Is there a way I can give my son the entire cash value of a brokerage account if it exceeds the yearly gift value maximum?

by William R. Lazor, CPA | Nov 21, 2018

My son is my only beneficiary on a brokerage account. I wish to give him the cash value of the entire account while I am still alive, but it exceeds the current maximum gift value of $15,000 per year. Is there any way this would be possible?

You can make a gift to an individual in excess of the annual exclusion. The effect of the excess is that it will be applied against your own lifetime exclusion of approximately $11 million. Whether or not there will be gift tax due depends on the amount of your lifetime exclusion you have already used in prior gifts.

For more resources, check out PICPA’s Money & Life Tips, Ask a CPA, or CPA Locator.

Answered by: William R. Lazor, CPA, is a partner/shareholder with Kronick Kalada Berdy & Company PC in Kingston, Pa.

The responses are based on the limited information provided by the questioner and apply the laws and regulations at the time of posting. Other options could arise as rules and regulations may change over time, including but not limited to the passage of the Tax Cuts and Jobs Act of 2017. They are intended to provide general information, not specific accounting or tax advice; they are not intended or written to be used and cannot be used for the purpose of avoiding or evading taxes or penalties under the IRS code or regulations. Views expressed do not imply an opinion of the PICPA, its officers, directors, employees, or members.
Financial FAQs

Search the most frequently asked finance and accounting questions and read the responses from PICPA members. Always consult a CPA before taking action.