and open a savings acct. with me but I think it's just about all the money she has. I *think* what she's trying to do is have it in my name so that no one can take it from her? What's happening is my stepdad is not in good shape mentally (alzheimer's/stroke) and although he can walk around & physically he's fine, he has lost SO many words and can't express himself nor does he know what to do with himself from minute to minute. He literally has to be told step by step how to put his pants on. He can do it himself, but if you gave him a pair of pants he'd look at you with a big question mark on his face. So, although she's wanted to care for him herself (she's a retired nurse), she's finding that she cannot do it alone. So she's researching respite or SOME place through the VA where she can bring him part/time and maybe eventually full time. I think she's concerned about them taking his SS check and then she'll not be able to live on what is left. So I think she's wanting to take this $2000 and open this acct with me... it doesn't make sense. She's playing it up like we'll have this account together and it'll draw interest and we'll be able to both take from it and spend for Christmas. I'm not sure, but she wants to do this tomorrow, and my gut does NOT feel good about it for some reason. I feel like I might get burned somehow down the road. What are the bad things that could happen that i'm not thinking about? Why does my gut feel this way?

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Asked by Anonymous at 1:52 PM on Jun. 16, 2011 in Relationships

Answers (4)
  • Are you putting money into it? If you are contributing then I would ask more questions. It is all of your mom's money then I would do it and not worry about it. Make sure the bank doesn't link it to any of your other accounts so your mom can't get them (not that she would, just in case) if it is at your bank. Then if I was you, I would never use it, even if she says you can have the interest, since it is all her money. She may have other reasons but if it is just an account, not a credit card, loan, or something, having your name on it shouldn't affect you in anyway, financially.

    Answer by Anonymous at 2:11 PM on Jun. 16, 2011

  • I agree if its all going to be for your Mothers money and just have your name on it in case something happens to her, you have control over the acct, than it should be fine, if you feel putting your money in there too and here not being financially stable will cause a problem than do not do it.

    Answer by virginiamama71 at 2:14 PM on Jun. 16, 2011

  • If her name is on the account it won't protect her from the government taking it.

    Answer by Candi1024 at 2:14 PM on Jun. 16, 2011

  • So if I open it and it has BOTH our names on it, they'll still take from it?

    Comment by Anonymous (original poster) at 8:44 AM on Jun. 17, 2011

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