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Withdrawals From Joint Account
Decedent had a joint bank account with her children and had named them as her attorneys-in-fact. However, Decedent was the owner of the account fund and she had not specifically authorized her children to make withdrawals of $205,000 from the account (as required by state law) during the final two months of her life. Under state law (Washington), Decedent was entitled bring a lawsuit to recover the withdrawn amounts. Since those withdrawals were revocable, those amounts were includible in Decedent's gross estate.
Source: Estate of Christensen, T.C. Memo. 2000-368
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Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
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