Sam Alford
Junior Member
What is the name of your state? Ga.
My mother-in-law, who is 86, is considering putting all her assets (CD's, Bank Accounts, etc.) in the names of herself, and her two daughters, with rights of survivorship. The daughters are the sole beneficiaries named in her will. My question is: Does this constitute a gift (and require gift taxes to be paid) to the daughters at the time the accounts are so titled. Income from the accounts would continue to be reported under my mother-in-law's Social Secfurity Number?
My thanks in advance for any inputs on this. SamWhat is the name of your state? Ga.
My mother-in-law, who is 86, is considering putting all her assets (CD's, Bank Accounts, etc.) in the names of herself, and her two daughters, with rights of survivorship. The daughters are the sole beneficiaries named in her will. My question is: Does this constitute a gift (and require gift taxes to be paid) to the daughters at the time the accounts are so titled. Income from the accounts would continue to be reported under my mother-in-law's Social Secfurity Number?
My thanks in advance for any inputs on this. SamWhat is the name of your state? Ga.