Hi Cherry, I think your videos are so informative. Many of my friends have been added to their elderly parents’ bank accounts to help them pay their bills when they aren’t able to, and also to avoid probate fees when their parents die. Is this considered a trust?
If the money truly belongs to the parents, it's likely a trust. There's an exemption... if the balance of the account (assuming it;s in cash or publicly traded stock) that's less then $50K, then you have no filing oblgiation.
Hi Cherry, please take a look at my comment from your video "How to Turn Your Mortgage into a Tax Deductible Machine | 2023 High Interest Rate Edition".
