| ESTATE PLANNING column: Accessing a joint account following death
Q: My sister and I are listed as joint owners on our mother's savings account. After our mother passes away, can we legally close the account to use the money to pay for funeral expenses?A: It's pretty common for children to be added to bank accounts so that they can get to the funds in the event the parent dies. The short answer to your question is, yes, you should be able to access the funds in the account after your mother's death. The long answer, however, is you will have to jump through a few hoops to get to the funds.Before the bank will release funds to you, as surviving joint owner, you will likely have to provide a consent to transfer signed by the county assessor's office.A consent to transfer essentially is a release that the state gives, allowing the release of an asset to a surviving joint owner, beneficiary or other person entitled to the asset.However, before the assessor's office is willing to sign a consent, it will ask for certain things, including, but not limited to, a death certificate.
New Illinois law targets wheels of deadbeat parents
SPRINGFIELD — Illinois child-support scofflaws could already be prevented from leaving the country. Now they can be prevented from leaving the driveway.A new state law allows authorities to immobilize the cars and suspend the licenses of the worst offenders among deadbeat parents. That's in addition to the wide array of previously existing threats against them, including passport denial, tax-return garnishment, bank account seizure and even interception of lottery winnings.“More avenues to collect child support payments means more Illinois children can have the childhood they deserve," Gov. Rod Blagojevich said in a written statement after signing the measure into law last week. The measure went into effect immediately.The law makes it easier for the state to suspend the driver's licenses of non-custodial parents who are significantly behind in child support, doing it administratively instead of going through the courts.
Karma Klub meeting today
Karma Klub, a group of women dedicated to helping those in need, will have its next regular monthly meeting on Monday, Nov. 19, at 11:3am at Pierre's Restaurant (next to the Modern Stationery branch and Bank of Guam in Garapan).Guest speakers will be DYS staffers Debra Inos and Vivian Sablan. Contributions collected at the meeting will go to their Special Children's Account. This fund assists children who are under DYS' care. These are victims of abuse or neglect. DYS uses this money for basic necessities and health care.The Karma Klub is also seeking new members. The only membership requirement is a $20 donation, which will go directly to designated groups that serve individuals or families in need. The more members that the Karma Klub has, the more it can help. All interested are invited to join the group on Nov.
Erap’s joint assets included
THE antigraft court may go after the assets of Joseph Estrada�s mistresses and children if they are under the former President�s name, an official said Sunday. The Sandiganbayan has filed a writ of execution against Estrada, saying his pardon for plunder does not cover his civil liabilities. �So long as the account is under the name of Joseph Estrada,� such asset is covered by the forfeiture order of Sandiganbayan, Clerk of Court Renato Bocar told The Manila Times on Sunday. He said the forfeiture is not limited to the bank accounts of Estrada that were mentioned during his plunder trial but to all the accounts registered under his name, whether with his wife, or children or other persons. �If it is a joint account with Joseph Estrada and it appears that he is the absolute owner, even if it is in a joint account, it is covered by the decision of the Sandiganbayan Special Division once he fails to pay the amount involved in the ruling,� Bocar explained.
Mother robber sent to jail
A woman has been jailed for stealing ?80,000 ($219,000) from her mother who sold up her home in New Zealand to be nearer her daughter in the UK. Care worker Kim Goffin was jailed for two-and-a-half-years in Plymouth Crown Court yesterday after a judge heard how her mother Patricia Williams was left heartbroken and penniless. Widow Mrs Williams, 67, moved back to Britain from New Zealand so she could be closer to her daughter and her three grandchildren. The court was told Goffin, 47, offered to help her mother shop online and then used the information to empty her internet bank account. She got through more than ?80,000 in just 17 months and spent much of the cash buying designer clothes and splashing out on holidays. Jo Martin, prosecuting, said Mrs Williams gave her daughter details of her bank account so she could shop online for her with Tesco Direct.
New law would give deadbeat parents the boot
SPRINGFIELD - Illinois child-support scofflaws already could be prevented from leaving the country. Now they can be prevented from leaving the driveway.A new state law allows authorities to immobilize the cars and suspend the driver's licenses of the worst offenders among deadbeat parents. That's in addition to the wide array of previously existing threats, including passport denial, tax-return garnishment, bank account seizure and even interception of lottery winnings."More avenues to collect child support payments mean more Illinois children can have the childhood they deserve," Gov. Rod Blagojevich said after signing the measure into law Tuesday. The measure went into effect immediately.The law makes it easier for the state to suspend the driver's licenses of noncustodial parents who are significantly behind in child support, doing it administratively instead of going through the courts.
Security firm urges caution when donating online
Internet users are being urged to exercise caution when making online donations to charitable causes, such as today's Children in Need appeal. Security firm Webroot Software warned that users must be extra vigilant to avoid exposing personal information to cyber-criminals.Webroot stressed that it does not want to discourage people from donating to worthy causes, but to make sure that the donation reaches the intended recipient."We are seeing increases in spoofing and typo-squatting around events driving traffic on the web," said Nick Banks, managing director in EMEA for Webroot. "Internet users need to think about protection and good habits when surfing online for information or donating."Cyber-criminals are targeting heavily trafficked websites, and donors seeking to contribute to worthy causes must use caution when visiting these sites."Children in Need fundraising activities have been taking place throughout the year, but the televised events today will prompt many people to visit related websites with the intention of donating.Webroot said that a potential spike in system monitors and key-loggers allows hackers to obtain personal information such as credit card or bank account numbers.The company also recommends that users ensure that security software is up to date, look for the padlock symbol on the browser when entering private information, and check bank accounts regularly for unexpected transactions.
Bankruptcy law leads to more foreclosures
Washington Mutual Inc. got what it wanted in 2005: A revised bankruptcy code that no longer lets people walk away from credit card bills. The largest U.S. savings and loan didn't count on a housing recession. The new bankruptcy laws are helping drive foreclosures to a record as homeowners default on mortgages and struggle to pay credit-card debts that might have been wiped out under the old code, said Jay Westbrook, a professor of business law at the University of Texas Law School in Austin and a former adviser to the International Monetary Fund and the World Bank. "Be careful what you wish for," Westbrook said. "They wanted to make sure that people kept paying their credit cards, and what they're getting is more foreclosures." Washington Mutual, Bank of America Corp., JPMorgan Chase & Co.
No jail for ID thief
A pensions administrator from Sutton has avoided a jail term for using the identity of a dead pensioner to swindle money out of his firm. Jon Isetts, 26, transferred £2,760 into the account of the deceased man, then changed the bank details to his own, so he could pay off mounting credit card debts. Guildford Crown Court was told how he cancelled another fraudulent exchange at MNPA pension specialists just as the money was about to be transferred. .
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