Inheritance and Joint account with Siblings

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tampaite
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Inheritance and Joint account with Siblings

Post by tampaite » Mon Oct 30, 2017 7:48 am

Our parents sold a property and want to gift us a portion of the proceeds. However, we siblings aren't dependent on the gift(meaning, we don't need the money right now) and looking for alternatives to invest for long term.

Option #1: it's easier to just divide the proceeds by # of siblings and be done with it and each sibling does *whatever* with the money.

Option #2: opening a joint brokerage account in our names and invest in say a 2050 Vanguard target fund? Just not sure how taxes and dividends would be handled.

Since we don't need money right now, we are looking into Option #2 or open to other suggestions. We understand that anything other than Option #1 means we maybe deferring what to do with the money(like how to share etc) in future but that's a problem we want to tackle later and also, futuristic goal is for this money to be made available for next generation.

Anyone else in the same situation?

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BL
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Re: Inheritance and Joint account with Siblings

Post by BL » Mon Oct 30, 2017 7:53 am

Option 2 sounds like a potential nightmare!
Keep it simple. Multiple decision-makers get complicated quickly.
What amounts are you looking at? xx,xxx or higher?
Is everyone an adult?

fundseeker
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Re: Inheritance and Joint account with Siblings

Post by fundseeker » Mon Oct 30, 2017 7:59 am

+! for #1. I can't imagine any possible benefit to #2, and what a potential nightmare. My siblings and I took our inherited IRAs and went our separate ways, investment-wise. If you all decide on #1, I believe you'll want to keep it under the gift tax limit, which you may be able to double if both parents give the gifts.

tampaite
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Re: Inheritance and Joint account with Siblings

Post by tampaite » Mon Oct 30, 2017 8:03 am

BL wrote:
Mon Oct 30, 2017 7:53 am
Option 2 sounds like a potential nightmare!
Keep it simple. Multiple decision-makers get complicated quickly.
What amounts are you looking at? xx,xxx or higher?
Is everyone an adult?
Thanks. We want to keep it simple and Option #1 has crossed our mind several times but also, we know that this amount will be *spent* once you add it to individual checking accounts towards our daily expenses over a period and we want to, for lack of better word *remember* this gift so want to treat it separately and continue for it to grow.

Everyone is an adult and the total amount is less than 25K. Even if the amount was smaller or bigger, the goal would be the same.

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Re: Inheritance and Joint account with Siblings

Post by tampaite » Mon Oct 30, 2017 8:06 am

fundseeker wrote:
Mon Oct 30, 2017 7:59 am
+! for #1. I can't imagine any possible benefit to #2, and what a potential nightmare. My siblings and I took our inherited IRAs and went our separate ways, investment-wise. If you all decide on #1, I believe you'll want to keep it under the gift tax limit, which you may be able to double if both parents give the gifts.
Thanks. Glad you made the decision.

Am not sure what potential nightmares would we face? that's what i want to explore. Is taxes and dividend allocation the nightmare you are talking about in joint accounts? or would there be additional expense to put this under a single trust with joint ownership and have that trust invest the money?

I do want to read about this so any links or pointers is appreciated.

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Pajamas
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Re: Inheritance and Joint account with Siblings

Post by Pajamas » Mon Oct 30, 2017 8:10 am

Distributing the money now makes the most sense to me.

However, if all the recipients are agreed that the money should go to the next generation and also can agree about how that should work, your parents could set up some kind of generation-skipping trust. It seems that your parents want to give the money to their children and they might even have a different plan for the grandchildren, but they might be agreeable to that.

The scenario you described as Option #2 sounds like a real minefield for interfamilial relationships, and not just for the siblings, but for all three generations, and if the amounts involved are large enough, for future generations as well. Even if everyone agrees on how it should be handled now, someone might change their mind later or regret it if it doesn't turn out well. If the money is distributed now, then each would be responsible for his or her own share and couldn't blame anyone else for anything that happens, rationally or irrationally.

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Re: Inheritance and Joint account with Siblings

Post by Jack FFR1846 » Mon Oct 30, 2017 8:20 am

This isn't a lot of money. Sure, it could be set up as some kind of investment account in the name of the person receiving the money. This account helps the recipient "remember the gift". So let's say that an expense like a $30k college bill comes along. Having $25k sitting in some investment account while taking out high interest student loans makes no sense to me and maybe I'm just not sentimental, but I'd cash in that remembered gift and pay for college.

