Tips and Tricks: New Bank and Brokerage Accounts

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Tips and Tricks: New Bank and Brokerage Accounts

When opening up a bank/brokerage acct that you are not the owner of — such as a opening convenience account, having your name as the fiduciary, or being added to an existing account — be very aware of which social security number should be on which line — yours or the owner’s.

I made this mistake many years ago, and I only found out when I received a 1099 from that bank that showed interest earned in toward my social security number versus the client’s.  This took me four years of fun to get this resolved with IRS.

 

 

 

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00a7e40This blog is shared by Theresa Barton, the expert behind The Guardian Network with more than 25 years of experience in the field of Elder Advocacy, Care Management and Guardianship. Learn more about Theresa’s work and resources for families, caregivers and health, support and legal professionals here.

 

 

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