My wife and her sister have inherited just under $2M in a brokerage account, to be split 50/50. The account is held at one of the big firms, and lets just say they Move Slowly at times responding to questions, so I'm turning to the BH community for assistance. The terms of the trust governing this account states it should be split 50/50 and placed into separate, new trusts for each sister. The sisters have expressed some desire to "keep what dad has, but just divide everything so we each have half", but I suspect fees could be quite high? Plus, I don't think that could done with bonds or CD's? Is it best to liquidate everything and split the final proceeds, or is there another approach(es) that is better? The goal is to minimize fees and taxes. What are the do's and don'ts? This is new territory for our family - want to make sure we approach this well informed. Below is a summary of what is in the account.
Individual stocks (qty=16) ~ $650K
Muni bonds (qty=6) ~ $160K
Corp bonds (qty=1 Microsoft) $100K
CDs (qty=5) ~ $70K
Mutual funds (qty=5) ~ $1M
Individual stocks (qty=16) ~ $650K
Muni bonds (qty=6) ~ $160K
Corp bonds (qty=1 Microsoft) $100K
CDs (qty=5) ~ $70K
Mutual funds (qty=5) ~ $1M
Statistics: Posted by save4kollege — Sat Dec 30, 2023 12:50 pm — Replies 0 — Views 39
