Need advice - sibling splitting brokerage account with me

Hello - I’m a complete newbie but have inherited some money and am trying to research and get advice so I make the best decisions for myself and my future family.

My sibling and I have received an inheritance after both parents passed away. Everything was split equally except for a brokerage account, which ended up falling to her because my father had her down as co-owner and it was a joint tenant account. She is willing to gift me half of the account. We got advice from a tax attorney that she would just claim the lifetime gift exclusion and then file a gift tax return, but there would be no other negative consequences. The brokerage will not give us advice, but an accountant has said basically the same thing. We’re both feeling a bit nervous about it, so we’re hoping someone here can chime in with advice or opinions. Anything else we need to be aware of? Is there any other way to handle splitting the account? Thank you so much in advance.

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Thanks for your reply. So we know she has to file a gift tax return. The amount to be split is north of $1 million. We’re also aware there’s a cost to file the return, which we’ll split. Is splitting the account this way a big deal outside of the cost of the return? Obviously she’d be using up her lifetime maximum, but we don’t anticipate her gifting me any additional money. We’re just trying to make sure there’s no other alternative ways to handle the situation and also that there’s no downsides to her gifting it. We know the situation isn’t ideal…

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