Joint Bank Account ? ? ?

[leevena]

Didn't the sibling have to declare the amount of funds that were disbursed from the account after probate as income on her personal tax return in the year the income was received?

I believe the OP would have the same issue when/if he were to inherit the money in the jointly titled account.

This was a checking account that the parents had and the sibling name was added after both became ill and incapable of taking care of themselves. A power of attorney was obtained. Upon death of the last parent the account balance was included in the deceased's estate. Like any other state, the account (and other assets) were subject to the estate laws. After a few months the estate was closed and the assets distributed.

 

[InsurExcellence]

You might want to speak with an Attorney who deals with Elder law because what if at some point LTC issues crop up? You might also want to consider having some Powers Of Attorney paperwork done in case it's not in place now.

One more thing. I think in Cali. the limits are $20,000 in personal property or $100,000 in asset.

This is a good recommendation.