Thanks so much for answer, espically TS......I now understand FDIC 100,00 insurance - BUT?

Question

who then pays the tax on the interest earned if I put CD's in joint accountor POD with my grown children - can I still be responsible for the tax liability, but yet still have the extra !00,000 each child FDIC insured as well as acounts in my own name??? I am hoping to have a Revocable Living Trust set up in the near future which may help with all this....