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Question for the Money Doctors

Question submitted on Nov 2, 2013.

Question

Do joint accounts with POD or right of survivorship add to the taxable estate of the deceased?

Answer

If the deceased is the joint owner of an account, his or her taxable estate would be increased by 1/2 of the value of that joint account. Please note that if the deceased passed away in 2012 or 2013, he or she can pass $5.25 Million Estate Tax free to his or her heirs.


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