The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: how to split a joint account||Date: 3/12/2014 3:47 PM|
|Author: hondochica||Number: 120434 of 121565|
I opened a join acct w/ my sister with mom's $$ a few years ago. Mom gave each of us the then max of 12k; so the acct was opened with $24k. We expected needing the $$ to care for mom, but she passed quickly w/o the need for long term care. I am the 'primary' acct holder. The acct is in a brokerage acct at Fidelity, invested in various stocks. It now has a value of @ $35k. I was the primary beneficiary of mom's estate, so I ended up w/ the bulk of the $$.
To fairly split the estate, I would prefer to just give this entire acct to my sister - basically take my name off the acct. What's the fastest way for my sister to take full ownership with minimal cost/taxes. Can we start by just splitting the acct into two and each take (roughly) half, and then 'gift' her the annual max until she has all of it? Do I really need to discuss this w/ a tax advisor? Are there complications with gifting stocks?
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