Inheritance Question

[Cassiopeia]

My parents have several accounts which I am listed on as "Payable on Death." Is that the same as a literal inheritance (which I think of as assets handed down via a will)? Maybe a dumb question. The accounts are not mentioned or itemized in their will.

[HHM]

What is your concern, specifically?

[Cassiopeia]

Well I filed my Chapter 7, went to the hearing, now awaiting discharge. Very simple, no asset case, everything went smoothly.

My mother died recently (after my filing before the hearing) and my father is in "fairly" good health although 91 years of age. Like I said, all their bank accounts (which were held JOINTLY so now belong to my Dad) are "payable on death" to me. I'm just worried that in the event of his death before 6 months after my filing.....those accounts would be considered an inheritance which I would have to report to the trustee.

Do trustees find these things out themselves (law clerk research?).

TIA for any advice.

[guzzie]

hi there and good morning....if you aquire the money in these accounts in the next 6 months you will have to notify the trustee of the amounts you received..in a way it is a kind of inheritence and hopefully the amounts aren't so great they will be exempt from the trustee taking anything....I have a share of my dads house comming when we sell it.....
would be around 10,000. I live in western district of pa. and found out under pa law, this amount was in fact exempt...even though dad died without a will, this was treated as a future inheritence and I had to list it on my petition...trustee was nice about it...just reminded me would have to pay inheritence tax someday when I aquire it...rest easy...
I hope your dad lives to be 100....after 180 days I don't think they will bother you....
don't know how much trustees research but he won't find nothing more on me...
god bless you and my sympathies over the recent loss of your mom....good luck the rest of the way...guzzie

[HHM]

Are we talking about a significant amount of money?

In any event, guzzie is correct, those funds are a bequeath, just like any thing that would transferred to you in a will...so they become part of your BK if your father dies within the 180 day time frame. (I hope he does not).

[Cassiopeia]

Hi guzzie and HHM, thank you so much for the responses.

Yes, it IS a substantial sum. I am very worried, really. I do pray he lives much, much longer because he's my Dad and I love him.......but I have to be realistic as well. It's a serious concern. I just wish the 6 months would go by!

[guzzie]

hi to you again cassiopeia....good evening....well to me $10,000.00 I would get from the sale of the house is a substantial amount....having had to file bk, I can tell you that...
we must be talking many thousands of dollars if you are worried.....what state do you live in? is there a possibility part or all of it could be exempt? are you an only child? no one else entitled to a share of this money? I loved my dad too and was his caregiver for 6 years and kept him out of a nursing home....I pray for you and your dads health....to me the money would mean nothing but could sure complicate the bk in the end....read some of the stickies...might find more good info...
or look at your states exemptions....see where your dollar figure falls in...long life to your dad.....guzzie

[CindyLou]

Hi Cassi,
Do you have siblings? Could the accounts be given to someone else instead of you? My brother recently entered a 13 and my parent changed their will so that he is not included. If something happened to one of them they were afraid that it would get complicated with the CRAZY Louisiana Inheritance law! I'm not real familiar with this so I'm not sure how it all works, but I'll pray your dad out lives us all!!