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savings account

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young5344

Guest
My father wants to put money in a savings account to cover his funeral expenses. He would name me as his benifeciary. Would his creditors be able to to take this money before we were able to use it to fulfill his last wishes?
 


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Mitzi

Guest
Only through personal experience (in PA), I learned that:
A bank account, opened within 12 months prior to the person's death, is taxed 100%. I opened a new account for my parent in Feb and she died in Nov. We did this so we could do her banking closer to her home. This was a mistake.
It might be wiser for your Dad to make funeral arrangements NOW and pay the money directly to the Funeral Director NOW. Or, give YOU the money now for that purpose. Just keep it OUT OF THE BANK or, at the time of his death, GET IT OUT OF THE BANK immediately before anyone knows he died!!

 

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