Legal Question in Wills and Trusts in New York
I was the payee on a POD account. The bond matured and the money was transferred into a savings account that is in someone else's name. Can the POD bond money just be transferred to me without any IRS problems? The account owner thinks that giving me this money would be considered gifting and therefore, can give me only 12,500 year.
Asked on 6/08/12, 11:48 am
1 Answer from Attorneys
David Slater
David P. Slater, Esq.
Sounds fishy to me. The bank may have goofed also.
Answered on 6/08/12, 3:12 pm
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