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Will or Trust

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Will or Trust

Post by JimE on Mon Dec 05, 2011 10:23 am

If you have a grown child as a TOD like on a savings account, if both of us pass on, the child would have to pay taxes on the amount in the savings account, right ? If you put the child on the account as an owner along with us, would they have to pay taxes on it if we both pass away ?
Does a Living Trust do the same thing as having the child on the sccount ?
Thank you

JimE

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