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Transfer stock to children
originally posted: 11/22/2006
reposted: 2/18/2011 This post has not
been recently reviewed or revised by the author and may be out of date.
If in doubt, please send a new question or ask for an update.
Q: How do I transfer stock to my
children without selling it first? The stock is worth a lot more than I
paid for it and I do not want to pay taxes on the gain.
A: Assuming that you have the
stock held in an account in your name, your children are minors and you
will be custodian of their account, just complete the forms to open an
empty Uniform to Minors Account in each child’s name at the same
financial institution and then write a simple Letter of Authorization
giving instructions to transfer the stock. There is no tax on the
transfer but the children inherit your cost basis so there could be a
tax on a sale in the future. If you are using Vanguard or Ameritrade,
the forms are available at http://www.tonynovak.com/investment.htm.
Summary
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