Interactive Brokers joint account between family members

P

plutonio

New member
Hello,
My parents in law want to open a brokerage account for my daughter.
They want to deposit money from time to time in this account and once my daughter turns 18 years old, she will become the owner of this account.
I am taking in account that my parents in law are in their 70s and that in 18 years, they will be almost 90s. I wish them a long and healthy life. However, I want to "minimize" bureaucracy and I was thinking that my girlfriend can be part of the joint account.
I have seen that Interactive Brokers offer the possibility to have a joint account. I have already a couple of joint accounts with my girlfriend: 1. one account belongs to my girlfriend and I 2. the second one is for our daughter
I know that the joint account can be set-up between 2 people.
Are you aware of a joint account that correspond to our needs?
I know that to make the life easier I can get the money from my parents in law and transfer them to my daughter's account. However, I don't want to manage their money and I want them to make the money transfer whenever they feel it.
I have seen the following guide to open the right account, but it is still not clear to me which one is the most suited: IBKR ACCOUNT GUIDE.
 
Hi,

That's a good question.

I think a simple joint account works well in this case, with either of your parent's in law and your girlfriend, with rights of survivorship. I did not find strict limitations on IBKR, so mother and daughter would work fine.

On the other hand, this would make your girlfriend liable for half of the wealth taxes on that account.

The other option is the family account. But the problem with that is that there needs to be a master account that will manage the others, so I am not entirely sure this applies in your case.
 
Hi Baptiste,

Thank you for your quick reply. The first option is what I was thinking of doing it. It is not really clear how to manage the family account, I am thinking it gives extra work while the first option is very straight forward.

My parents' in law have a saving account in a Swiss bank for my daughter and when she will be 18, the account will be transferred to her. However, the interest rate is really low 0.5%. Luckily, they decided to move to a brokerage account so that the money will be invested (VT).

Have you ever tried to contact IBKR for any questions? If so, how was your experience?
 
plutonio said:
Have you ever tried to contact IBKR for any questions? If so, how was your experience?
Click to expand...
Yes, I have had to contact the support multiple times, through tickets from my account. I usually get an answer within 24 hours. I think the longest I got was something like 3-4 days.
 
You must log in or register to reply here.
Back
Top