Legal Question in Wills and Trusts in New Jersey

Re: financial legal question

Having your son as a co-owner on your account can make it vulnerable to his creditors. You would be better off keeping the account in your name. You may want to consider naming your son as your "attorney-in-fact" in a power of attorney or you may also want to consider creating a living trust and naming your son as a co-trustee.

Re: financial legal question

Jon is substantially correct, that you are at risk, as is he, both during your lifetime and after your death as to creditors. Gifts, if he were to receive any from you, following his marriage, during your lifetime or on your death, are usually protected in matrimonial matters, providing the funds remain segregated from marital assets. Income from segregated assets may come into play in the event of divcorce, for alimony and/or child support purposes. My suggestion is to consider a living trust (revoicable or irrevocable) with deferred pauout to your son, not before your death, and possibly to future grandchildren reserving use of the funds to your son and you, during your respective lifetimes, using discretionary powers for these purposes. This is a simple answer, although trusts are quite complicated (I do them regulalrly). Isuggest using a good probate, will and trust attorney to assist you. This is a response to an Internet question and the reply is not intended to be legal advice or as creating an attorney-client relationship.