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socrateaser
socrateaser, Attorney
Category: Estate Law
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Experience:  Retired (mostly)
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have my daughter as "Joint tenancy with right of survivorship"

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have my daughter as "Joint tenancy with right of survivorship" on two bank accounts. Is there a possible penalty and tax liability for her on these accounts now or when I pass away?
Hello,

Unless the aggregate value of all of the accounts on which your daughter is a joint holder exceeds $5,250,000 (eff. 2013; adjusted annually for inflation), then there is no tax liability to her in the event of your death, or before your death, because as long as you maintain the ability to withdraw all of the money, the IRS takes the position that no actual gift has been made until you die.

Idaho has no estate or gift tax, so the federal tax issue is the only one to consider.

Hope this helps.

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