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ScottyMacEsq
ScottyMacEsq, Attorney
Category: Estate Law
Satisfied Customers: 15916
Experience:  Licensed Texas General Practice Attorney
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My son is named as the benefiicary on my checking account.

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My son is named as the benefiicary on my checking account. Upon my death and when he presents a death certificate the money will released to him. Does he have to pay taxes on it.

ScottyMacEsq :

Thank you for using JustAnswer. I am researching your issue and will respond shortly.

ScottyMacEsq :

What state is this in, and what is the amount that would be transferred to him?

Customer:

New York, $10K

ScottyMacEsq :

No, he would not owe anything. NY does have an estate tax, but only for estates over a million. NY does not have an inheritance tax (a tax on individuals receiving an inheritance).

ScottyMacEsq :

Now any interest earned on the account would owe taxes from your estate (basic income taxes for the interest) but he would not owe anything.

ScottyMacEsq :

Hope that clears things up a bit. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, XXXXX XXXXX luck to you!

Customer:

5

ScottyMacEsq :

Thanks, XXXXX XXXXX good luck to you!

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