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Dear Quentin,
Are assets — stocks, in this case — that were a gift to an individual subject to division as community property during a divorce? I have a friend who is working on an exit plan from their marriage. Over the years of their marriage, they have received stocks in companies like Google
GOOG GOOGL and Tesla TSLA from their father. They could be worth millions. The equities are in a brokerage account solely in their name.
It’s not an IRA or other tax-specific account. As my friend laid out the situation today, my inclination was to recommend having their dad stop making gifts until the attorney gives an all-clear, but I didn’t know what to suggest regarding the existing equities. I did recommend not making any sudden moves, because it could look like they are trying to hide assets.
This post was originally published on Market Watch
