Legal Question in Real Estate Law in Massachusetts

My sister and I are signers on my dad's checking account. He wants us to move a huge amount out of the account into an account in just our names. Is that legal?


Asked on 7/19/12, 10:49 am

1 Answer from Attorneys

It is legal, but it could be deemed a gift. If the amount exceeds, $26,000 it could be a taxable gift, although assuming your father has not used up his credits for up to $5.12 Million in taxable gifts, there would be no tax to pay. So if it is intended as a gift, he should sign a note confirming the instruction and any money in that account is yours.

If you have more siblings than your sister you need to make sure he intends for you to keep the funds otherwise, expect to have an argument with siblings over whose money it is.

If you want to discuss this further without obligation, please call me Monday.

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Answered on 7/19/12, 12:47 pm


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