Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

SI - Site Forums : Silicon Investor - Welcome New SI Members! -- Ignore unavailable to you. Want to Upgrade?

To: Mike Devour who wrote (4776)	3/19/1999 10:07:00 AM
From: AugustWest	Respond to of 32871

Sorry, can't help. Probably tax implications, authorization stuff, as well as other things. I'm just not qualified to answer that. But why not just call a brokerage firm and ask them.

To: Mike Devour who wrote (4776)	3/19/1999 10:54:00 AM
From: Mama Bear	Respond to of 32871

Mike, a joint tenant with rights of survivorship will automatically gain full ownership of the account upon the death of the other joint tenant. The advantage is that it need not go through probate, and is not subject to the death tax (I believe). I suppose the drawback maybe if one or the other is subject to some sort of civil judgement. It's the way all of my accounts are registered. Of course I live in a community property state, so what's mine is his and vice versa. One drawback of which I'm aware is that you will not be able to transfer equity from a joint account to a sole account. If you own your house, do you have your deed recorded as joint tenancy? Equity is equity after all. This might be a better thread to get more detailed answers: #Subject-5727 Barb Barb

To: Mike Devour who wrote (4776)	3/19/1999 10:55:00 AM
From: broken_cookie	Read Replies (1) \| Respond to of 32871

I believe that if you choose this option, your designee (wife in this case) would not have to pay inheritance tax in the event of your death. She would also (depending on how you set it up) be able to make account decisions if you were incapacitated but not dead. Cheerful thoughts, huh? That is the way it was explained to me. I am not, by any stretch, an expert so you should check with a tax attorney and your brokerage house. There are other implications involving reporting of income.