Mom has died leaving only a checking account that was pay on death to sister. Florida - House sold to pay for care facility with money put into moms checking from which I paid bills as POA. She owed nothing but assisted living fees and medical stuff and had no other assets other than the cash/checking. Amount just under $100,000. We even applied for Medicaid before house sale and kept open for when funds ran out but she passed 5 months after sale of house. The checking account was pay on death to my sister. It has been closed and new account in her name. We did not file any estate as there was nothing to distribute. We were told by other family that we did not have to do anything with probate in this case. My sister is gifting us the portion as mom wanted among each of us (3 children) over time so no taxes incurred. As POA creditors bills for medical and other are coming on to me. What are our legal obligations in Florida in this situation. I am afraid to pay even a small one from my money in case that triggers a flurry of others. I did read I should notify the 3 credit agencies with proof of death. Soc Sec is already notified. Death certificates have been issued and received. Just not sure if we are legally bound to pay all the bills. I would have been executor but there was nothing to divide in her name. Will simply said divide equally, three ways, any remaining assets. Should I have filed something in probate? Should I give the bills to my sister? Or send death certificates and tell them no estate or probate filed. Am I legally bound beyond this?
"Who pays the gift tax?
The donor is generally responsible for paying the gift tax. Under special arrangements the donee may agree to pay the tax instead. Please visit with your tax professional if you are considering this type of arrangement."
If your mom made provisions for her creditors upon her death honor those provisions. If she did not you can contact her creditors and let them know she died and that there is no estate.
My dad died with just enough money for us to tend to his cremation and a small memorial service. Because I had been POA and his mail had been coming to me I took on the task of contacting his creditors to let them know he had died. He was already quite behind in many of his financial obligations as he was in a nursing home and didn't have two nickels to rub together. Some of his creditors asked about "the estate" and I explained that he had been in a nursing home and had been on Medicaid and there was no estate. It was a fairly simple process making these calls and mailing out death certificates.