Dear Pay Dirt: Along with their generosity often comes the expectation of secrecy.
My in-laws have always been generous when it comes to money, but along with the generosity often comes the expectation of secrecy, which can sometimes feel like things are not entirely on the up-and-up. They’re now getting on in years and have told us that my partner and his siblings jointly “own” all of their assets, including the fact that their names are on the deed to their home. We have no paperwork to this effect.
I reached out toFirst and foremost, be aware of the implications of letting them open these accounts in your name. “Opening accounts in your name and having you claim the taxes on your return so they don’t are considered sheltering their assets,” Brown said. “This is a red flag and fraudulent to report things on your tax return that are not yours. It’s fraud.
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