Taxes and Foreclosure
My father just passed away, and my parents house is being forclosed on. I have put the death benefit into a savings account with her and I on it. Now the problem is that I owe the IRS $20,000 this year and want to make payments to them. Will they be able to take that money with my mothers and my name on it? Also can the foreclosure people get to it, since both names are on the account? Thanks for any help you can give.
1 Answer from Attorneys
Re: Taxes and Foreclosure
It depends on whose tax liablity you are talking about and whose "death benefit" you are talking about. Generally the IRS cannot reach assets that are not the taxpayers. However, they may be able to reach them if you are holding them for the estate and you are the primary beneficiary of the estate. You really should talk to an experienced tax attorney, as you do not want to make a mistake that will result in your losing these monies.
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