Gift tax

[suespin1019]

I was a joint owner on one of my fathers bank accounts. He passed away recently. When I divide the money in the account between myself and my 2 brothers, will I need to pay a gift tax if the amount is well over the annual limit?

[JohnS_CPA]

I'm sorry for the loss of your father.

If the amounts are under the federal estate exemption there is no gift tax. However,  you should know what this means to your personal situation. Furthermore, the answer may vary depending on what kind of joint ownership was in place. You may also need to take into account state and estate tax considerations.

I would highly recommend you consult with an estate attorney to determine the best course of action for your personal situation. While this will cost some money you need to consider all the implications and an estate attorney is your best resource.