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Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 33794
Experience:  15 yrs estate law, real estate. Wills/Trusts/Probate
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My mother and grandfather jointly owned a bank account worth

Customer Question

My mother and grandfather jointly owned a bank account worth approximately $250K. When my grandfather passed away, my mother became the sole owner of the bank account. She would like to give half of this account to her brother, the other surviving heir. Is there a way she should do so to protect herself against taxes or any potential legal claims by her brother?
Submitted: 9 months ago.
Category: Estate Law
Expert:  Barrister replied 9 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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Mother would have become the sole owner of the account and anything in it when grandfather passed away. So if she wanted to share it with brother, that is her choice, but he can't force her to do so.

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If she did want to share, it would be considered a gift from her to him of $125K. Since this is above the $14K annual gift tax exemption, she would have to file an IRS Form 709 in the year of the gift with her taxes and use up a small portion of her $5.45 lifetime gift tax exemption so she wouldn't incur any gift taxes.

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There are no taxes for brother as the recipient of the gift.

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thanks

Barrister

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