My name is secondary on a joint checking account. The non-related priamary is dying. The amount is $50,000. Will I have to pay inheritance t...

Question

My name is secondary on a joint checking account. The non-related priamary is dying. The amount is $50,000. Will I have to pay inheritance tax? If so, is it separate from Federal Income tax? Will it add $50,000 to my income? About what % will I be taxed?

Answer

You had better pose this question to your accountant. As a joint owner you have complete access to the funds upon the death of the primary owner.

Answer

My colleague is correct. However, you should also consider directing this question to a Trusts & Estates lawyer who specialized in these sort of issues. Needless to say that you should tax-plan before the person passes away.

I can direct you to an appropriate lawyer if you contact my office.