No advice just big hugs I’m so sorry.

I am sorry OP. You could just close the account now, transfer everything to your bank account, and write checks to whoever you want. You will exceed the gift exemptions amount, but you won't owe taxes on it, nor will the people getting the checks. You just have to fill out a gift tax form with your 2024 taxes.

Anonymous wrote:Name them all as beneficiaries or joint owners on the account

The only issue with joint ownership is any one person could legally drain the who account.

How many kids? Could you cash some of it out yourself leaving enough to pay any taxes due and then giving gift maximum to each kid this year and next. It's probably more than you have time to gift them, so maybe then beneficiary route for the rest.
I'm so sorry. We had a sudden early death in the family. A year and half later we still closing the estate. The smaller accounts with beneficiary named were transferred fairly fast.

So sorry op. I’d think naming them beneficiaries would be enough.

My mom passed away and being named as a beneficiary on her accounts made things so easy. Do you own a home OP?

Best wishes for an easy and painless transition.

Anonymous wrote:Make them designated beneficiaries so it passes directly outside of probate. and do not give while you’re still alive bc they will owe more taxes. After you die they will get a step up in basis on value and will not owe caps gains taxes on the appreciation that occurred during your lifetime.

It's a money market account, so no gains. Agree if OP were asking about a brokerage account.

Is this your entire net worth OP? You should see an attorney and do it right.

Make them designated beneficiaries so it passes directly outside of probate. and do not give while you’re still alive bc they will owe more taxes. After you die they will get a step up in basis on value and will not owe caps gains taxes on the appreciation that occurred during your lifetime.

Name them all as beneficiaries or joint owners on the account

I’m so sorry. What is the issue at hand - is it that they will need immediate access to the money, or that you don’t want to have an inheritance tax apply? Is this the only asset you have, or are there insurance payouts or other accounts going to the same people?

This is well under the inheritance tax exclusion if this is going to spouse/children. You could also put your assets in the trust and name who benefits. If it’s just one account you can add someone as a joint tenant and have it transfer upon death/have rights of survivorship. You can also just make a bequest in a will, but the estate would have to be settled before the money would be transferred.

You should talk to an estate lawyer who can advise you on all your assets.

Could you not make them beneficiaries on the account?

I'm so sorry.

Anonymous wrote:No advice but I’m so sorry, OP

Same. So sorry for what you are going through OP, and selfless of you to be thinking of others during this difficult time.

No advice but I’m so sorry, OP

Title says it all. Looking for the best way close out this account and divide assets between kids and loved ones. Please advise.