My grandfather passed away. I was added as a joint account holder onto his bank account to manage his money and bills as nobody else could after my mothers passing. His Son is also a joint account holder.
The banks has stated that legally me and his Son are both entitled to half the money in the account. They told me they can't write a check for the full amount to his Son even if I say I was named on the account for convenience only because they don't know my grandfather's "intent".
My grandfather also had a Will requesting how his money would be distributed and named his son the executor. However as I've learned the Will doesn't really matter in regards to a joint bank account.
The bank will write me a cashier's check for my half. I have no interest on keeping the money, even if legally it's mine, or being involved in it's distribution within the family.
I've been told to cash the check and then write a check to his Son. My concern with this approach is gift tax. It's over the 15K/yr limit so it would seem I'd have to submit a form and subtract from my lifetime gift tax limit if I didn't want to get dinged.
Is there another, better, way for me to handle this? Somehow get my grandfather's money to his Son without it impacting me? While it might seem ridiculous to some, I'd prefer not to reduce my lifetime gift tax.