The Windows API DuplicateHandle() http://msdn.microsoft.com/en-us/library/ms724251(VS.85).aspx Requires the Object handle to be duplicated and a handle to both the original
Use a named pipe or mailslots for IPC, this should work reliably for your purpose. If you need to wait, use named wait handles.
Otherwise, I'd choose to do DuplicateHandle in the second process in order to set the handle ownership correctly.