Q: Father passed away. He left me as beneficiary on bank account and his stocks. Is this able to be contested by siblings ?

A: The appointment of you as beneficiary can be challenged on standard contractual grounds such as duress, fraud, undue influence, among others.

Many payable on death beneficiary arrangements such as life insurance are not taxable. This is not tax advice. You need to seek the assistance of a tax professional regarding any tax matters.

A: Yes, while it should pass to you outside of probate, they can dispute these assets and their transfer to you on various grounds such as undue influence, your dad's mental capacity, amongst others. So, siblings can try to make things difficult, and you would need legal counsel to fight any such claims, but generally no, they should not be able to access assets of this type deemed to be outside of probate. For tax purposes and this is just generally again, and you should consult with your own tax advisor. The State of Florida does not impose any inheritance tax or an estate tax. As a result of this you as a beneficiary of a deceased person's estate in Florida will not owe any state taxes on any inherited property. For federal Tax purposes for the year 2023, there is an approximate tax exemption of $12- $13,000,000 million for each U.S. citizen that they may exempt during their lifetime or upon death and would be excluded from Federal Estate taxation as well. This sum is also adjusted to some degree each year and you should check with your tax preparer on additional details and specifics.

A: Unfortunately, nothing prevents them from challenging your designation with each institution. There are no tax implications if the amount received is under the unified credit amount.

A: Yes, your siblings can contest your father's will if they believe that you were not the intended beneficiary of his assets or that the will was improperly executed. However, it is important to note that it is difficult to contest a will successfully, and your siblings must have a strong case to do so.

If your siblings contest the will, the court will hold a hearing to determine the will's validity. The court will consider factors such as whether your father was of sound mind when he signed the will and whether he was under any undue influence.

If the court finds that the will is invalid, your father's assets will be distributed according to Florida's intestate succession laws. These laws dictate how assets are distributed when someone dies without a will.

As for the tax implications of receiving beneficiary funds, you may be subject to federal and state taxes on the value of the assets you inherit. The amount of taxes you owe will depend on your filing status and the value of the assets.