Legal Question in Wills and Trusts in Colorado
My Wife died and we have some stocks rtc in both of our names. I am going to have them changed but should it be only in my name or should I put my daughters name on them also she is going to be the administrator of my estae when I die
2 Answers from Attorneys
Leave them only in your name. This will save capital gains taxes to your daughter. You can sign a TOD beneficiary on your account so the account would pass to your daughter probate free.
This won't make any difference unless Congress acts to extend the estate tax exemption and basis step-up.
I agree with the Mr. Greenberg. Not knowing the value of the stocks, by transferring some to your daughter, you would be making a gift. If the stock you mentioned transferring to your daughter is valued at over $13,000, then you would be making a taxable gift and would need to file a Gift Tax Return.
Keeping the stock in your name and using a TOD designation on your account or creating a revocable living trust and transferring the stock into your revocable living trust would effectively avoid probate.
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