tax laws

my father resident of mi had me resident of nc sign a signature card for a savings account when my mother died 29 years ago. i am only child. He is now near death and does not have a will. I recently found the account and the bank says I am authorized to withdraw funds in my name.

Can I withdraw funds in my name without tax or other liability?

How are probate costs figured when someone dies intestate?

From the facts you give, If you withdraw funds while your father is still alive, the funds will be considered a gift to you. If you withdraw funds after his death, then the funds would be included in his estate for estate tax purposes. In either case, there is a lifetime exclusion of $1,000,000, which would apply so that there would be no tax due unless the amount of funds or the value of his estate is over $1,000,000.

When someone dies intestate, the property goes to the heirs under state law (MI, in this case). If the estate is over $1,000,000, an estate tax return is required. Whether the estate must be probated depends on its size and the type of property. Each state has its own laws about that.

Therefore, if your father has less than $1,000,000 in property, there is no tax worry, but you should post details on our “Wills and Probate” bulletin board to find out what probate requirements there are, if any. –many states have simple procedures for small estates.