Hey Buddies
My father-in-law died a few weeks ago. He and my Mother-in law:
- Live in Los Angeles county
- have a $1.1M home; no mortgage
- have a taxable $400K account in a Living Trust; mostly stocks/stock funds
- He had a $100K IRA
- She has a $100K IRA
- He was 88; she is 84
- They have three kids in their 50s.
This month we want to transfer the assets of the taxable account to perhaps Wellington/Wellesley/Target Retirement Fund, so she can take the capital gains hit while she can still file Married Filing Jointly.
Questions:
- Transferring to one of the above 3 funds will trigger the capital gains hit, right?
- She can do a peer-to-peer transfer of his IRA to hers without a tax hit, right?
- Anything else obvious that we should think about? Selling the house in 2017 is not an option
Thank you my brothers and sisters of leisure.
My father-in-law died a few weeks ago. He and my Mother-in law:
- Live in Los Angeles county
- have a $1.1M home; no mortgage
- have a taxable $400K account in a Living Trust; mostly stocks/stock funds
- He had a $100K IRA
- She has a $100K IRA
- He was 88; she is 84
- They have three kids in their 50s.
This month we want to transfer the assets of the taxable account to perhaps Wellington/Wellesley/Target Retirement Fund, so she can take the capital gains hit while she can still file Married Filing Jointly.
Questions:
- Transferring to one of the above 3 funds will trigger the capital gains hit, right?
- She can do a peer-to-peer transfer of his IRA to hers without a tax hit, right?
- Anything else obvious that we should think about? Selling the house in 2017 is not an option
Thank you my brothers and sisters of leisure.