If the intent is to have the recipients just remember the gift, then maybe a big, heavy, expensive statue should be installed at each recipient's house. It likely has no marketable value, it'll be remembered forever and it does the recipient absolutely no good. Is that what's desired?
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Re: Inheritance and Joint account with Siblings

Post by Tallis » Mon Oct 30, 2017 8:38 am

tampaite wrote:
Mon Oct 30, 2017 8:06 am
Am not sure what potential nightmares would we face? that's what i want to explore. Is taxes and dividend allocation the nightmare you are talking about in joint accounts? or would there be additional expense to put this under a single trust with joint ownership and have that trust invest the money?

I do want to read about this so any links or pointers is appreciated.
Among the many disputes that might arise:

1) How should the money be invested?

2) What happens when one person wants to withdraw all or part of her share?

3) What happens if the person in charge of taxes, etc., forgets to do her job?

My sisters and I have an IRA in a trust, an inheritance from our mother, from which we have to take RMDs. I don't like the complicated way the money is invested, and I hate paying excessive fees to the financial advisor that Mom and my sisters use. I have to grin and bear it, though, because it's not worth the family drama to change things.

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Re: Inheritance and Joint account with Siblings

Post by student » Mon Oct 30, 2017 9:00 am

I would say just go for option 1 for simplicity.

tampaite
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Re: Inheritance and Joint account with Siblings

Post by tampaite » Mon Oct 30, 2017 9:02 am

Tallis wrote:
Mon Oct 30, 2017 8:38 am
1) How should the money be invested?
Thanks for the pointers. Since this is a very small amount in each of our siblings portfolio, I don't think there is a disagreement except we are in agreement that this will need to be invested for long haul(30 yrs+)
Tallis wrote:
Mon Oct 30, 2017 8:38 am
2) What happens when one person wants to withdraw all or part of her share?
After 30 years, we will revisit this issue.
Tallis wrote:
Mon Oct 30, 2017 8:38 am
3) What happens if the person in charge of taxes, etc., forgets to do her job?
Great point - have no answer to this except we need to stay on top of it.
Tallis wrote:
Mon Oct 30, 2017 8:38 am
My sisters and I have an IRA in a trust, an inheritance from our mother, from which we have to take RMDs. I don't like the complicated way the money is invested, and I hate paying excessive fees to the financial advisor that Mom and my sisters use. I have to grin and bear it, though, because it's not worth the family drama to change things.
If I may ask - why is the money invested in complicated way - can you simplify and invest in a target fund or 1 single mutual fund to minimize the fees? I understand once you start, it might be harder down the road so we want to start off with the best foot forward.

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Re: Inheritance and Joint account with Siblings

Post by letsgobobby » Mon Oct 30, 2017 9:10 am

tampaite wrote:
Mon Oct 30, 2017 7:48 am
Our parents sold a property and want to gift us a portion of the proceeds. However, we siblings aren't dependent on the gift(meaning, we don't need the money right now) and looking for alternatives to invest for long term.

Option #1: it's easier to just divide the proceeds by # of siblings and be done with it and each sibling does *whatever* with the money.

Option #2: opening a joint brokerage account in our names and invest in say a 2050 Vanguard target fund? Just not sure how taxes and dividends would be handled.

Since we don't need money right now, we are looking into Option #2 or open to other suggestions. We understand that anything other than Option #1 means we maybe deferring what to do with the money(like how to share etc) in future but that's a problem we want to tackle later and also, futuristic goal is for this money to be made available for next generation.

Anyone else in the same situation?
advice will be very different if $100,000 is involved or $100,000,000.

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dm200
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Re: Inheritance and Joint account with Siblings

Post by dm200 » Mon Oct 30, 2017 9:11 am

From the narrative, I cannot see any benefit from Option #2.

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Re: Inheritance and Joint account with Siblings

Post by PatrickA5 » Mon Oct 30, 2017 9:14 am

What happens if one sibling develops a drug or gambling addiction and cleans out the joint account? It happens.

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Re: Inheritance and Joint account with Siblings

Post by dbr » Mon Oct 30, 2017 9:17 am

You should probably investigate how the taxes will be handled for option 2 before you take a liking to it. Keep in mind that one person has to be selected as the taxable owner and will have to sort out how to parcel the tax obligation to the other owners via Schedule B. All by itself having to have everyone's tax returns synced would be enough for me to avoid this.

