Upon death of my father-in-law it was discovered that all of his bank accounts and CD's had my wifes name and her sisters names on the accounts as POD. In kansas this allows them to liquidate these accounts and split the money equally immediately. How is this handled in Florida.
There are 3 sisters and one of them was listed as executor of his estate on the will. I am also wondering what she needs to do to be recognized as the executor so she has the right to sign in his stead. Thx
Optional Information: garden city, Kansas
You may want to be familiar to the IRS publication 559 - http://www.irs.gov/pub/irs-pdf/p559.pdf Please review executor's duties and responsibilities.
POD provision allows to have immediate access to funds and avoid probate. However these funds are part of estate and in case estate taxes are due - these funds are taxable.
Let me know if any clarification needed.
Taxes, Immigration, Labor law
there is several 100k in the bank (CD's and checking). and several 100k in real property with no real debt except Credit cards. As far as we know all taxs are pd up but there will not be enough to reach the IRS inheritance tax. Should the bank release the accounts and CD's upon presentation of a death cert and proper ID
Yes, funds from the account with POD provision will be released immediately upon presenting death certificate. There will not be probate for these CDs.
Federal estate taxes may be due for estates with value above $2,000,000. Florida estate tax are limited and related to federal estate tax collection. - http://dor.myflorida.com/dor/taxes/estate_tax.html
There is no inheritance taxes neither on federal nor Florida state level.
If any of these funds are held in tax deferred accounts (IRA etc) - the distribution will be included into taxable income.
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