Legal Question in Tax Law in California

Re: estate tax

It depends on a number of factors. Was the account given to your during the life of the decedent, or after his death (from the Estate or Trust)? And when did it transfer into your name? If during life, how long before death? Was it given to you in "anticipation" of death (meaning did the decedent think he/she was going to die soon)? Does the estate have money to pay it's taxes, or is your account the only thing available? The obvious answer to this is that their was money available from the estate proper, if they owe estate taxes, but their are some unique circumstances otherwise.

Usually, the kind of gift you describe would not be subject to estate taxes. However, there are some specific circumstances that it could be assessed against the money (my guess is not). I would need to see everything involved to give you an in-depth answer.