Legal Question in Civil Litigation in Maine
Using minors' SSN's to hide money from the IRS
My mother in-law opened bank accounts in each of our sons names (ages 5 & 9). We are not on speaking terms with her and recently received bank statements from the financial institution she has the accounts with.
She has been entangled in a legal battle with her step son and daughter since the death of their father and I fear she is using our minor children's social security numbers as a way to hide money from the suing step children.
I called the bank when we received the statements to inquire about the accounts, but the representative could not discuss them with me because of disclosure laws. However, these accounts have my children's names on them and I feel I have every right to have their names removed.
Do we have any legal recourse to make her stop using our children's SSN's? The bank representative told me anybody can open an account in anybody else's name as long as they know the social security numbers.
I don't see how this can be legal. These are my children and I don't appreciate this woman using them as a means to avoid paying taxes or damages lost in her law suit.
1 Answer from Attorneys
Re: Using minors' SSN's to hide money from the IRS
Just think, if your mother-in-law dies from all the stress she is presently enduring, your kids might be rich. All kidding aside, if she set these accounts up as joint accounts, she has access to the funds and may make deposits as she sees fit. If the accounts are set up as "trustee" accounts, she has a responsibility to the beneficiaries, and could be held accountable.
Too bad she didn't make regular deposits to your account.
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