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Old 10-29-2003, 06:15 AM
William Russer
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Implications - Joint Bank/IRA accounts - Can we do this?

New Jersey Question
I've been helping my Mom to care for my bedridden Dad for
approx 3 years now. Besides the house my Mom has
very limited assets. My Dad was removed from the deed
a while ago and has no assets at all. I do not work because
my Mom can't handle/move him without somebody.
Hiring somebody is out of the question. I am concerned
about what would happen if my Mom suddenly passes
leaving me without the money to "run" the house until
the will is settled. My Mom has her own savings/checking
account with about 7 grand and an IRA with about 6 grand.
Can she "put" me as joint owner of either of these assets
so I could immediately assess these finds should she pass?
Would I have any tax implications (before she passes) ?
There is another 50 grand we don't want to touch that
will be split between my sister and I should any remain
after her passing.
  #2  
Old 10-29-2003, 09:59 AM
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Join Date: Aug 2001
Location: Michigan
Posts: 6,317
She could change her beneficiary to you. That way if she passes, the money will go directly to you.
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