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I live in Florida near my Dad. I'm an only child as well as his POA. He & Mom put their home in my name with their life estate attached in 2011 before she died. I am on Dad's bank account & his will leaves everything to me. My adult daughter is on his account as well incase I can't do something for him then she can she is also the backup POA as he only has us 2 to help him. When Dad passes who gets his bank account? Will there be inheritance taxes or anything like that? My Dad also owns a 2nd home with my Uncle. When my Dad dies do I get his 1/2 or does it all go to my Uncle?

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Rainmom, many states decide on the probate fee based on the total value of the estate. With a second home to be included....plus whatever else.... it could be near that value in this case.

Some states have a quick process for estates under $60k. Some do not.

All,things considered...it is just cheaper to stay away from them. Set up a trust...or keep everything in Joint, WROS.
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Katiekate- not all states have a probate fee. I'm going through probate now with my mothers estate and the only thing I've had to pay the court was the initial filing fee which was about $700.
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"Name on the account" is too vague. As a signer? As a joint owner? Same with the second house-- tenants in common or joint tenant with rights of survival? I'm going to suggest you have a lawyer to consult when the time comes, to avoid costly mistakes.
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The bank accounts....that depends on how the names on the account are written. If it is Joint, With Right of Survivorship.....then the account is already your and you need no will or probate to settle it. You will have complete access to the money just like you do now.

For anything that isn't already held by you in WROS...the will is the guide on how it distribute. However, unless it is in a trust...the executor must take it to probate court. This is unfortunate, if there is more than $60k to distribute, the probate court will take a percentage up front. I suggest, while he is still living...get a trust set up. Avoid probate court is a good idea!
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You can't ask Dad? Being his only child, you should be able to. If he has dementia and can't help you then Gladimhere is right, you need to talk to his attorney.

Unless his assets are worth millions, there will be no inheritance tax.

If he has an Individual Retirement Account (IRA) money withdrawn from that account will be taxed at your tax base the year you take it. You can roll it over into and account called an Inherited IRA under your name (or your daughter can if she is named in the will as getting a portion of the IRA) and then you withdraw so much per year. This can help keep the tax burden manageable. There's no no inheritance tax on it...only good ole income tax since that moneys never been taxed.

If he has a sizable estate then it would be best to get advice from a tax accountant without a doubt. As for the house owned with the Uncle, depends, as Glad said, on a will, or even on how the title on the house reads....any way you can look at the title?
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Depends on Dad's will. Hopefully there is one. Is there an executor of the life estate? Your POA ends at death. Are the accounts setup as "pay on death (POD)"? Or right of survivorship? Get with Dad's attorney for answers if permitted. Has the POA been activated?
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