My question involves estate proceedings in the state of: NYS
If this is in the wrong forum, please forgive me but I see nothing that seems a better place to do this. Please correct me.
Does putting a family member on your bank account mean that, if you die, (no will) the funds in the account belong to that person. AND that they do not owe any taxes for the funds becoming theirs?
This is from a conversation where someone has done this with the understanding no tax issues are involved. Her kids just get to keep the funds.
I believe that there are tax issues to address.