What should I do with this money

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What should I do with this money

My mother is about to pass in probably less than a
week.
She has two accounts with my name on them. One
is a retirement fund with over 100k in it. The other is
a savings account also with over 100k in it. My dad
asked for me to add him on the accounts. What
should I do and are the monies going to be taxed.

Asked on March 29, 2018 under Estate Planning, Texas

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

I am so sorry for your situation.  I am assuming here that your parents are not married and that you Mom added you as a way to estateplan and for your inheritance.  How you hold the accounts matters.  If you are the designated beneficiary on the account (likely in the retirement account) then it passes to you autoamtically upon her death.  Same, too, does the other account if it is held as a joint account.  But again, how they are held matters and you should take the info to an accountant or attorney to figure that out.  Texas does not have an inheritance tax and you are way below the Federal Level.  How they are held will determine if you need to file an estate proceeding but I would venture to guess you may not have to.  The money is yours alone.  If you add your Dad then you wilbe splitting it with him and maybe that isn't what Mom intended.  Good luck.


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