Irs ?

What is the name of your state? GA

If Mother put childrens name on large bank account as joint owners on the account. and mother passes away, the children now become the owners.

How does the IRS view this from a tax standpoint when the children now come into this lage sum of money ?


Is this poor mans trusr a valid way of passing down family wealth ?

Q: Is this poor mans trusr a valid way of passing down family wealth ?

A: It is not a poor man's trust; it is joint tenancy and has been recognized in our legal system and England's for about the last one thousand years.

I agree with SJ, it is a gift of 1/2 the value. The type of thing the OP is considering is a POD or pay on death account.

This question belongs on the tax law message board, and the amount in the account matters in determining whether it is exempt from taxes or not.