My question involves estate proceedings in the state of: New York
I am the administrator of my father's estate. I had an estate savings account created and my father's money has been moved into it.
The interest being earned is much lower than I get in my online personal bank account.
I can create another personal account with my online personal bank (they allow any number to be created) and move money out of the estate savings and into it.
I cannot create an estate account with this online bank.
While the estate is being settled I'll earn several hundred dollars more in interest in this account.
Is this ok to do? I assume I will have to personally pay taxes on that interest. If it were in the estate, I assume the estate would have to pay taxes on the interest.
As long as taxes are paid, is there any concern with doing this?
I am the administrator of my father's estate. I had an estate savings account created and my father's money has been moved into it.
The interest being earned is much lower than I get in my online personal bank account.
I can create another personal account with my online personal bank (they allow any number to be created) and move money out of the estate savings and into it.
I cannot create an estate account with this online bank.
While the estate is being settled I'll earn several hundred dollars more in interest in this account.
Is this ok to do? I assume I will have to personally pay taxes on that interest. If it were in the estate, I assume the estate would have to pay taxes on the interest.
As long as taxes are paid, is there any concern with doing this?
Estate Assets and Debts: Moving Money to Earn More Interest
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