Hi TT experts,
My wife and I (we are US permanent residents, but NOT US citizens) wanted to take advantage of opening a new trading account under her name and getting matching % funds from a brokerage (I already have an account with the brokerage and can't get the match). To open her account, we were hoping that I'll transfer money (a large amount: ~$400k+) into her bank (via check, or whatever process the bank suggests) and then she can open the brokerage account under her name.
A few Qs:
1. is there any tax implication under the federal or state (NJ) estate or gift tax if I give her this money?
2. Do I need to file tax forms, or anything later?
3. Is there a limit on how much money I can transfer?
I'm hoping the unlimited marital deduction provision should cover us, but I wanted to be sure.
Super thanks,
Nyc1
