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    figurine1's Avatar
    figurine1 Posts: 3, Reputation: 1
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    #1

    Apr 11, 2008, 06:44 PM
    Garnishment of Kids Savings Account
    If I have my name/social security number is attached to my children's savings account (which I believe is the only way a saving account can be opened for minors) can the account be garnished and money taken for a court judgement against me. If the state matters to properly answer - Ohio
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Apr 11, 2008, 06:49 PM
    You need to advise the bank that all the funds in this account are your sons. Otherwise, as long as you are listed as an owner, its garnishable.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Apr 11, 2008, 06:50 PM
    There will be issues also as to "how much money" one can not merely hide money like that. You may be asked in court to give proofs of deposits, and so on.
    Choux's Avatar
    Choux Posts: 3,047, Reputation: 376
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    #4

    Apr 11, 2008, 06:55 PM
    Yes, of course. It is legally your account.

    You have two other options for ownership of a child's savings account.

    1. You can open a "Gift to Minors" savings account in each child's name and social security number. The money is a permanent gift and cannot be used for your needs. There is a list of requirements with which the money can be used, and it can never be taken out of the child's name once it is set up. See your bank.

    2. You can open a minor's account in your child's name and social security number... with yourself as a designated signer. The child cannot withdraw money with out your signature.

    You can go to your bank and say you want to "change the ownership" on the accounts you have now with money designated for your kids. They will be glad to help you.


    Best wishes in 2008
    figurine1's Avatar
    figurine1 Posts: 3, Reputation: 1
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    #5

    Apr 11, 2008, 07:06 PM
    Quote Originally Posted by Fr_Chuck
    There will be issues also as to "how much money" one can not merley hide money like that. You may be asked in court to give proofs of deposits, and so on.

    Now that you have awaken the criminal side of my mind, I guess that is a way to think you could hide money, but the money was really my kids savings account.
    figurine1's Avatar
    figurine1 Posts: 3, Reputation: 1
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    #6

    Apr 11, 2008, 07:10 PM
    Quote Originally Posted by Choux
    Yes, of course. It is legally your account.

    You have two other options for ownership of a child's savings account.

    1. You can open a "Gift to Minors" savings account in each child's name and social security number. The money is a permanent gift and cannot be used for your needs. There is a list of requirements with which the money can be used, and it can never be taken out of the child's name once it is set up. See your bank.

    2. You can open a minor's account in your child's name and social security number...with yourself as a designated signer. The child cannot withdraw money with out your signature.

    You can go to your bank and say you want to "change the ownership" on the accounts you have now with money designated for your kids. They will be glad to help you.


    Best wishes in 2008

    The account was set up as me as a designated signer, but they emptied their savings. What is the best way to set up an account for them without this happening again, even if it means I do not have access to it, because I hate to think there is no use in having a savings account for them if they are not protected from my faults.

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