Legal Question in Business Law in New York

My name is secondary on a joint checking account. The non-related priamary is dying. The amount is $50,000. Will I have to pay inheritance tax? If so, is it separate from Federal Income tax? Will it add $50,000 to my income? About what % will I be taxed?


Asked on 10/07/11, 3:43 pm

2 Answers from Attorneys
SHAHRIAR KASHANIAN LAW OFFICES OF SHAHRIAR KASHANIAN, ESQ.,

You had better pose this question to your accountant. As a joint owner you have complete access to the funds upon the death of the primary owner.

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Answered on 10/07/11, 8:12 pm

My colleague is correct. However, you should also consider directing this question to a Trusts & Estates lawyer who specialized in these sort of issues. Needless to say that you should tax-plan before the person passes away.

I can direct you to an appropriate lawyer if you contact my office.

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Answered on 10/08/11, 9:24 pm


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