• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Taxes on joint acct.

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

B

buckspc

Guest
What is the name of your state? California
My aunt just passed in Tennessee, I live in California, being her favorite she had a joint acct. with my and her name for years at a bank in Tennessee. It is around 200k. What do I do to get the money and is it taxable? So far I haven't done anything since she passed about a month ago. I had to take care of her funeral and all the arrangements for her. I used my own money so far. I have a will also that names me as her sole benif. for everything she owns. What should I do now? Thanks for any advice, Buck
 


abezon

Senior Member
It's a joint account. Wire the balance into your own bank account. If the bank gives you any trouble, present them with a copy of the death certificate.

You'll probably have to hire a lawyer to help you probate the will. You may be able to avoid probate if her estate was small, depending on what state she lived in.
 
B

buckspc

Guest
Thanks for the advice, a little more detail, after the joint acct., all my aunt has is personal prop., household goods, and such, no stocks, bonds, or property, just a 97 Taurus worth a couple of thousand. I would say in all after the joint acct. of 200k, her total worth after that would be under 10k depending on who would buy what. Thanks for any help, Buck
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top