My dad passed away late last year. In January my mom discovered an old life insurance policy of his that had accrued a large sum of money. She recently deposited the amount in her savings account and made me a joint owner.
If I withdraw any of this money, is it considered a "gift," therefore subject to those declarations and penalties? If it is "gift" money, how can we remedy that, if at all?
(This is not relevant to last year's filings, btw, just preparing for next year and trying to avoid any declarations or penalties for anyone involved. Thanks in advance.)
Submitted March 06, 2017 at 09:54AM by itsmahmoneh http://ift.tt/2mthJTo
