08-09-2021, 08:03 PM
Suppose you own US stocks like APPLE, Facebook...then pass away suddenly....there is estate tax of 30+%....not only that if you have cash in the account that too will be taxed...for amounts above 60k
If you give your wife or daughter your account details in case something happens, they can liquidate and take the funds out likely the US IRS won't know. However, if your family member need to request the brokerage release the funds/stocks, they will withhold the estate tax as a legal requirement.
If you give your wife or daughter your account details in case something happens, they can liquidate and take the funds out likely the US IRS won't know. However, if your family member need to request the brokerage release the funds/stocks, they will withhold the estate tax as a legal requirement.
I, being poor, have only my dreams; I have spread my dreams under your feet; Tread softly because you tread on my dreams.