M
mrnps
Guest
My 77 year old mother who had lived with us for the past 10 months has passed away. I had my name added as a joint owner of her bank account($450.), 2 $10,000. CDs, and stocks valued at $4550. this year. I am also the beneficiary of her life insurance. I am the executor of her will. I have 5 other siblings to divide this money amongst. I live in Florida. Is it ok to have all of these monies deposited into my personal checking account and write checks to my siblings for their shares. I am concerned with taxes, etc. Will all of this money be reported as my income that I will be taxed on at the end of the year? If so, how should I handle this money?