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Contact us today: 866.461.7474 or 727.461.7474 | 581 South Duncan Avenue Clearwater, FL 33756
Coleman Law Firm
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Risks of Using Joint Accounts

St. Petersburg estate planning lawyer Couple reviewing account documentsMany individuals turn to joint accounts as a way to avoid probate. The advantages of using a joint account may be that they are relatively easy to set up and upon the death of one of the joint account holders, the other joint account holders can seamlessly take over the account without court involvement or other expensive steps. However, a St. Petersburg estate planning lawyer can explain to you that there may be many downsides and risks to a joint account as well that may offset any benefits to potentially avoiding probate.

Types of Risks of Using Joint Accounts

There are many risks associated with using joint accounts that a St. Petersburg estate planning lawyer can tell you about. Some of the common risks include:

  • You Lose Control of the Assets. Once you open a joint account, you should understand that the other joint account holders can withdraw and use the money in the account.
  • You May Be Subject to Creditors of Other Account Holders. Because your other account holders can access your account for their personal finances, the assets in the account may be subject to any creditors of the joint account holders. This includes losing the assets to a bankruptcy proceeding involving a joint account holder.
  • You May Lose the Assets in a Divorce Proceeding (Even If You’re Not Married). Just as the creditors of your joint account holders may reach your assets, so may the spouses of your joint account holders in any divorce proceeding.
  • Capital Gains/Tax Implications. If your accounts have big capital gains property, a St. Petersburg estate planning lawyer can explain that you may lose the ability to get a full basis adjustment on the property upon death.

Contact a St. Petersburg Estate Planning Lawyer

If you have a question about joint accounts and estate planning, you will want to contact an experienced attorney. There may be several options available to avoiding or minimizing your probate costs. Schedule a consultation with an attorney at the Coleman Law Firm by calling 727-461-7474 to learn the best options available to you.

Estate & Trusts Planning

  • Estate & Trusts Planning
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  • Risks of Using Joint Accounts
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581 South Duncan Avenue
Clearwater, FL 33756


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Fax: 727.461.7476
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    I engaged the Coleman Law firm on two occasions and all of my transactions were handled from out of state. Mr. Coleman and all of his staff were very knowledgeable and personable. They dealt with everything in a very professional and timely manner. They kept me informed of what was happening all the… Read more
    Jeannette Hoffman
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    I’m very pleased with the way the Coleman Law Firm handled my matter. They were caring, fast, and I felt I was in good hands.
    Hollie J.
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    We are pleased to have this opportunity to describe how individualized your services were to our needs. Not only was the staff attentive, caring and helpful, but also the firm was extremely in tune to the complicated activity of market affairs and our particular problems. We would definitely recomm… Read more
    J.R. & S.D.
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    Complete honesty and a close attention to all details involved in my case. Close guidance in all areas.
    M.A.B.
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    My husband and I saved and planned for a comfortable retirement. We retired in 2000. Due to improprieties and uncontrolled circumstances by our financial advisor and financial institute; we lost a substantial amount of our retirement savings. Thankfully, we were referred to attorney, Jeffrey P. Cole… Read more
    Lou & Sue Maas
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    I have referred probably at least five cases to the Coleman Law Firm. I have found Mr. Coleman and his staff to be both knowledgeable and down to earth. Mr. Coleman assisted with real estate matters, probate matters, and some personal injury cases with success. I will continue to refer cases to him … Read more
    Lee G.
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    Mr. Coleman is obviously very knowledgeable in his field, but he is also very approachable, and easy to talk to. He takes the time to explain things fully in a way that is easy to understand. He kept me very well informed of the progress of my case, and then made a superb presentation at my final he… Read more
    A Litigation client
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    My name is Dr. Christine LaRae Larson. I have been involved with Coleman Law Firm, needing legal counsel in my new role as a trustee. Personally and on the front end of my position, I had very little experience as a trustee. But now, as my involvement with Coleman Law Firm has continued, I am no lon… Read more
    Dr. Christine LaRae Larson
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    Jeff Coleman helped me with my case and I would use and recommend him again.
    Nancy G.
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    Jeff & Emily prepared a complete estate planning package for me. All documents, including adjustments due to recent changes in the law and specific stipulations I requested. Everything completed in a professional, timely manner and with patience in dealing with me. I would recommend The Coleman Law … Read more
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