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dm200
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Re: Inheritance and Joint account with Siblings

Post by dm200 » Mon Oct 30, 2017 9:28 am

tampaite wrote:
Mon Oct 30, 2017 8:03 am
BL wrote:
Mon Oct 30, 2017 7:53 am
Option 2 sounds like a potential nightmare!
Keep it simple. Multiple decision-makers get complicated quickly.
What amounts are you looking at? xx,xxx or higher?
Is everyone an adult?
Thanks. We want to keep it simple and Option #1 has crossed our mind several times but also, we know that this amount will be *spent* once you add it to individual checking accounts towards our daily expenses over a period and we want to, for lack of better word *remember* this gift so want to treat it separately and continue for it to grow.

Everyone is an adult and the total amount is less than 25K. Even if the amount was smaller or bigger, the goal would be the same.
Why not just take that amount and invest it separately (under your individual name/ownership) and let it grow with a long term goal?

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dm200
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Re: Inheritance and Joint account with Siblings

Post by dm200 » Mon Oct 30, 2017 9:29 am

PatrickA5 wrote:
Mon Oct 30, 2017 9:14 am
What happens if one sibling develops a drug or gambling addiction and cleans out the joint account? It happens.
Not just that, but any collection actions, judgments, etc.

tampaite
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Re: Inheritance and Joint account with Siblings

Post by tampaite » Mon Oct 30, 2017 9:35 am

Jack FFR1846 wrote:
Mon Oct 30, 2017 8:20 am

If the intent is to have the recipients just remember the gift, then maybe a big, heavy, expensive statue should be installed at each recipient's house. It likely has no marketable value, it'll be remembered forever and it does the recipient absolutely no good. Is that what's desired?
Thanks for the laugh but No that's not what's desired unless the statue is made of some sort of metal and there is potential for IMMENSE appreciation in next 30 yrs.

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Re: Inheritance and Joint account with Siblings

Post by tampaite » Mon Oct 30, 2017 9:37 am

dm200 wrote:
Mon Oct 30, 2017 9:28 am
Why not just take that amount and invest it separately (under your individual name/ownership) and let it grow with a long term goal?
I can't dictate what other siblings can/can't do. once, it's divided, each onto their own and my first post hopefully(option #1) has made this clear.

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Re: Inheritance and Joint account with Siblings

Post by barnaclebob » Mon Oct 30, 2017 9:37 am

Since its not needed, how about having your parents keep it so you get a step up in basis when you inherit it.

I can't think of any good reason that option #2 is superior to option #1. Best case scenario is that they turn out equal so you may as well go with #1 which has fewer downsides.

This isn't even close to life changing money so don't do anything complicated.
Last edited by barnaclebob on Mon Oct 30, 2017 10:01 am, edited 3 times in total.

tampaite
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Re: Inheritance and Joint account with Siblings

Post by tampaite » Mon Oct 30, 2017 9:38 am

dbr wrote:
Mon Oct 30, 2017 9:17 am
You should probably investigate how the taxes will be handled for option 2 before you take a liking to it. Keep in mind that one person has to be selected as the taxable owner and will have to sort out how to parcel the tax obligation to the other owners via Schedule B. All by itself having to have everyone's tax returns synced would be enough for me to avoid this.
Yep. agreed. Is there a brokerage firm that handles this or is it left to the primary owner to sort this out?

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Pajamas
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Re: Inheritance and Joint account with Siblings

Post by Pajamas » Mon Oct 30, 2017 9:53 am

tampaite wrote:
Mon Oct 30, 2017 8:03 am
Everyone is an adult and the total amount is less than 25K. Even if the amount was smaller or bigger, the goal would be the same.
Sorry, I missed the amount before. Since the total is under $25k, just distribute it now. Even discussing some kind of joint account or trust is not worth the trouble, regardless of the outcome being 100% satisfactory all around, or not.

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Re: Inheritance and Joint account with Siblings

Post by Gill » Mon Oct 30, 2017 9:55 am

No question about it. Each take your share and invest it however you wish. You don't want to be in a long term joint account with your siblings. Too many possibilities for problems as others have outlined.
Gill

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Re: Inheritance and Joint account with Siblings

Post by DarthSage » Mon Oct 30, 2017 9:57 am

Option #1, without a doubt. That way, you each invest your own share, in whatever way suits you--you can even set up identical accounts if you like.

