Legal Question in Wills and Trusts in New York
Gift & Estate Tax on jointly held accounts
In filing the ET-90 for NYState, we have a joint bank account (100k)that passed to my brother at my father's death, also 2 other accounts that were gifted 6 months prior. One acct.(50k)was titled dad AND me, the other,(50k)dad OR me.
Q. What amounts are to be included for estate tax
and are there any gift tax exclusions we can
use to or benefit. Does the AND vs. the OR title
make a difference.
1 Answer from Attorneys
Re: Gift & Estate Tax on jointly held accounts
The amounts in these accounts to be included in the ET-90 is based on the percentage interest in each account contributed by your dad. For example, if he put in 60%, then 60% of the balance at the date of his death is includible.
His gifts of interests in these accounts, if established, will reduce his percentage interest in the pertinent account.
Gifts have gift tax ramifications and there may be a requirement to file the returns, etc.
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