Texas IRS Address
September 6th, 2006
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Question: oklahoma et al. bank co-owner v. signature only laws?
in texas, there is no such thing as ‘signature only’ on a bank accont. if you both sign, you are both ‘co-owners.’ say, if your mother puts you as a signature on her bank account for emergency purposes only, and you owe the irs money, they can go into your mother’s account and take HER money. is this the case in oklahome? i am looking for an out of state bank where i can open my daughter an account and be a signature ONLY. i do not want her to responsible for any of my debt as my husband and i are divorcing and he would be able to claim her money as ‘our money’ and it i be forced to use it to pay his debts. any help? are there any states out there with signature only, i want to open an account on line. hopefully, your address doesn’t matter (like when you buy a car, you have to pay taxes on the state where you live . . .). thanks!
Answer: Yes, it is.
All named account owners have full access and legal ownership of the account.
There’s no such thing as “signature only” or “emergency purposes”. Either they have account access and ownership, or they don’t.
You can’t have an account, where you can draw out (use) the money, but it doesn’t count as your money.
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Texas and other states are declaring their sovereignty per our 10th Amendment
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