I am having problems with the IRS and my name is on my son's checking account. I don't use this account, but are my son's assets in danger with my name on it?
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If you are a co-owner of the account, and if the IRS finds it necessary to pursue your assets using its levy process, the funds in your son's account could be at risk. That applies to any bank account and certain other assets that you both own and from which you have withdrawal rights.
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If you are a co-owner of the account, and if the IRS finds it necessary to pursue your assets using its levy process, the funds in your son's account could be at risk. That applies to any bank account and certain other assets that you both own and from which you have withdrawal rights.
