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plpreston · Apr 22, 2009, 03:57 PM

My Aunt recently passed away. There are a number of CD's that were in her name and mine. I understand that they are now mine and the inheritance tax will be paid on 50% of the amounts. However, I would like for my sister to get half of the CD's. Can CD's be transferred? What would be the best way to get half of the amount to her? What are the tax implications? I live in Pennsylvania and that is where the CD's are - she is in Florida. Would really appreciate any help and advice that can be given. Thanks.:confused:

ScottGem · Apr 22, 2009, 05:12 PM

If the CDs were in both your names as joint tenants with right of survivroship there is no inheritance tax.

If you want to give your sister some of the CDs, you will need to gift them to her.

Fr_Chuck · Apr 22, 2009, 07:01 PM

Yes, if both names are as joint tenants, you now just own them yourself They are not inherited, since you were already the owner, the other owner merely died.

morgaine300 · Apr 22, 2009, 07:53 PM

As for your sister, none of my CD's have ever been transferable except by permission of the bank. (How long until they mature?)

Also be aware that as of 2009 you have a tax-exempt limit of gifting something to someone of $13,000 per year. So don't give her more than that this year unless you want to pay some tax. If you want to give more than that, wait until 2010 and give her some more.