Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (11) | Ignore Thread Prev | Next
Author: hondochica Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121219  
Subject: how to split a joint account Date: 3/12/2014 3:47 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Greetings Fools;

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?

Thanks
Kelly
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (11) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

Smuggling Rice and Garlic
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement