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Is there any way I can redistribute this risk, perhaps into new accounts in another family members name?

A bona fide gift of the stock to another person would transfer the tax liability to them as well. But it needs to be a real gift, not a "gift". If you are of a mind to make a gift to any recent grads in the family, a couple shares of stock might not be a bad idea.

Can you create IRAs for infants (crazy question)?

Yes, but the infant has to have income from working. And that won't help you anyway, as contributions to an IRA must be in cash. You'd have to sell the stock and put the proceeds into an IRA. And that would trigger the tax liability.

Any ideas?

Count your lucky stars.

Sell just enough of the stock to stay in the 15% bracket. And even if you do go over the 15% bracket, it's only the amount OVER that bracket which would be taxed, not the entire gain.

If you're rebalancing, are there any losers to sell as well? If so, you net out your gains and losses before paying taxes, so any losers would reduce your taxable gain.

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