I think your intentions are good with Option #2, but so much can happen in 30 years! Imagine a few scenarios: Sibling A has a great investment opportunity in a small business. Does he need siblings' permission to withdraw hie portion? What if he only wants part of his portion, who keeps track of how much he has left. Will he pay his capital gains? What if, 10 years out, Sibling B has serious medical bills? Does she need to clear it with everyone else to use this money to pay them off? And that's not even considering the more nefarious uses, as someone mentioned (gambling debts, addiction, etc.)

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Re: Inheritance and Joint account with Siblings

Post by Spirit Rider » Mon Oct 30, 2017 9:58 am

tampaite wrote:
Mon Oct 30, 2017 9:38 am
Yep. agreed. Is there a brokerage firm that handles this or is it left to the primary owner to sort this out?
It will be reportable to only one individual. Then each year when the 1099-INT, 1099-DIV and/or 1099-B come in, that individual will have to issue one of each 1099 type to each sibling to nominee the income to them.

The sibling estate and step-up issues will depend on whether the account is Joint Tenants with Right of Survivorship or Tenants in Common.

All-in-all, an income tax and sibling estate hassle you don't need.

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Re: Inheritance and Joint account with Siblings

Post by kaudrey » Mon Oct 30, 2017 10:03 am

I agree with the others. Just split it now. If you want it to be separate from your other money, just open another account for it.

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Re: Inheritance and Joint account with Siblings

Post by BolderBoy » Mon Oct 30, 2017 10:30 am

tampaite wrote:
Mon Oct 30, 2017 7:48 am
Option #1: it's easier to just divide the proceeds by # of siblings and be done with it and each sibling does *whatever* with the money.
Yes, simplicity.
Option #2: opening a joint brokerage account in our names and invest in say a 2050 Vanguard target fund? Just not sure how taxes and dividends would be handled.
No. Can of worms like you cannot imagine.

Sort of like inheriting property jointly where one wants to sell and the other doesn't. Been there, done that.
“Where you stand, depends on where you sit” - Rufus Miles | "Never underestimate one's capacity to overestimate one's abilities"

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Re: Inheritance and Joint account with Siblings

Post by NotWhoYouThink » Mon Oct 30, 2017 10:35 am

tampaite wrote:
Mon Oct 30, 2017 9:37 am
dm200 wrote:
Mon Oct 30, 2017 9:28 am
Why not just take that amount and invest it separately (under your individual name/ownership) and let it grow with a long term goal?
I can't dictate what other siblings can/can't do. once, it's divided, each onto their own and my first post hopefully(option #1) has made this clear.
Exactly. You can let yours grow. They can spend theirs tomorrow if they want to. Or you can spend yours tomorrow, and they can let theirs grow. But you shouldn't expect to be able to control how your siblings spend or save or invest.

Do what you think is right with this money, let your siblings make their own choices. The advice you've gotten is unanimous here. That doesn't mean you have to take it, but it probably means something.

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Re: Inheritance and Joint account with Siblings

Post by Sandtrap » Mon Oct 30, 2017 10:39 am

What I would do based on personal experience (good and terrible) :
Option #1.
Distribute proceeds individually.
Situations and relationships change over time. Especially where money is concerned.
Option #1 supports your existing sibling relationships. Option #2 has the potential for conflict in the future. Not work the money to lose a sibling.
Last edited by Sandtrap on Mon Oct 30, 2017 10:41 am, edited 1 time in total.

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Raymond
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Re: Inheritance and Joint account with Siblings

Post by Raymond » Mon Oct 30, 2017 10:41 am

Either ask your parents to keep the money, or split it between the siblings per option #1.

Anything else is just adding the potential for drama for no good purpose (as far as I can see).
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dm200
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Re: Inheritance and Joint account with Siblings

Post by dm200 » Mon Oct 30, 2017 10:43 am

If you wish to do so, with a complete split of the assets, you can always compare notes and use the same investment choices - but with completely separate ownership.

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Re: Inheritance and Joint account with Siblings

Post by delamer » Mon Oct 30, 2017 10:52 am

Raymond wrote:
Mon Oct 30, 2017 10:41 am
Either ask your parents to keep the money, or split it between the siblings per option #1.

