My husband is on his father's checking, savings, and CD accounts - we just found out yesterday that his dad has terminal cancer - will any of this money have to be paid to the government when he passes away ?
Answer
There may be taxes due on the accounts when the dad passes away. If your husband inherits the money, he has certain deductions and exemptions, but there may be some inheritance tax due, depending upon amounts involved. Income tax is also due on any interest annually earned on the accounts.
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