You are here:
- Home
- Money
- Investing for Beginners
- Beginner Investing
- name change of ownership
Beginner Investing/name change of ownership
Advertisement
Question
I bought some (2)US and (1)CA stocks in 2004,I would like to give them to my nephews without having to sell them. Basically just remove my name and put his name on it - How do I do this
Individual brokerage houses will have their own rules; however, 9 times out of ten you will need to execute a stock power. The form should be available from your broker and you will need the information and signature of both yourself and your nephew. They may also request identification documents, so make sure that both you and your nephew have those available and can make copies. They will then cancel the old certificate and issue a new certificate. Keep in mind that there may be tax obligations from the gift of a stock, so I would be sure to discuss this with a tax attorney to make sure that you do not put a tax burden on your nephew. I hope this helps!
- Add to this Answer
- Ask a Question
| Rating(1-10) | Knowledgeability = 10 | Clarity of Response = 10 | Politeness = 10 |
| Comment | Dear Robert Hanzel, I appreciate your speedy answer considering that I was told upto 3 days. This was weighing heavily on my mind because I should have originally just put it in their names to begin with and kept on thinking how stupid of me and it look like I had to sell them and start all over again , the right way this time, but you answer gave me comfort. Once again I thank you very very much. | ||
Related Articles
Answers by Expert:
Robert Hanzel
Expertise
I can answer questions regarding most areas of consumer and commercial finance. I have extensive experience regarding various types of loans (commercial, consumer, USDA, SBA 504, SBA 7A, foreign), many investment vehicles, credit, economics, and banking. I am not an expert regarding tax structures and other tax issues and thus would not recommend asking tax related questions.
Experience
Over 11 years Financial, Investigative, and Legal experience including loan review, due diligence, financial analysis, collections, and risk management. I have managed Credit Administration, Loan Administration, Credit Analysis, Credit Review, Liquidation Departments, Collections, and workouts
Organizations
Both the Risk Management Association and the Bank Administration Institute.
Education/Credentials
I have obtained both my Credit Risk Certification from the Risk Management Association and a Loan Review Certification from the Bank Administration Institute.
©2012 About.com, a part of The New York Times Company. All rights reserved.