A reader writes, 'For estate planning and personal reasons, we want to change the account...
My wife and I have a brokerage account which is held as joint tenants with rights of survivorship. Currently, the income is reported using my Social Security number. For estate planning and personal reasons, we want to change the account to my wife's Social Security number.
No gift tax return would be required because changing the primary account holder to your wife's name is not a gift.The change should not attract any IRS attention. The source of your income would not change on your next joint income tax return, and the amount reported should be consistent with prior years. Keep in mind, people change brokerage firms all the time, and primary account holders are changed frequently as well.
The only reason you would want to make the change is for it to be slightly easier for your wife to transfer the account to her name should you die first. But even if you don't make the change, it will not be difficult for her to set up a new account. All she has to do is tell the brokerage firm that you have died, and they will do the rest.
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