Discussion:Bank account ownership- Joint with Surviorship
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Discussion Forum Index --> Tax Questions --> Bank account ownership- Joint with Surviorship
| 27 June 2007 | |
| Have a senior citizen client who sold her house in Pennsylvania. The proceeds were then deposited into a bank account with her three children. The account was established as "Joint with Survivorship"
What are the relavant issues regarding estate taxes, inheritance taxes and also medicaid eligibility. The total amount of the estate is less than $300,000 (including the sale of home proceeds). | |
| 28 June 2007 | |
| when she dies, the children automatically succeed as the remaining owners. Included in her estate since she provided all the funds and none of them are her spouse. Not a completed gift to the children unless and until and only to the extent that one withdraws money. This isn't Medicaid planning, as it is still all her asset. I don't know what the threshold is for the PA 1500 form. | |
Death&Taxes (talk|edits) said: | 28 June 2007 |
| On the PA 1500 form, assuming she lives one year, 25% of the account would be taxed at death....the other 75% passes to the children. As long as assets exceed debts, there can be a PA estate. | |
| 28 June 2007 | |
| Interesting, DT, for Fed purposes it is all included in her estate because she contributed all of the funds, but for PA purposes only 25% is taxed? | |
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