Quote:
Originally Posted by wdb
When the person dies half of the value of that account will belong to the estate and half to the cosigned individual, for tax purposes. Said individual will owe state inheritance tax (check your state) on the half assigned to them.
There are legal requirements regarding notification of death. It's cute to not want to tell anyone, but probably illegal.
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Im in nevada. Its a corporation with very low or nonexistent PIT. There are no new taxes generated because there is only a regime shuffle using existing participants. Not sure how to publish a death notice in a town that has a kinda online newspaper, but it wont be an issue for me.
Now a CALI person has different issues. Ditto for other states. Wiol post about my Oregon experiences if I aquire them.