Anything else is just adding the potential for drama for no good purpose (as far as I can see).
Do any of you have spouses or children? Or expect to in the future?

Joint ownership with siblings may seem fine when only the siblings are involved but once you add to your families, then what?

Another vote for opening individual accounts and each investing as you see fit.

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Re: Inheritance and Joint account with Siblings

Post by Katietsu » Mon Oct 30, 2017 10:55 am

I would suggest option 3. Have the grandparents set up a separate account that remains in their name for the time being. The only downside would be that the funds would be subject to Medicaid spend down rules should that be a concern.

I currently have a situation similar to #2. It has worked for us. But then I have also been surprised by some of the family dynamics that have been expressed on this board. I do not think #2 is really much of a hassle financially. The main issue would be if relational conflicts develop. If withdrawals require more than one signature, then no one would empty the account. Distributing the dividends and cap gains is not a big deal. Only each person's portion of the ownership is subject to judgements in the relevant state.

I have done all my siblings taxes at one time or another and we have always been open about money topics. So that might make things easier for us.

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Re: Inheritance and Joint account with Siblings

Post by DarthSage » Mon Oct 30, 2017 11:28 am

Katietsu wrote:
Mon Oct 30, 2017 10:55 am
I would suggest option 3. Have the grandparents set up a separate account that remains in their name for the time being. The only downside would be that the funds would be subject to Medicaid spend down rules should that be a concern.

I currently have a situation similar to #2. It has worked for us. But then I have also been surprised by some of the family dynamics that have been expressed on this board. I do not think #2 is really much of a hassle financially. The main issue would be if relational conflicts develop. If withdrawals require more than one signature, then no one would empty the account. Distributing the dividends and cap gains is not a big deal. Only each person's portion of the ownership is subject to judgements in the relevant state.

I have done all my siblings taxes at one time or another and we have always been open about money topics. So that might make things easier for us.
Every family is different, and consider yourself blessed that you and your siblings are on the same page financially. In my case, I have one brother who has been an addict for decades--he tried to raid our mom's bank accounts. They have the same first initial and last name, so it almost worked. I have another brother who was literally asking about his inheritance while they were still putting dirt on our mother's grave. I try not to be cynical--I have a great relationship with my sister, my only other sibling. But, she and I know better than to discuss any type of money things with our brothers (she and I are both in the 2-comma club).

I truly hope for the OP's sake that he remains close to his siblings throughout his life. But, there's no guarantee, and problems can crop up later in life--job loss, divorce, medical issues--that can change the dynamic. Better to protect his own assets.

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Re: Inheritance and Joint account with Siblings

Post by KyleAAA » Mon Oct 30, 2017 12:26 pm

Why not option 1 and then turn around and each of you open your own account and invest in the same fund? What possible advantage could you gain by opening a joint account? Option 1 is better in every conceivable way. Option 2 is a horrible idea. This is a no brainer.

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Re: Inheritance and Joint account with Siblings

Post by hafjell » Mon Oct 30, 2017 12:31 pm

DarthSage wrote:
Mon Oct 30, 2017 11:28 am
I truly hope for the OP's sake that he remains close to his siblings throughout his life. But, there's no guarantee, and problems can crop up later in life--job loss, divorce, medical issues--that can change the dynamic. Better to protect his own assets.
+1. What the OP and others are suggesting is because things have gone well before, they will continue to go well. That assumption is unwise. Another thing to consider is Robert Frost's "Mending Wall." Everyone can still get along great after the money is divided. You won't be less of a family.

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Re: Inheritance and Joint account with Siblings

Post by Gnirk » Mon Oct 30, 2017 1:37 pm

Why not divide it now, and the OP can open his own account. If he's worried he'll spend it, put it into a Roth IRA, if possible. If he wants to use it in the near future, then put it into a high-yield CD.

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Re: Inheritance and Joint account with Siblings

Post by letsgobobby » Mon Oct 30, 2017 1:50 pm

option #2 seems completely pointless.

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Re: Inheritance and Joint account with Siblings

Post by HomerJ » Mon Oct 30, 2017 1:55 pm

tampaite wrote:
Mon Oct 30, 2017 7:48 am
Option #1: it's easier to just divide the proceeds by # of siblings and be done with it and each sibling does *whatever* with the money.
Option #1 of course. What possible benefit do you get from Option #2? Why is Option #2 being considered?
Option #2: opening a joint brokerage account in our names and invest in say a 2050 Vanguard target fund? Just not sure how taxes and dividends would be handled.
Just have each sibling open an account and invest in the 2050 Vanguard target fund.

