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Re: [tips_and_tricks] Need help!

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  • Duboys.One@verizon.net
    They take first and ask questions later. Close the joint account. Open a new account for your father and take a power of attorney. Save the old passbook to
    Message 1 of 8 , Oct 5, 2005
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      They take first and ask questions later.

      Close the joint account.  Open a new account for your father and take a power of attorney.  Save the old passbook to prove that his SS checks were the only deposits made.

      Also, there is some form of exclusion of taking of SS moneys, even if they were yours.  Though I've heard of such grabs.

      John Searcy wrote:
      All,
          I have just received a letter from the I.R.S. claiming that I owe $5,389.26 for a "civil penalty" for the tax year 1990. I am not very vulnerable to levies or liens, however, I do maintain a joint bank account with my elderly father. The only funds deposited in this joint bank account are my father's monthly Social Security benefits. Is this joint bank account vulnerable to levy? How does the I.R.S. handle a joint bank account? Any information or suggestions would be greatly appreciated.
    • Advancepum@aol.com
      They don t give a damn they just take anything with your SS# on it. Get the money out of the account and do something else. You can use the checks to pay bills
      Message 2 of 8 , Oct 5, 2005
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        They don't give a damn they just take anything with your SS# on it. Get the money out of the account and do something else. You can use the checks to pay bills as I do. I have a credit card account that I try to charge everything to. I then sign the SS check over to the CC co. there is a trick to doing this though. Make a copy of both sides of the check for your files as proof of payment.
        I endorse the check this way "Pay to the order of ________ "and sign it
        The _________ is the credit card CO and the account # of the account.
        This way there is no way for anyone to get into the accounts for money.
        Paul

        They take first and ask questions later.


      • gary
        There is no exclusion for SS payments, that was done away with several years ago. They will even directly levy SS payments. Gary ... From:
        Message 3 of 8 , Oct 5, 2005
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          There is no exclusion for SS payments, that was done away with several years ago.  They will even directly levy SS payments.
           
          Gary
          ----- Original Message -----
          Sent: Wednesday, October 05, 2005 4:49 PM
          Subject: Re: [tips_and_tricks] Need help!


          Also, there is some form of exclusion of taking of SS moneys, even if they were yours.  Though I've heard of such grabs.

        • F.Brown
          Hi, If your social security number is on the account they will take all of it. They don t care where the money came from or originated. Close the joint account
          Message 4 of 8 , Oct 6, 2005
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            Hi,
             
                If your social security number is on the account they will take all of it. They don't care where the money came from or originated. Close the joint account and open a new under your father, he can then make you his agent to sign his checks or manage the account. This is what I am doing for my dad. I checked with the bank manager who assured me that because I was not on the account and only an agent the account cannot be levied for my taxes. All banks are different check with the bank before you do this. I the mean time CLOSE THE JOINT ACCOUNT NOW.
             
                Also, by law the IRS can only levy 15% of your social security benefits. I know this for a fact, they have been taking 15% of my social security disability benefits for the past two months. The IRS will do anything to get your money. Heck! They even sent a notice of levy to a bank I never heard of with my name on it. anyways, I hope this helped you with your situation.
            ----- Original Message -----
            Sent: Wednesday, October 05, 2005 10:24 AM
            Subject: [tips_and_tricks] Need help!

            All,
                I have just received a letter from the I.R.S. claiming that I owe $5,389.26 for a "civil penalty" for the tax year 1990. I am not very vulnerable to levies or liens, however, I do maintain a joint bank account with my elderly father. The only funds deposited in this joint bank account are my father's monthly Social Security benefits. Is this joint bank account vulnerable to levy? How does the I.R.S. handle a joint bank account? Any information or suggestions would be greatly appreciated.
          • Tim
            I have had the IRS snatch a few bucks from my accounts. They will do it once (for that particular tax year they are trying to collect for) and seemingly not
            Message 5 of 8 , Oct 6, 2005
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              I have had the IRS snatch a few bucks from my accounts. They will do it
              once (for that particular tax year they are trying to collect for) and
              seemingly not again unless for another year of levying process to take
              place.

              I would recommend forming an LLC (or having someone do it for you) with
              proper operating agreements setup and getting a business bank account.

              They may snatch it even if you have a personal account but they will
              give it back if in the name of a business and it is structured
              properly. You are merely a signer (manager of the LLC) on the account.
              Or you could hold the membership interest in trust and have the trustee
              open the bank account for the LLC.

              check out ww.pfshield.com

              Cheers,

              Tim

              F.Brown wrote:

              > Hi,
              >
              > If your social security number is on the account they will take
              > all of it. They don't care where the money came from or originated.
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