An unexpected tragedy saw their daughter pass away a couple years later. Two months after her death, they received a tax bill on their own bank account funds! According to the state law, 1/3 of their own money was "inherited".
Banks are not required to inform customers of this situation - so beware! Indiana is one of 6 states currently that tax inheritances. Four states exempt parents (but not Indiana).
Bank officials suggest simply granting a child power of attorney to avoid this situation.
Be sure to consult a professional before doing anything with your money!