Does my Father have a claim to Dead Mom's accounts even though she listed me as Beneficiary and POD

[supriya]

What is the name of your state? New York

My Mom recently passed away. She was in poor health, lot of pain and was unable to get a divorce from my Father who was cruel.

She has saving accounts for which I am beneficiary.

She has Treasury securities for which I am listed as POD. She filed paperwork to transfer these Treasury securities to my account.

Treasury said it would take at least 20 weeks to process my Mom's request (20 week mark passed few days ago, but my Mom died two weeks ago)

She got her earnings during her marriage. Her only significant assets are the Treasury securities where I am listed as POD.

Treasury Securities is WHAT SHE WAS MOST WORRIED about.

My Mom says she rather throw her money in the garbage than give a penny to that abusive monster.

She made a will that lists me as Executor and Beneficiary.

Does my Father have a claim to these? By the way my Father has a generous pension of 6 figures, lives comfortably and has no debts (that I am aware of).

 

[Taxing Matters]

It sounds like your mother made the gift to you before she died. Once the request was made to redeem the gift is complete as there is nothing more she needs to do to get the money into your hands. In that case, that money is not part of her estate and thus her husband wouldn't have any claim to it from her estate. I suggest you see a probate attorney and provide him/her all the facts so you know exactly what you are looking at. As executor of her estate, the funds to pay the lawyer's fee can come from the estate as the timing of the gift is a critical issue in whether the estate is considered to have that as an asset. Make sure you ask exactly how the fee will be computed because in NY the fee may be a percentage of the decedent's assets rather than an hourly rate. That fee is deductible from the estate's income tax returns.

Bottom line here is that just based on what you've said here, you likely don't have a problem of your father getting any share of that money. So I wouldn't get too anxious about that for now. Wait and see what the probate lawyer tells you.

 

[supriya]

It sounds like your mother made the gift to you before she died. Once the request was made to redeem the gift is complete as there is nothing more she needs to do to get the money into your hands. In that case, that money is not part of her estate and thus her husband wouldn't have any claim to it from her estate. I suggest you see a probate attorney and provide him/her all the facts so you know exactly what you are looking at. As executor of her estate, the funds to pay the lawyer's fee can come from the estate as the timing of the gift is a critical issue in whether the estate is considered to have that as an asset. Make sure you ask exactly how the fee will be computed because in NY the fee may be a percentage of the decedent's assets rather than an hourly rate. That fee is deductible from the estate's income tax returns.

Bottom line here is that just based on what you've said here, you likely don't have a problem of your father getting any share of that money. So I wouldn't get too anxious about that for now. Wait and see what the probate lawyer tells you.

For Legacy Treasury they asked to fill out two more forms. By then my Mom was completely bed-bound and unable to go out of the house for Medallion stamp.

Please help!

 

[Taxing Matters]

For Legacy Treasury they asked to fill out two more forms. By then my Mom was completely bed-bound and unable to go out of the house for Medallion stamp.

Please help!

Is there a financial institution around her that can send someone out to her to do it?

 

[Zigner]

Is there a financial institution around her that can send someone out to her to do it?

OP was speaking of the past. Mom has already passed away.

 

[Taxing Matters]

OP was speaking of the past. Mom has already passed away.

I realize that after rereading the thread. But then why raise the issue of the medallion stamp now and ask for help with it if she's no longer around to do it? If the financial institution now wants the stamp from the estate, that shouldn't be too hard to get done. So I'm a bit confused as to what supriya is asking about.

 

[Litigator22]

What is the name of your state? New York

My Mom recently passed away. She was in poor health, lot of pain and was unable to get a divorce from my Father who was cruel.

She has saving accounts for which I am beneficiary.

She has Treasury securities for which I am listed as POD. She filed paperwork to transfer these Treasury securities to my account.

Treasury said it would take at least 20 weeks to process my Mom's request (20 week mark passed few days ago, but my Mom died two weeks ago)

She got her earnings during her marriage. Her only significant assets are the Treasury securities where I am listed as POD.

Treasury Securities is WHAT SHE WAS MOST WORRIED about.

My Mom says she rather throw her money in the garbage than give a penny to that abusive monster.

She made a will that lists me as Executor and Beneficiary.

Does my Father have a claim to these? By the way my Father has a generous pension of 6 figures, lives comfortably and has no debts (that I am aware of).

Pease take note that whether or not your father has any claim to the mentioned Marketable Treasury Securities depends on the status of the ownership of those securities at the time of your mother's manifested efforts at gifting them to you.

If their ownership would be that of her sole and separate property (doubtful) he would have no claim.

On the other hand, if they were a part of their marital estate (more likely) he might be able to void the gifting thereof to the extent of his vested 50% ownership.

Of interest is the matter of the father's six-figure, annual pension. (Obviously, a non-factor since mother's demise.) However, its remittance during the marriage would be marital property as well as any accumulated assets traceable to its outlay.

The thought here is that should dad get pushy over the gifted treasury securities, a demand from the estate's executor for an accounting of his assets, their sources, dates, etc. might result in a wash.

Whatever, it’s advisable to consult with a legal professional to understand your rights and obligations fully. The New York City Bar Legal Referral Service can be a starting point for finding the right lawyer to meet your legal needs.