Legal Question in Wills and Trusts in California
can I name myself as benificiary on a bank account I share with my mother
can I name myself as benificiary on a bank account I share with my elderly and not well mother?
1 Answer from Attorneys
Re: can I name myself as benificiary on a bank account I share with my mother
if you already share a bank account with another person a beneficiary designation may not be needed (for example if the account is a joint tenancy account).
there are federal gift tax and income tax issues which arise from the creation and holding of such accounts. you should consult a tax attorney, cpa or enrolled agent.
finally, if you are attempting to avoid probate, depending upon the value of the assets involved, there may be other methods for accomplishing the same purpose. consult a qualified estate planning attorney.