Think Twice Before Adding Your Child to Your Bank Account

By Jason Palmisano

Adding a responsible adult child to mom’s bank account to give the child access to funds to pay bills and expenses for mom as she gets older seems harmless enough, right?  After all, mom really needs the help and the account will now avoid probate since the child is a joint owner of the account.   And mom did tell her child to divide the funds equally with his siblings after she passes (which, of course, the child assures her will happen). read more

New Florida Statute Permits UTMA Accounts To Age 25

familyBy Jason Palmisano

A Uniform Transfers to Minors Act (UTMA) account is a custodial account established for the benefit of a minor. The property in an UTMA account belongs to the minor but is controlled by a custodian until the UTMA account terminates.  An UTMA account created by an individual, or pursuant to the terms of a will or trust, terminates upon the minor attaining age 21.  If a decedent’s will or trust did not specifically provide for the creation of an UTMA account, one may still be established but it will terminate when the minor attains age 18. read more

SEC Issues Investor Alerts

By: Rebecca H. Forest

Have you, a family member, a client or a friend ever been approached to make an investment where you were not sure if the person soliciting you to invest was trustworthy? If so, you are not alone. In fact, in response to the increase in fraudulent investment schemes, the SEC has issued two investor alerts within the space of two weeks during June. These investor alerts, and other information available from the SEC and FINRA (the Financial Industry Regulatory Authority) provide guidance to help you avoid investing in fraudulent investment scams through unscrupulous individuals. read more