Legal Question in Wills and Trusts in Indiana
inheritance tax
On CD's or other financial accounts what is the correct wording to use to avoid having to pay inheritance taxes if you are the sole survivor? I have heard it should be and/or.
Asked on 2/12/01, 12:42 pm
1 Answer from Attorneys
Mary Ann Wunder
Wunder & Wunder
Re: inheritance tax
According to the Department of Revenue, whether you use Name1 and Name2, Name1 or Name2, or Name1 and/or Name2, the sole survivor will still be subject to inheritance tax when the co-owner dies. It can only be avoided by proof that the sole survivor contributed all of the money and reported the income - or proof of contribution of a part of the principal and the amount proved to be the contribution of the sole survivor will not be subject to inheritance tax.
Answered on 3/27/01, 8:33 pm
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