Trust Checking And IRS

Discussion in 'Credit Talk' started by Candice, Jun 25, 2000.

  1. Candice

    Candice Guest

    If I have a "trust" checking account with my son, can the IRS or any other creditor touch it? Thanks.
  2. Kathie

    Kathie Guest

    They may make you prove that the money is not yours, such as if it is a trust account for a child. If the account is interest bearing then they might look to see if a return has been filed. Trust accounts are meant to be a fiduciary, meaning as a signer you are managing money for another who has "trusted" you with their assets. Attorney's, real estate companies, title companies, and securities firms have trust accounts and the state does regular audits to make sure funds are not "co-mingled".

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