Why Joint Accounts Are Dangerous For Asset Preservation?

In today's post, we will discuss joint accounts such as joint bank accounts, joint certificate of deposits, joint ownership of real estate, and any other joint accounts where you own property with somebody else.

For asset protection purposes, joint accounts are considered available to creditors. For example, Frank and Jan have joint bank accounts and Frank has a judgment in the amount of $100,000. In this example, a creditor will freeze Frank and Jan's joint bank account and all of the money is considered available to Frank's creditors beyond the $4,000 personal exemption amount in Naperville, Illinois. Jan lives in Aurora, Illinois. Thus, Jan's money is at jeopardy despite her being credit worthy and without any judgments.

When you have a judgment or prior to any judgments, the Robertson Law Group, LLC concentrates in representing business owners, physicians, chiropractors, small business owners, executives, retirees, and middle class americans in preserving their assets such as bank accounts, real estate, and other assets.

We can be reached at 312-498-6080 or 630-364-2318. We are located in Naperville and downtown Chicago. Our email is RobertsonLawGroup@gmail.com.