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Strategies & Market Trends : From the Trading Desk
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To: steve goldman who wrote (4357)3/21/1999 12:18:00 PM
From: Mike Devour  Read Replies (2) of 4969
 
Steve, everyone. Thank you kindly for this thread.

I'd like your informal opinion on the wisdom of having one's spouse as "Co-Account Holder" rather than *only* registering the account as "Joint Tenants with Right of Survivorship" and having just myself as "Account Holder".

My understanding: In either case my spouse has immediate ownership if I croak. If she's co-account holder, I believe she can continue to trade and/or close positions in an orderly fashion if I died *or* if I wasn't dead but had become incapacitated.

However, if we're co-account holders, I wonder if there are joint assets issues if either of us get sued by somebody. Or, if some combination of stupidity and bad luck left our account massively negative, does this put joint property at risk that might otherwise be somewhat sheltered from the brokerage's collection efforts?

Should it be important WRT the laws, we live in Michigan.

Lastly, I don't know if there are any income reporting or other tax issues affected by this choice.

This has to be a pretty basic question, since every person with both a spouse and a new brokerage account has had to make the same election. I don't expect you to make the choice for me, but you could help me frame the questions to ask my CPA and attorney.

Thank you, in advance.

Mike
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