Most families think adding a child to a parent’s bank account is a simple act of love, but Jim Sumpter CFP® reveals how easily it can create tax issues, legal exposure, and long-term family conflict.

In this episode, Jim breaks down why ownership matters more than most people realize and why wills often never even come into play. Through real client stories and personal examples, he explains how joint accounts, powers of attorney, TOD designations, and cost basis rules work behind the scenes, especially when parents begin relying on their children for financial support.

What to expect:

• When joint ownership creates unintended gifts or tax bills
• How beneficiary rules override wills
• Hidden legal risks tied to siblings, creditors, and lawsuits
• Better tools for caregiving and estate planning
• And more!

Connect with Jim Sumpter: 

• 205-510-9074
• CMC Financial
• LinkedIn: Jim Sumpter
• LinkedIn: CMC Financial
• Facebook: CMC Financial
• Instagram: CMC Financial
• YouTube: CMC Financial