If my mother opens a joint bank account with me and thenshedies, will I have to pay any inheritance tax or capital gains assuming the bank account holds $250,000?

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If my mother opens a joint bank account with me and thenshedies, will I have to pay any inheritance tax or capital gains assuming the bank account holds $250,000?

Asked on December 16, 2011 under Estate Planning, Florida

Answers:

Steven Fromm / Steven J Fromm & Associates, P.C.

Answered 9 years ago | Contributor

It really depends on the size of her estate and the state where she was located at the date of her death.  At the federal level, if her estate is less than $5 million, the current exemption, there would be no federal estate tax.  For the state the rules differ. For example, in Pennsylvnia only one-half of the joint account would be taxable but only if the joint tenancy was created more than a year before the death of the donor-decedent.


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