Taxes, Joint Accounts
Joint checking and savings accounts belong equally to all of the owners, regardless of each owner's individual contribution to the account. Joint accounts also continue after the death of any owner, with the deceased owner's portion of the account becoming automatically owned by the remaining owners. This automatic transfer of ownership cannot be changed by a will.

Many people consider joint accounts as an alternative to Wills, believing that death taxes may be avoided by their use. Although the transfer is automatic and outside of probate, death taxes are still due for the deceased owner's portion of the account.

It is also important to note that Pennsylvania does not recognize "convenience accounts" which are sometimes created so that a child has the authority to write checks from an elderly parent's account. With these accounts, the child never contributes any personal funds to the account because he or she is only on the account to assist with managing the parent's finances. Although this may be the case, the child is an account owner and death taxes may be due upon the death of either the parent or the child.

See: Pennsylvania Inheritance Tax, Generally; Federal Estate Tax, Generally