u/I_am_Farts_McGee

My father recently passed

his last few years I was his primary caregiver; I quit my job and attended to him full time. Because of this he split his assets in his will 75%-25% between me and my brother. His estate is small, aprox $4,000 and a 20 year old Toyota camery

most of his money (aprox $400,000) was in a CD that was POD to my brother and myself The bank will only split it 50/50

we understand that the will has no effect on the split of the CD but my brother and I agree it was our fathers intention for the same 75%-25% distribution

obviously the bank could write us each a check for $200k and he could immediately write me a check for $100k but i am assuming that would be reported and taxable as gift income and if at all possible I’d like to avoid paying gift tax on $100k

is there any practical way to facilitate this in a legitimate manner?

my thought on the ride home was my brother and I open a joint checking account at the bank that holds the CD, both have out 200k transferred into it, then we write me a check for $300k, him a check for $100k, we deposit that in our personal accounts and close the joint account

but I’m not a banker and that sounds a lot like something that will get flagged

Greetings all

I am executor of my fathers estate in North Carolina. There are only 2 beneficiaries; myself and my brother

I took care of my father the last few years of his life so he set up his will 75%of his estate to me, 25% to my brother.

He had most of his money in a Certificate of Deposit with us named as beneficiaries POD

should this be treated like a asset of the estate (75-25 split) or like an insurance payout (50-50 split?)