QUESTION

Dad's bank accounts, Joint Tenancy with survivorship rights.

Asked on Apr 12th, 2021 on Estate Planning - Minnesota
More details to this question:
When my dad passed away, he had over $100,000 in checking and bank accounts. The accounts had me on them as Joint Tenancy. All his other accounts were setup as POD. So legally, upon his death, the money in those accounts goes directly to me and I think according to Minnesota law, JT supersedes his will? I plan on honoring his wishes and dividing out the money to all the siblings. So, if all that is correct (please correct me where I am wrong) then how can I distribute the money without raising any red flags. If I write out checks to the siblings then since the money is technically mine, wouldnt I be limited to $15,000 per person and a gift in order to avoid any taxes?
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1 ANSWER

Wills Attorney serving Austin, TX
2 Awards
Funds passing to designated beneficiaries pass outside the Will.  Please consult with your probate attorney.
Answered on Apr 13th, 2021 at 5:15 AM

This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.

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