Exact same result, no hassle.
Last edited by HomerJ on Mon Oct 30, 2017 2:03 pm, edited 1 time in total.

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Re: Inheritance and Joint account with Siblings

Post by flossy21 » Mon Oct 30, 2017 1:59 pm

Here's a nightmare scenario to chew on a bit.

Joint account among the siblings. One of the siblings dies and their spouse or kid(s) now inherits the account. Now you and other siblings have a non sibling in the mix with not as much of an emotional tie to the money. Suppose said spouse remarries or needs the money to live. Suppose kid(s) need money for something and want to tap this account. What now?

Rinse and repeat this for a couple of generations and you have more people entering the mix. It can get complicated quickly.

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Re: Inheritance and Joint account with Siblings

Post by celia » Mon Oct 30, 2017 2:08 pm

tampaite wrote:
Mon Oct 30, 2017 7:48 am
Since we don't need money right now, we are looking into Option #2 or open to other suggestions. We understand that anything other than Option #1 means we maybe deferring what to do with the money(like how to share etc) in future but that's a problem we want to tackle later and also, futuristic goal is for this money to be made available for next generation.
It's not a matter of "needing" the money right now, but what will happen when one of you dies? (It happens, you know. :happy ). Then will you be co-owners with the children of the deceased or does the deceased sibling lose all the assets, thus leaving it all to the last person standing? There are LOTS of pitfalls here. Lots of resentment from siblings' kids who don't get anything. This then becomes the start of family feuding.

What happens when one sibling needs their share while another sibling wants to give or lend the money to their child for a house down payment? Too many other variations of the problem can occur.

If you can't decide the split now, how do you think you will be able to decide it easier later on, after some circumstances have changed?


Since you are worried about it going into checking and just being spent, each of you should just open a new account under your individual names and deposit your share there. Since this is a gift from your parents, it can be considered the same as an inheritance. It can be the receiver's own property, as long as you don't co-mingle it with joint property.

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Re: Inheritance and Joint account with Siblings

Post by learning_head » Mon Oct 30, 2017 3:18 pm

tampaite wrote:
Mon Oct 30, 2017 8:03 am
Everyone is an adult and the total amount is less than 25K.
If you don't like the idea of cash for N siblings, buy N diamond rings or N * X gold coins or something else of value that can be memorable
tampaite wrote: I can't dictate what other siblings can/can't do.
... including withdrawing all or part of a joint account ...

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Re: Inheritance and Joint account with Siblings

Post by dbr » Mon Oct 30, 2017 3:41 pm

tampaite wrote:
Mon Oct 30, 2017 9:38 am
dbr wrote:
Mon Oct 30, 2017 9:17 am
You should probably investigate how the taxes will be handled for option 2 before you take a liking to it. Keep in mind that one person has to be selected as the taxable owner and will have to sort out how to parcel the tax obligation to the other owners via Schedule B. All by itself having to have everyone's tax returns synced would be enough for me to avoid this.
Yep. agreed. Is there a brokerage firm that handles this or is it left to the primary owner to sort this out?
It is handled on the tax return of the designated tax payer and on the tax returns of the others. The broker will send a 1099 to that one person, and that is it.

dbr
Posts: 23745
Joined: Sun Mar 04, 2007 9:50 am

Re: Inheritance and Joint account with Siblings

Post by dbr » Mon Oct 30, 2017 3:42 pm

learning_head wrote:
Mon Oct 30, 2017 3:18 pm


If you don't like the idea of cash for N siblings, buy N diamond rings or N * X gold coins or something else of value that can be memorable

That is a really good idea.

letsgobobby
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Joined: Fri Sep 18, 2009 1:10 am

Re: Inheritance and Joint account with Siblings

Post by letsgobobby » Mon Oct 30, 2017 4:50 pm

split up the cash and each of you do what is most meaningful to each of you. I have not heard from the OP Any advantage whatever of Option 2.

tampaite
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Re: Inheritance and Joint account with Siblings

Post by tampaite » Mon Oct 30, 2017 8:37 pm

Thanks Everyone for your responses :D

It seems Option #1 is the way to go but we will consider other suggestions as well.

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