Learn The Law

Joint Accounts and Joint Tax Returns

When couples have joint bank and investment accounts, notify the financial institutions of the death, and if the deceased account holder’s Social Security number was being utilized on the account for tax reporting purposes, have the financial institution change to the surviving account holder’s social security number from the date of death and going forward.

Also, you can file the final joint tax returns for the year of the death, attaching a copy of the Certificate of Death and noting it is the final tax return for the decedent. It is probably best to use a tax professionalto do the final return since they are familiar with the procedures in filing the final return of decedent, and what expenses associated with the death and administration of decedent’s estate can be used as deductions on the return to reduce the amount of any taxes due.

For any other questions regarding Estate planning in Palm Springs, Rancho Mirage, Palm Desert, Cathedral City, Indian Wells, La Quinta, or La Quinta call Gilbert & Bourkee LLP or send us an email Here