Can creditors attach a co-owned bank account?

Question

If an aging parent puts an adult child onto his bank account as a co-owner, can creditors of the adult child attach the now co-owned account?

Answer 1

yes they can!!!

Answer 2

Yes they can, and there's a big possibility that they will. The only way an aging parent can be safe in this situation is by naming the adult child as an authorized signer on the account so the child can obtain money from the account if the parent is unable to (but the adult child is not an owner, so if the parent dies, the account will go into Probate), or by naming the adult child as beneficiary of the account (the adult child is unable to withdraw funds from the account while the parent is living, but if the parent dies, the child will be entitled to the funds).

Answer 3

Yes, if the child is an owner on the account, it is just as if the money is theirs. An alternative is to give the child power of attorney, which enables them to make any financial transaction while the parent is living, but does not allow this to happen. Of course, even with power of attorney, the bank and the parent cannot stop the child from doing anything they want with the funds in the account unless the parent revokes the power of attorney in writing.

Answer 4

Yes they can try because it has child's name on it.
They might be ok if the funds are not comingled. If all that's going in there is the aging parent's ssi and retirement, you can dispute the account garnishment with the lawyer or court.