My brother is married, he still had my name on his cking acct as beneficiary and did not have his wife's name on acct. My brother died and his wife could not get the money from this cking acct. The bank will close the acct and send me a certified ck after I send them forms to prove who I am.
Will this $25,000 be added to my income for taxes, even if I give the money to my brothers wife or keep it?
1 Answer from Attorneys
You can waive the amount, resulting in the amount going to the surviving spouse, and would probably not have any tax consequences. If you keep it then again you will probably not have any tax consequences. Careful review of your brother's estate documents will clarify the issue.
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