Before you add your child's name to your bank accounts, ask yourself this question: Do you know how much credit card debt your child has? Are you really familar with your child's credit scores?

Oh - how times have changed!  Instead of sending out mass mailers offering 0% interest to hundreds of thousands of prospective customers, credit card companies are aggressively pursuing repayment from customers who are in default on their credit cards.  if your son is one of those cutomers that hasn't paid his bills, his credt card company may sue him and obtain a judgement - then try to collect from any assets in his name.  Your child can't say, "Oh, no, I'm sorry Visa, that money is really my mom's money."  They don't care.  Your child has legal ownership of the account and owes a legitimate debt.  And once again, your money is in jeopardy of being attacked by a lawsuit.

If you aren't sure that your children are current on their mortgage payments, or have adequate auto or homeowner's insurance coverage, you better think twice before adding their names to your bank accounts or those accounts may become targets for their judgement creditors.  Worse yet, if your daughter and her husband haven't paid their taxes, the IRS may freeze all accounts in their names (including yours),  and you can kiss your money goodbye.