Hello, I have a question on Joint bank accounts and taxes. so here is the background: My Dad passed away 2 years ago and my mother has Lewy body dementia. when he died I took over all of the financials and my mother moved into an assisted living home. Now when my dad died we received a life insurance check for $180,000 that I put into my mothers name and into an investment account. My mom is now telling me she would like me to have a percentage of this money. If I were to use 50k to pay off my home from our joint checking account does some IRS guy come knocking at my door...?
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Depending on your Mom's age and her health, we also need to think ahead if a parent might need to apply for Medicaid to help pay the nursing home, etc. Then, any gift would be looked at going back 5 years, even the $14k. None of us have crystal balls so it hard to know what to plan for in the future.
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