<prompt> Human: My dad passed away late last year. In January my mom discovered an old life insurance policy of his that had accrued a large sum of money. She recently deposited the amount in her savings account and made me a joint owner. If I withdraw any of this money, is it considered a gift, therefore subject to those declarations and penalties? If it is gift money, how can we remedy that, if at all? This is not relevant to last years filings, btw, just preparing for next year and trying to avoid any declarations or penalties for anyone involved. Thanks in advance.EDIT: Yes my mother explicitly stated that she wanted me to have the entire amount as dad has her covered with other financials elsewhere. Mom was named as the beneficiary on this particular policy. Also interesting that I am assumed to be a guy ;EDIT AGAIN: FYI I am 31yo - obviously no longer a dependent minor.Assistant: As far as the bank is concerned, it is both your and her money. As far as gift tax laws are concerned, it is her money. Therefore, if you withdraw the money, it is considered a gift. This is why non-spousal joint account is such a hassle on gift tax issues!How fast are you planning to withdraw? If its under 14kyear, then there are no forms to fill.Human: Well its approx 100k total and was hoping to use all of it for various things like adding to my 401k, smaller savings emergency nest eggs, a downpayment on a house, paying off debts, laddering CDs, etc...  <response>: You need to sit down and have a thorough talk with your mother before you touch any of that money. Its very likely that she also has plans for it. Not to sound harsh, but youve lost your father recently. You dont want to lose your mother as well, especially not over something like life insurance money. 