Legal Question in Wills and Trusts in Michigan
Joint Account with Rights of Survivorship
My grandmother opened joint account with my name on it so I could pay her bills and also POA. She died last week and I found out it had Rights of Survivorship and her only living child (my mother) is accusing me of stealing her money and she wants it all turned over to her. How can I do this without paying gift tax (it is $23,000)
2 Answers from Attorneys
Re: Joint Account with Rights of Survivorship
First, gift tax does not apply. Second, if the account is joing with you as the right of survivor, the money is yours. Your mother is bluffing. She has no right to that money at all. Tell your mother to take a walk. Tell her you will sue for damages and attorneys fees if she files a frivolous suit. Good Luck.
Re: Joint Account with Rights of Survivorship
First, gift tax does not apply. Second, if the account is joing with you as the right of survivor, the money is yours. Your mother is bluffing. She has no right to that money at all. Tell your mother to take a walk. Tell her you will sue for damages and attorneys fees if she files a frivolous suit. Good Luck.
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