If my mother puts my brothers name on a financial CD, will he automatically inherit the money?

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in these accounts? He is already on a joint checking account which I understand is now legally his money. There is a lot of money involved here and I am getting nervous.

Answers 1 to 10 of 36
If he is listed as a co-owner, yes. I believe he may also be listed as a beneficiary, in which case, yes.
great, just what I figured. Thanks seemeride.
Is your mother's intention to disinherit you? Does she understand that is what she is doing?
Who is your bother? Don't you mean brother? Or is this a Freudian slip?
Madge, what if your mother had a will? I don't know if your brother could take that CD and spend it if mom wants everything split. I'd be asking the bank that question.
First of all an Inheritance is after death. I really don't understand how people can assume that a person's money is an inheritance, Prior to thier passing. Prior to death it is a gift and above a certain amount is taxable income and any interest is as well. I do know that in the event of illness or perminent disability, in home care or nursing home care is quite costly. If funds are depleated, and care is still needed you can count on lookback of all transfers to be investigated and explainations of who,where and why? Tranfers will ill intent will need to be repaid. I do not know your story but I do know mine and to make a long story short .....those who focus on money and not A LIFE are left with empty hearts as well as pockets. Just a thought from my experience. When you leave this earth you take your soul not your wallet. A pure heart is worth more than anything money can buy. If your brother is focusing on money, just make sure Mom is taken care of. My Mom had barely any money yet I had to battle with family to do what was needed to care for her yet her assets took priority over her well being.
It is a common practice, sometimes, to add another persons name to a CD and use the added persons social security number on the account. This way the income tax is reported under the number of the add on. I'd find out if this is what she is trying to do and offer your #, only if you can afford it! In essence, you brother would pay the tax instead of her. This is also a way to give someone and income as the interest would go to them, they pay the taxes, the money is still yours.
I hope we get an expert answer on this!
Brandywine, that is funny. My eyes are not what they used to be. I simply would appreciate an answer about the CDs. I know that if your name is added to your parent's checking account and unless otherwise indicated, it becomes yours upon the death of the parent. This overrides a will, which my Mom has. In the will she is leaving (according to her) everything 50/50. That is why I am concerned about the CDs. What I am reading is if my brother gets her to put him on the CDs, they will be his as well. In my family situation, no one needs anything from my Mother. I hope she spends everything on herself and her care. But, I don't want to see my brother in total control. She has alot of money and my brother will expect me to take care of her. I know him.
Top Answer
I have been dealing with these issues for years when Mom asked me to help her with finances....it is not as easy as it seems. Here's what I have found out:

1) In order to help Mom with bill paying and have access to records, I had to be put on the account. At the time, I asked if I could be a "signer" only and they said that would be fine. Come to find out, I am a "co-owner" of the account. So the funds would transfer to me after her passing. If I gave half to the sib, which is her wishes, it would be a "gift" and there would be tax issues.
2) Same with CDs. They are a bank product and if you want to have any access to records or to help with investments you have to be listed on the account.
3) I buy everything for Mom so I asked the credit card company if I could be a signer only. They said that I had to have my own card in order to use the account but I would be considered a "signer" and not legally responsible. FALSE. I saw an article online recently and called the cc company. I was legally responsible for any charges made on the card, so I took my name off.
When you become a steward of your parent's accounts, you have to be so careful to ask the right questions. When it comes to anything financial I found that it is much more complicated than you think.

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