By David Frees Esq. “Top Lawyer” by Main Line Today Magazine.
Married couples often believe that signing a joint signature card at the bank makes those assets impervious to creditor claims in the event you are sued. And, while Pennsylvania law does offer some protection on joint accounts, you need to be careful and consider not only careful planning, but what you do after the account is opened.
For example, if a husband and wife own a joint account, and one of them gets sued, it is generally true that the creditors’ cannot get the joint asset. However, see this recent bankruptcy case that seems to say it is not just the signature card that matters but also what you do after the account is opened.
It is also important to remember, that if one spouse dies and the joint account becomes the property of a spouse who has been sued, then the creditors can again reach the account.
If you are concerned about your will, estate planning and/or asset protection please visit www.PaEstatePlanners.com for more free reports or call 610-933-8069. If you are a Pennsylvania resident, you can get a free initial consultation by mentioning this code: DavidFrees2010.
David Frees has attained the highest AVVO rating of 10.0 and has been selected as a Top Lawyer by Main Line Today Magazine.