For several years prior to their death, my siblings and I have been joint account owners on their bank accounts. They've been gone for three years now, and it's time for us to equally distribute what is left in those accounts. I'm very naive to what the possible tax implications might be when moving these funds from one bank to another. It's not a fortune, but it's not an insignificant amount of money either. Should these transactions be done over multiple transfers, or best to get it done through a single withdrawal to each of us? I appreciate any advice on how to handle the situation.
original posted by Fed_Dawn to r/personalfinance on Mon, 08 Apr 2024 15:50:25 GMT.