My wife and I each have individual stock accounts and we have a single, much smaller joint stock account. My wife’s stock holdings are a little more than double mine and all accounts are with the same broker.
We’re considering moving everything into the joint account for various reasons (simplifying access in a worst case event, simplifying management and taxes, that sort of thing) but just want to double check that we wont have any unpleasant surprises if we do so.
We live in canton Zürich and my understanding is that as spouses we would not be subject to any sort of gift tax for the uneven contribution. Is my understanding correct? Is there anything else that might bite us if we go ahead (other than one of us emptying the account and fleeing the country with our new boyfriend, obviously)?
Thanks in advance for any help.
So you could also consider “switching teams”?
No lawyer, but I can’t come up with a situation where such transfer of either money or equities to a joint account would trigger any tax contributions. Maybe if moving countried and similar. Its just an account transfer, nothing else. Ideally since same broker you can do position transfer instead of rebuy. As married you are jointly assessed for wealth in both situations, no change.
Side note, I question the logic of joint accounts in every situation. Particularly in case of death, the onus is on settled estate or at least other notary confirmation. But joint accounts are a phisolophical and almost religious topic with everyone having their opinions, eh.
I remember reading that joint accounts are frozen in case of the death of one spouse until the size of the inheritance is established. This might take a few months.
Just make sure you have money in the meantime. Keep at least your emergency fund in an account that is in your name only. Same for your spouse.
I’m not aware of any issues with pooling, but also see no big benefit.
I have family accounts at the same broker. The pre-marriage accounts are tagging along and only the joint and children accounts get new contributions. No difference for the joint tax declaration. Over time, the joint one gets bigger.
If your concerns are worst case events and accessability, I would make sure to have a will etc. in place and keep some emergency fund.
Hey, if the money’s right, who knows what one may be willing to do…