Tag: Family Finance
Should You Be on Your Parents’ Bank Account? (Ep. 40)

Should You Be on Your Parents’ Bank Account? (Ep. 40)

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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!

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Family, Faith, and Financial Resilience With Cassidy Sumpter (Ep.9)

Family, Faith, and Financial Resilience With Cassidy Sumpter (Ep.9)

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Uncover the heartfelt legacy of resilience and love as we dive deep into a family’s journey through cancer and discover the life lessons that emerged.

This special episode features Jim Sumpter and his daughter, Cassidy, as they share poignant stories about Carson, who battled cancer with courage and joy. Learn how these experiences have profoundly influenced Jim’s approach to financial planning, infusing it with empathy and resilience. 

Key episode discussions include:

  • The Strength of Family Bonds & how Carson’s battle with cancer united and strengthened his family.
  • Jim’s personal experiences have made him a more understanding and supportive financial advisor
  • How facing life’s toughest challenges can inspire personal growth and resilience.
  • The value of experiences over material possessions, and how these moments shape our lives

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About our Guest: 

Cassidy is Jim’s youngest daughter.  At 20 years old, she is a Junior at the University of Alabama majoring in Elementary Education and a member of Alpha Delta Pi (ADPi) sorority.  Cassidy is also a member of Tau Sigma National Honor Society. She lives in Tuscaloosa, Alabama with her dog, Buttercup.

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