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
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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.

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

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