When my father died, my mother moved all of their joint assets at their credit union into a new account. I was added to her account as a POA, to help her pay bills, etc. I was told at that time that my authority over the account would expire at the time of my mother's death. Her SSN was the only one associated with the account. Her CDs and money market account were all governed under her name - no joint ownership. She passed away with a Will. Her Will will divide the assets equally amoung my siblings and myself. Was the bank correct in the info they gave to me and my mom that I do not share a tax burden, and her assets will be soley handled under her estate inheritance taxes etc.?
Based on what you've said, your involvement in the accounts was strictly as an attorney-in-fact or agent for your mother. As such, you had no ownership interest in the accounts.
Now that your mother has passed away, your authority as to those accounts has ended because the power of attorney is no longer in effect, so yes, the credit union gave you correct information. Whether you will incur any tax liability for any distributions you receive under the will are matters for you to discuss with a tax attorney.
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Based on what you've said, your involvement in the accounts was strictly as an attorney-in-fact or agent for your mother. As such, you had no ownership interest in the accounts.
Now that your mother has passed away, your authority as to those accounts has ended because the power of attorney is no longer in effect, so yes, the credit union gave you correct information. Whether you will incur any tax liability for any distributions you receive under the will are matters for you to discuss with a tax attorney.
