I have a personal brokerage account at Wells Fargo (wells trade) in California, and I want to convert it to community property to add my spouse. Account was opened after being married and I did not know about community property. The purpose of doing so is to receive a step-up in cost basis for the entire account upon the death of the other spouse.
Talking to the representative, I will need to open a new account and then transfer assets. We have a community property brokerage account at Charles Schwab, but I prefer Wells Trade over Charles Schwab for equities.
The representative mentioned that they dont offer community property accounts, but offer joint accounts with 3 options: Tenancy in Entirety, Tenancy in Common and Joint Tenancy with Right of Survivorship.
From what I understand, Tenancy in Entirety is the right account for me. Is that correct?
Talking to the representative, I will need to open a new account and then transfer assets. We have a community property brokerage account at Charles Schwab, but I prefer Wells Trade over Charles Schwab for equities.
The representative mentioned that they dont offer community property accounts, but offer joint accounts with 3 options: Tenancy in Entirety, Tenancy in Common and Joint Tenancy with Right of Survivorship.
From what I understand, Tenancy in Entirety is the right account for me. Is that correct?
Statistics: Posted by Hector — Wed Mar 27, 2024 11:09 am — Replies 0 — Views 45