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Started By
Message
A 82 yr old gets about $750k inheritance stock..she wants to pull it out and have control
Posted on 7/8/22 at 5:17 am
Posted on 7/8/22 at 5:17 am
Of it so to speak. What should she do?…create an estate so to avoid taxes?…pull it outta stocks and eat the taxes or roll it over into an annunity ?..,asking for the grandma…need some ideas from u money wizards on here. Thanks yall
10
Posted on 7/8/22 at 5:30 am to Perception
Did she just inherit it outright? It will have a step up in cost basis to the fair market value on the date of the decedent’s death so shouldn’t have much of any cap gains
Posted on 7/8/22 at 5:32 am to MSTiger33
Yeah it was outright
Posted on 7/8/22 at 5:33 am to Perception
Hookers and blow
Let her enjoy the money. Only step in if she's making large donations to Nigerian princes
Let her enjoy the money. Only step in if she's making large donations to Nigerian princes
Posted on 7/8/22 at 5:47 am to Perception
quote:
82 yr old grandma
quote:
wants to pull it out and have control
pics?
Posted on 7/8/22 at 6:11 am to Perception
Shouldn’t be much tax if any. Tell her to enjoy it. I hate annuities and rarely recommend for our clients.
Posted on 7/8/22 at 6:28 am to Perception
If inherited from a regular non tax advantaged brokerage should be new stepped up basis at market value from date of death. Sell as soon as possible after and diversify out of individual stocks and into ETFs and or a target date fund. I'd stay away from annuities. Make sure it's not inherited IRA or other retirement account. If so, RMDs, 10 years to withdraw and income taxes may come into play.
This post was edited on 7/8/22 at 6:30 am
Posted on 7/8/22 at 6:35 am to Perception
This is one scenario where a fee based fiduciary advisor may be worth the $. Just be very wary of salesmen and sharks. If you're asking these questions for her (and learning yourself), she needs a well informed advisor in her corner to avoid huge mistakes. First off, what are her objectives for the $. Does she need or want to spend it or desire to preserve and build wealth to pass on?
This post was edited on 7/8/22 at 7:12 am
Posted on 7/8/22 at 9:29 am to TorchtheFlyingTiger
No disrespect to the money talk, but you all should probably consult with real advisors, that's a material amount of money..
..but there shouldn't be much tax upon selling said stocks, capital gains starts from the price the day she inherited I believe. Sell some if she needs the cash, leave the rest invested to pass on to children when she passes?
..but there shouldn't be much tax upon selling said stocks, capital gains starts from the price the day she inherited I believe. Sell some if she needs the cash, leave the rest invested to pass on to children when she passes?
Posted on 7/8/22 at 9:34 am to Perception
As others have said... should be little to no gain so no real tax issues.
She's 82. Provided she has properly took care of her finances and has enough saved to live on...
let her do whatever TF she wants to do with the money. She's 82. Let her travel, spend it, whatever.
If she wants to save it for the next generations... just invest it.
No annuities.
If she doesn't have significant other assets, there won't be an estate tax issue for her so no need for estate planning trusts.
If she wants to save it for young grands / great grands and she thinks they will blow irt... create some trusts for them.
She's 82. Provided she has properly took care of her finances and has enough saved to live on...
let her do whatever TF she wants to do with the money. She's 82. Let her travel, spend it, whatever.
If she wants to save it for the next generations... just invest it.
No annuities.
If she doesn't have significant other assets, there won't be an estate tax issue for her so no need for estate planning trusts.
If she wants to save it for young grands / great grands and she thinks they will blow irt... create some trusts for them.
Posted on 7/8/22 at 10:17 am to Texas Tea 123
quote:
undefined
quote:
No disrespect to the money talk, but you all should probably consult with real advisors, that's a material amount of money..
Some of the people replying here are “real advisers”.
Posted on 7/8/22 at 11:17 am to Perception
Might be nice for a fat dividend play.
Posted on 7/8/22 at 11:48 am to LSUFanHouston
quote:
LSUFanHouston
quote:
As others have said... should be little to no gain so no real tax issues.
She's 82. Provided she has properly took care of her finances and has enough saved to live on...
let her do whatever TF she wants to do with the money. She's 82. Let her travel, spend it, whatever.
If she wants to save it for the next generations... just invest it.
No annuities.
If she doesn't have significant other assets, there won't be an estate tax issue for her so no need for estate planning trusts.
If she wants to save it for young grands / great grands and she thinks they will blow irt... create some trusts for them.
ALL. OF. THIS.
Posted on 7/8/22 at 12:28 pm to Perception
This question is (or should be) unanswerable without any insights into her financial and overall health.
Posted on 7/10/22 at 2:07 pm to Perception
If not needed for life's basics...
Put 40% of it in 3-fund Vanguard strategy for future generations and take other 60% for 80+ yo debauchery, whatever that means to her.
Put 40% of it in 3-fund Vanguard strategy for future generations and take other 60% for 80+ yo debauchery, whatever that means to her.
Posted on 7/10/22 at 2:42 pm to Perception
Living Trust to avoid Probate...
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