While her intentions are good, host Robert Croak warned the caller that there was one major oversight she was making, which could turn her nice gesture into a huge headache for her and her parents. Keep reading to find out what it is.
A mom named Carrie Ann emailed Croak's podcast, hoping to get advice on how to handle her parents' generosity. According to Wall St 24/7, her parents were refusing to accept any payment for watching her two young children while she works, and she feared that even if she could get them to take some money, they would only turn around and use it to buy junk for the kids.
Related: The Secret To Boosting Your Social Security Check by 30 Percent
Opening a Joint Account Like This Could Cause Problems
While the idea is solid, it sounds like the real concern is whose name goes on the account. When the account is opened in both Carrie Ann's and her parents' names, it can open the entire family up to liability that goes both ways.
Related: Here's What You Should Spend Your May Social Security Check On, According to Experts
Opening the account in just her parents' nameOpening the account in her name only with the intention of handing the money over at a later dateOpening a transfer-on-death account in her parents' names with her listed as the beneficiary
Obviously, Croak gave Carrie Ann a lot to consider, but this highlights just how many different ways there are to invest money for retirement...and how many pitfalls can be waiting for you if you don't consider all of your options before getting started.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
Hence then, the article about parents refuse daughter s offer of 1 000 a month for watching grandkids now she wants to sneakily invest it for them was published today ( ) and is available on Parade ( Saudi Arabia ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( Parents Refuse Daughter’s Offer of $1,000 a Month for Watching Grandkids— Now She Wants to ‘Sneakily’ Invest It for Them )
Also on site :