How can an executor figure out how to split some bonds between himself, my wife and their sister-in-law that were left just to him?
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How can an executor figure out how to split some bonds between himself, my wife and their sister-in-law that were left just to him?
My father-in-law passed away and left several financial assets to my wife,
sister-in-law and brother-in-law. Most of the assets were identified as
POD/TOD equally to all three except for a handful of bonds that were listed just for my brother-in-law. He is the executor for his father’s estate and wishes to split these bonds evenly between himself and his 2 sisters. How does he do this? The total of the assets are not close to worry about inheritance tax issues.
Asked on October 24, 2018 under Estate Planning, Missouri
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
Assuming they can be sold or traded, the easiest way to do this is to just liquidate the bonds, then divide the money. Cash can be easily divided up. The amounts paid to your wife and sister-in-law will be gifts from him, so he'll have to deal with any gift tax issues: if more than his annual gift tax exclusion, he should spread the payments out over however many years are needed to avoid paying gift tax.
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