# fbar question



## berniej (Mar 5, 2012)

If I took my name off of my accounts,leaving them in my wifes name(same last 

name as me but I would be removed from the accounts,no longer having any 

access to them) and revoked my wifes ssn would I still have to file a fbar.I know 

I would have to do it for 2012 as I'm still on everything now.But for 2013 would 

have have to do it.

Or is this just a misguided idea.

Thanks

Bernie


----------



## Bevdeforges (Nov 16, 2007)

Technically, no, if you don't have overseas accounts that total in excess of $10,000, you wouldn't have to file an FBAR. But actually, the FBAR is nothing but a declaration form.

The risk you run in taking your name completely off the accounts (which could include running into gift tax considerations) needs to be taken into account, too. Don't know how the Dutch see these things, but do your homework before you do something you'll later regret.

Taking your name off the accounts is essentially "giving" your wife either half the balance or all amounts that you actually put into the accounts (depends on local marital property law, I suppose). 
Cheers,
Bev


----------



## berniej (Mar 5, 2012)

It was just an idea I had thought it might make it easier but probably would open up a can of worms.I guess I'll stick to filling out the forms.
Thanks for the good info as always.

Bernie













Bevdeforges said:


> Technically, no, if you don't have overseas accounts that total in excess of $10,000, you wouldn't have to file an FBAR. But actually, the FBAR is nothing but a declaration form.
> 
> The risk you run in taking your name completely off the accounts (which could include running into gift tax considerations) needs to be taken into account, too. Don't know how the Dutch see these things, but do your homework before you do something you'll later regret.
> 
> ...


----------



## Vangrrl (Aug 23, 2011)

Bernie - I have taken my name off my childrens RESP (registered education savings plan). It is now in my husband's name only. We also opened an account solely in my husband's name that we will use to move any "outlier" quantities of money or money that is strictly his (ie. inheritance from his family).


----------

