My parents are both in their late 80's and put mine and my sister's names on their bank accounts as joint tenants because they need help and...

Question

My parents are both in their late 80's and put mine and my sister's names on their bank accounts as joint tenants because they need help and in case anything should happen to them. Now my sister has to have open heart surgery and cannot pay for it. My parents are scared that they will try and take their money. The only money that goes in and out (to pay bills and of that account is their social security checks.

Answer

Take the sister's name off the account to avoid possible loss of the funds to creditors of the sister. Your parents should have wills and possibly trusts if they have assets to protect. Consult with local estate planning attorneys.