Legal Question in Tax Law in Nevada

Re: stocks

First, the applicable law is based upon the State of your parents' residence and where the account is maintained. For Federal Tax purposes, if there is gain on the account, you might be better off not being on the account. Signing the account as a joint account is a gift subject to potential gift tax and a carryover basis. If you received the porperty upon the death of your parents, it would be a stepped-up basis to fair market value which essentially eliminates income tax upon the sale.

The better solution would be to obtain a Durable Power of Attorney over the account, or to set it up in a Trust. Both solutions could give you control. If you were the beneficary of the Trust, or if the account were Payable On Death to you, you would receive the assets.

I hope this helps!

Ron Cappuccio

http://www.SaveYourEstate.com