Legal Question in Wills and Trusts in Florida
Estate assets
If an account is in two names as either, or and only one s.s. number is listed as payee, for tax purposes, upon the death of the payee is the asset part of their Estate?
The payee is a resident of Florida and the other person is a resident of New York.
Mugels
2 Answers from Attorneys
Re: Estate assets
Generally, a joint account with right of survivorship or a "pay on death" account, will not be included in the probate estate (i.e. it will pass automatically to the survivor, not by the decedent's Will.
For tax purposes, the account will probably be taxable 100% in the decedent's estate, unless the survivor can show that he contributed to the account (i.e. if they both contributed $5,000 then only $5,000 would be subject to tax, not the full $10,000.
If you have any other questions, I can be reached at 908-273-1212
Re: Estate assets
As to New Jersey, Yes
For further information regarding estates/estate planning, please see tartalaw.com which will provide you with more detailed information as well as my address, phone, etc.
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