Legal Question in Wills and Trusts in New York

Re: mother and son have jwros account upon death of mother does value of accoun

The account will have to be reported on the estate tax return. Whether it is taxable will depend on who's money it is. If it was all the mother's money, it will be 100% taxable in her estate. If you can show that some of the money was the son's, this amount will not be taxable in the mother's estate.

Re: mother and son have jwros account upon death of mother does value of accoun

TO THE EXTENT THAT THE MOTHER HAS CONTRIBUTED TO THE ACCOUNT AND STILL HAS A PORTION OF THE BALANCE REPRESENTING HER CONTRIBUTON, THAT AMOUNT IS INCLUDED IN HER ESTATE. THE PRESUMPTION IS THAT IT WAS ENTIRELY HERS, BUT THIS IS REBUTABLE. USUALLY 1/2 IS ACCEPTABLE WITHOUT PROOF THAT MORE THAN 1/2 WAS CONTRIBUTED BY THE SON. IF THE ACCOUNT WAS AN "ACCOMODATION" ACCOUNT, MEANING THAT IT WAS CREATED AS JWROS MERELY TO ALLOW THE SON ACCESS TO PAY THE MOTHER'S BILLS, AND SON HAS MADE NO CONTRIBUTIONS TO THE ACCOUNT, 100% IS REQUIRED TO BE INCLUDED.

Re: mother and son have jwros account upon death of mother does value of accoun

Both the replies previously submitted adequately address your question.

Re: mother and son have jwros account upon death of mother does value of accoun

Previous answers are absolutely correct.