My husband's mother has an account with his ssn

[goingbananas]

What is the name of your state? California

This is a weird situation, please let me know what you think.


When my husband was 17 his father died, his mother was divorced from his father, and she either set up an account with $10,000 that she received from either from insurance or something related to her ex-husband’s estate.

This account was held by her and was suppose to be transferred to my husband at 21 years of age according to the statement. The statement said this up until a year ago when my husband and I married:

My Mother-in-law’s name
My husband’s name @ 21
My Mother-in-law’s PO Box

My husband received a tax form coming to our house with his name on it and so he opened it, this is when he found out that the account had 10k that was being invested by the bank. From what I know, the account is some kind of account that is investing his money. He apparently is paying taxes on his dividends.


He has been paying taxes on it for years but he did not know since his mother took care of his taxes. He found out he had been paying when we had to file taxes together.

Please know my mother in law is very controlling and thinks I am a “gold digger” and will steal her son’s money. She is very secretive about this account and refuses to answer any questions about the account when my husband asks her. She tells him it is none of his business and that she is “protecting” him.

Now, my husband called the bank and found out that his mother was the account holder and that the funds were suppose to be transferred to him at 21 but she did not do so. They said he had no legal right to it since his mother was the account holder and she could do with it as she wished.


I don't know if it was a trust set up for him at 21. Or it may have just been an investing account his mother set up when he was under aged and she was never legally responsible for transferring it to him at 21. My husband is now 25, so if he was suppose to get it at 21 then she has held on to it for 4 years longer than she should have.

This weekend my mother-in-law gave my husband a tax form and we need to claim the income he earned on this account and pay taxes on it.

I guess in the last year she went to the bank and had the statement/account changed to this:

My Mother-in-law’s name
My husband’s name
My Mother-in-law’s PO Box


Now it looks like a joint account. My husband doesn’t want to take the money out since she may try to sue him, but he also doesn’t want her having account with her name on it (along with his) with HIS social security number on it.

I am not going to talk to her about this since she will say its her son's money and its none of my business. But, I am not happy with having my husband have accounts with anyone else other than me, especially when he doesn’t know anything about these accounts and he doesn’t remember signing any documentation for this account.

Does anyone have any advice?What is the name of your state?

 

[divgradcurl]

What is the name of your state? California

This is a weird situation, please let me know what you think.


When my husband was 17 his father died, his mother was divorced from his father, and she either set up an account with $10,000 that she received from either from insurance or something related to her ex-husband’s estate.

This account was held by her and was suppose to be transferred to my husband at 21 years of age according to the statement. The statement said this up until a year ago when my husband and I married:

My Mother-in-law’s name
My husband’s name @ 21
My Mother-in-law’s PO Box

My husband received a tax form coming to our house with his name on it and so he opened it, this is when he found out that the account had 10k that was being invested by the bank. From what I know, the account is some kind of account that is investing his money. He apparently is paying taxes on his dividends.


He has been paying taxes on it for years but he did not know since his mother took care of his taxes. He found out he had been paying when we had to file taxes together.

Please know my mother in law is very controlling and thinks I am a “gold digger” and will steal her son’s money. She is very secretive about this account and refuses to answer any questions about the account when my husband asks her. She tells him it is none of his business and that she is “protecting” him.

Now, my husband called the bank and found out that his mother was the account holder and that the funds were suppose to be transferred to him at 21 but she did not do so. They said he had no legal right to it since his mother was the account holder and she could do with it as she wished.


I don't know if it was a trust set up for him at 21. Or it may have just been an investing account his mother set up when he was under aged and she was never legally responsible for transferring it to him at 21. My husband is now 25, so if he was suppose to get it at 21 then she has held on to it for 4 years longer than she should have.

This weekend my mother-in-law gave my husband a tax form and we need to claim the income he earned on this account and pay taxes on it.

I guess in the last year she went to the bank and had the statement/account changed to this:

My Mother-in-law’s name
My husband’s name
My Mother-in-law’s PO Box


Now it looks like a joint account. My husband doesn’t want to take the money out since she may try to sue him, but he also doesn’t want her having account with her name on it (along with his) with HIS social security number on it.

I am not going to talk to her about this since she will say its her son's money and its none of my business. But, I am not happy with having my husband have accounts with anyone else other than me, especially when he doesn’t know anything about these accounts and he doesn’t remember signing any documentation for this account.

Does anyone have any advice?What is the name of your state?

I have some advice, but you are not going to like it. Forget about it. There isn't anything you can do about it. If your husband isn't man enough to stand up to his Mom, well, that's betweeen him and his Mom, and it won't do any good if you get in the middle of it. About all you can do is pressure your husband to do something about it, if you think it's worth it.

This isn't a legal problem, it's a family problem.

 

[Dandy Don]

It truly is none of your business, and there is nothing to worry about.

This is either an annuity or a trust account set up by mother, with the son named as beneficiary or joint account co-owner. When she dies, son will automatically be able to claim this money without going through probate. She did not need to get his permission, but it is rather shabby not to give him complete and full information about it. If he knows the name of the company from the tax receipt he has been receiving, he can contact the company after she dies to get information about how to claim the money.

 

[Route1]

The above responses assume that this account was initially opened up as a "Joint Account" (JTIC or JTWROS).

What if this account was initially set up as a "Custodial Account"? (With the Mom as Custodian until her son -your husband- reached the age of 21).

Assuming that this is the case then your Mother-In-Law had no basis for being able to convert it into a "Joint Account". Instead, the account ownership was supposed to have been transferred to your husband's name when he turned 21. Further proof of this possibility is that the account was set-up with your husband's SS# and hence the 1099 form being issued in HIS name and under HIS SS#. (Why would anyone open up an account using a "child's" SS# instead of the parent's?)

With all due respect to the previous posts and to your Mother-in-Law, and if I were your husband I would call the bank, ask to speak to the Branch Mgr and inquire as to what type of account this was initially established as. If it was a "Custodial Account", then the Bank made an error in converting the account to a _Joint Account_ when it was supposed to have been converted into an account in your husband_s name _alone_ upon his reaching the age of 21.

Furthermore, and if it was indeed a "Custodial Account", then your husband is fully entitled to have the Mom's name removed or have the funds transferred into an account in his name (with or without the Mom's approval) simply by providing proof of Identity accompanied by proof showing that he is older than 21.

This might put him in some hot water with the Mom... but that's for him to deal with... not me!!