Legal Question in Tax Law in New York

If the account uses your social security number, its income, profits and losses must be included in your return - single, married filed jointly or (although usually more expensive taxwise) married filing separate. One suggestion is to create a trust and keep these funds separately registered in the trust's name and using a taxpayer identification number specific to the trust. If properly drawn (and I have literally created hundreds for clients) not only will it keep the assets from becoming marital assets (equitable distribution assets in the event of divorce), it could provide tax benefits (both income and estate), estate planning benefits, asset protection from creditors, and more.There are some minor marital and divorce ramifications if income or the assets are used to pay family bills. Contact me for a free consultation and see if I can assist you.