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Estate tax Includability of various POD/TOD/joint accounts.

Fredericksburg, VA |
Filed under: Tax law

Are amounts transferred (TOD, POD, etc.) from US Savings bonds, bank CDs, stock broker and checking accounts included in determining Federal and VA state estate value? It is my understanding that upon death the decedent merely losses any prior interest in these assets and thus the values of what is given up is not included in determining decdent estate value.

Attorney Answers 1

  1. For federal purposes, if the decedent retained any power over the accounts up to the date of the death, then the amounts will be included in the estate for estate tax purposes. You should consult with a tax professional in your state to determine if VA follows the same rules.