Adding Names To Accounts

Summary

In Massachusetts, joint accounts over $1 million are subject to estate tax, while POD accounts are not. For assets totaling $400,000, consider the benefits and drawbacks of each option. Consulting a local attorney can provide personalized advice tailored to your situation.

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would like to know if I should add my daughters names on bank accounts or leave them as pod . Thinking that they need to use money from account. For care for me. Want to make it easy for them and I truly trust them.
What is your location, ****? The rules for adding names to bank accounts or designating them as payable on death (POD) can vary by state.
massachusetts
What is the total value of the assets you're considering to add your daughters' names to? In Massachusetts, joint accounts can be subject to estate taxes if they exceed certain thresholds.
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In Massachusetts:

- Joint accounts over $* million are subject to estate tax.
- POD accounts are not subject to estate tax.

Consider consulting a local attorney for personalized advice.
thank you
You're welcome, ****! If you need further assistance, feel free to ask.