If you’re lucky enough to win the upcoming $600 billion Powerball, you’ll also be putting a big smile on Uncle Sam’s face. And when it comes time to give the tax man his share, your total bill will have a lot to do with which state you live in.
financial experts encourage parents not to become co-signers because of the potential risk: you put your credit on the line with no real control over how your child uses the card. Legally, you are liable for any debt they incur. There is a better way.