My parents, (who are divorced) received insurance disbursement payments, one of equal amount to each of them. I was told by the bank as long as I was secondary on the account that I would not be taxed, so opened up two bank accounts with them as the primary and me as the secondary account holder. At this point, we want to lock away the money for the next year, we were thinking CDs would be a good option. Are the any other good methods? Main thing would be to keep my name on both of their accounts, while at the same time not taking on any tax burden.
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This is an income tax forum, not one that gives financial or estate planning advice. Depending upon your reasons for Joint accounts and the dollar amounts in question, you may wish to see a local professional.
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