This is a very helpful response, thank you. As it happens, one of my parents does live in CA. |
You should have stopped at recommending an attorney’s office to do the probate. He didn’t give any more details. |
My mom didn't own a home and every single bank account and pension listed me as a beneficiary so everything was easy. I distributed things equally between myself and my brothers. |
Ignore this and get some advice from an expert not a stranger. Unless the assets are considerable there is no need to create a trust. |
In some states you do, it depends. |
There is a book called “wills, probate and estate taxes for dummies” that I found very helpful. It was great to be able to look up the answers to all my dumb questions in one place and helped me not feel like an idiot. This stuff is complicated! |
What ? Who cares about this ? |
Wouldn't you have to pay taxes when you gifted money from you to your siblings? OP |
Thank you! I'll take a look at it. OP |
Good to know! I didn't realize putting our names on the accounts would prevent probate. I guess that makes sense though. The financial advisor suggested we put the accounts in the trust, but we had already put our names on the accounts by that point. OP |
Agree. The PP doesn’t know what they are talking about. Trusts can’t be checking/savings account holders. |
Unless you are getting enough to trigger the estate tax, inheritances aren't taxable. The path it took to get to you doesn't really matter. |
PP here who made the trust suggestion, agreed it does seem like it's unnecessary in this situation. But yes you can put bank accounts into the name of a trust. https://www.kiplinger.com/retirement/estate-planning/604051/what-assets-should-be-included-in-your-trust https://plestateplanning.com/naming-a-trust-as-beneficiary-of-a-bank-account/ https://trustandwill.com/learn/how-to-transfer-bank-accounts-into-a-trust |
This. You were the beneficiary only. Any distribution to siblings is a gift. You and all siblings should have been listed as beneficiaries. |
Wrong. Op was the beneficiary only. The accounts with listed beneficiaries do not go through probate. Therefore she gifted Money to siblings subject to gift tax if amount over threshold. |