I'm POA and Mom has my name on all her checking, saving and CD's. Working now while she is in nursing home and I'm taking care of bills. At present my name is second so I'm not taxed. Upon Mom's demise I will be dividing all assets between 5 siblings. Question is - will I be taxed on total amount prior to dividing it up between siblings? Is there anything I should be doing now to avoid taxes?
Thanks in advance

You need to consult with an attorney who specializes in elder law and estate issues. Even though the consultation fee may be stiff, generally they will save you major bucks and smooth some of the bumps in the road for you.

I contacted lawyer and was informed to put all Mom's assets in her living trust - CDs, savings account, checking account, life insurance. That way when the time comes all I should have to do is pay off all the bills and then go to the banks with Mom's living trust and the bank will cut checks for each of the 5 siblings. How naive I am BUT LEARNING.
Kimicoco

*chuckle*
There is this PANIC feeling that everyone feels when faced with sorting out the legal affairs of another. Need and the intrepid spirit lead us through and when we do something RIGHT (and even begin to understand a little), it's such a HIGH!! Maybe it's nothing to others, but for ordinary mortals it's one battle won!!

Congratulations!! Do something NICE for yourself to celebrate!

everything should be less complicated.

Good going kimicoco, trusts are very useful.

Complicated!!, you should see how my Dad set up things for my Mom. There are a few glitches but it basically a pretty piece of work. He left his assets to his children, but in trust for Mom. She gets the income from his holdings, but does not own it. Parts can be sold off to meet her needs if she needs more than she has, but only if approved by the trustee. Otherwise, it waits. It is not added to her assets or her estate, so later there won't be inheritance taxes. It looks like a gift from us when she gets the income. DIL and SIL each got a modest hunk at the get go and is cut out entirely for any additional part. Even if spouse sib dies before Mom, the in-law has no claim to what would have gone to spouse sib if they had survived Mom. (That part is kind of grim, especially for my SIL, Hub has his own means, not sure how bro has set it up for SIL, she won't have a pension of her own, and he is self employed).

The result are that Mom has use of it all but owns none of it for as long as she needs it. Pretty wild, huh.

WOW Bobcat - that is really complicated. My head is spinning...............
If I'm not mistaken inheritence taxes are involved when over a certain amount. Could be wrong on that.
When I get through all this I am going to start working on for husband and myself. Unfortunately we couldn't have any children so will be involving siblings and the way things are going with Mom's stuff definitely gives me a headache. I know, Ken can leave his to "Ducks Unlimited" and I will leave mine if I'm the last to Animal Shelters.

That's right kimi, His concern was that if he left it to Mom, then added to what she had of her own, the estate would reach that level and we would have to pay big taxes when we in herited from her. Also, she will qualify for medicaid, if she goes through all hers, without having to go through all of his. Her will was written identically in case she went first.

Ducks Unlimited is a great environmental group. Around here they have been real shakers and movers to get the bay cleaned up. Animal shelters need all they can get, too.

Bobcat,
You brought up a very important point that I never realized. Your Mom will qualify for Medicaid if she goes through all her money WITHOUT having to go through your Dad's.
Putting myself in that position that is something very important that Ken and I should consider so as not to leave the other with cents only seeing that everything we own is owned JOINTLY. Due to the fact that Dad had fallen and was gone within a week it could have been disasterous for Mom if he had survived as a vegetable. Could have wiped out all her (their) finances and what would Mom have done.
Thanks for the info.