My husband unexpectedly recently died...and would truly appreciate your assistance with this question..
My husband placed funds in a brokerage a number of years ago-as a holder account for our son. He specified our son as the beneficiary and myself as conditional beneficiary. My husband had planned to eventually fuse this account with our major joint accounts. Our son would like to assign the account of to me--
1. What be the tax implications for either of us if the account is signed over to me? There would be no penalties/fees from the brokerage firm for the sign over.
2. What is the best strategy for proceeding toward minimizing tax issues