Legal Question in Bankruptcy in New Hampshire

Banking Account transfers/dual ownership

I am taking care of my aging aunt, recently I have been given power of attorney and my name has been added to all of her accounts. What is my tax liability on these accounts when she passes away? What can I do to lower my tax liablity?


Asked on 10/01/06, 1:02 pm

1 Answer from Attorneys

Re: Banking Account transfers/dual ownership

You willnot have a tax liability, those accounts will be wrapped up into her estate for probate. If your Aunt does not have a Will, then probate will proceed according to NH laws on distributions. Your power of attorney is invalid once your aunt is deceased. If your Aunt wishes to undertake some estate planning to minimize tax liabilities at the time of her demise, I can refer you to someone who practices in this area.

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Answered on 10/02/06, 9:32 am


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