conversation: User (tossitaway114): "When I started college my mom was added to my bank account to add funds/take money out conveniently and at the time I was ok with this.  I graduated 3 years ago and now have a decent job, no debt, solid savings, etc and I am comfortable where I'm at financially.  I have brought up the issue of removing my mom from my account in the past but it was a tense topic because my dad is very stubborn about having someone else on my account in case something were to happen to me.  I was annoyed and complained but eventually caved and just left it as is.\n\nNot too long ago an argument about this topic presented itself, and I want to put this topic to bed for good.  Basically my side is that I feel a bank account is something personal and only the primary owner should have control over.  I trust both my parents 110% that they would never do anything deceiving with my money, but it's just a comfort issue with me I guess.\n\nMy dad's argument is that if anything were to happen to me, they want to make sure ALL of the money goes to whoever is the joint owner.  I brought up a beneficiary form and while he understands that is one way to do it, he says it would count as an inheritance for whoever went to collect and some money would be taxed from it.  Also it wouldn't be instant access like if someone were a joint owner (funeral costs,med bills, w/e).  He also brings up that if I were not necessarily dead but say in a coma my accounts would be unreachable and medical assistance wouldn't be able to come from my account.  \n\nI made my case with my dad and though he doesn't agree with me he respects my decision and will do as I please.  So my questions to you fine folk, am I being unreasonable?  Is my dad making valid arguments?  Is there a way this can be approached where both parties can be 100% satisfied?  Thanks for your time.  "
  Self: "1.  Anything under 5 million dollars is exempt from the estate tax.\n2.  If you were in a coma, you would still receive medical care - they would come after you for the bills when you woke, or get it from your estate after you die.  \n3.  If for some reason you were in a persistent vegetative state, your parents could easily petition for guardianship and take control of all of your assets.\n4.  There is not a valid reason to keep your parents on your accounts unless it's just convenient for you.  Your dad needs to realize you're a man and that you can make your own decisions - maybe the best way to get that point across is to close the account and open a new one.  The conversation should not be a negotiation, but rather, a one way explanation of how you choose to live your life.\n\nQuestions - are you a co-owner on all of your parents bank accounts? On the title of their vehicles/house?  Do you have direct access to their investment/retirement accounts?  They're statistically more likely to die than you - so you could throw his arguments right back at him (if you felt like having a good debate). "
  