Can my daughter and I keep my Mom's funds remaining in the accounts after she passes without a penalty?

Yes. Assets held jointly passes to the other joint tenants upon death. No probate. No gift/estate taxes if under $5.43 million. What kind of "penalty" did you think there might be?

Don't you have to take your mother off the account if she passed? And have the direct deposits put into the the account?

If only the three of you are on the account when she dies, the two remaining account holders are the owners of the money. Her monthly income is another matter.

Her SS will stop as will any pensions she is getting. Both will depend on the time of the month she passes. You may have to pay the last month off. If she has investments and she is getting monthly income from that, thats different. That depends on how her money was invested. Annuity, CDs, bonds. Not sure if you can keep these in her name once she has passed. I was told my investments will bypass probate. My girls can just ask for the money. You need to to the bank and if she has invested the person in charge of her portfolio. Call probate and ask if they have a booklet available about what u need to do in case of her passing.

Remember, once the person passes the POA is void. The executor takes over at that time.

Not necessarily. In some states (like mine) there are two kinds of joint accounts. If the account is joint with rights of survivorship, then yes, the surviving owners are entitled to the whole account. Those rights may nevertheless be subject to the right of the estate Executor to pull some part of the account into the estate. If the account is NOT with rights of survivorship, there is generally no right to receive the share of the decedent.

hm, not sure then what I had on dad's account; just know I was on it and after he passed away paid his last month's bills due then because his grandson had been getting paid take care of him but his check was considered in arrears he wouldn't get another one but especially because he had one last bill to have something paid off that he'd already lost the one before over that whole situation I emptied out the account to take care of it and the bank didn't say anything.

My brother (an attorney) had put my mother's "estate" into a trust long before she deceased. That makes it easier. As I am not a lawyer, I don't know all the details but think it has to do with probate.

If you are on the account, you probably have the authority to access the funds, which includes paying bills or just pulling out the money. But that doesn't change the ownership of the account. If local law says, for example, that the estate of a deceased joint owner gets the account, or a portion of the account, then anyone who uses or pulls out the funds would have to return them to the estate. If the funds are used to pay something the estate would have paid anyway, it is less of an issue. The bank will not give you legal advice, and you should not rely on what it says (or doesn't say) for guidance here.

I would say that if all the money in the account came from ss then the account money was all hers and you yes can draw out money to cover bills before her death after that is removed any balance if she did not leave a will must be deviedvbetween you and sisters and brothers or put into funeral bill if she had no plans and any as she got after death retuned to as unless you want the government to send you a love letter they love there money back you said he got 3000 a month dam I get poverty level and they will jail my butt if I make a booboo and I notice you didn't give a balance so be smart get a laser before you draw out if there a lot she would have had to leave a will leaving all but you 1 dollor to cut them out of the money and if you put your money in you have to show all payments you put in