Tax Liability of setting up Joint account with elderly parent

village idiot

Registered User
Messages
31
Hi All, Hope you are well.
My father and I are thinking of setting up a joint account for him as he ages and progresses into dementia unfortunately.
But i want to be sure about any potential tax liability I risk by doing this first. I would be putting no money of my own into this account. He would be putting a lump sum and his ongoing pension into it. And its purpose is to look after things for him as we move forward.
Am I opening myself up to any liability? Are there some things I should do first maybe?
All advice gratefully received, thanks.
 
Your father could keep the account in his sole name and give you signing authority on it. No issue for you with tax liability.