ExFlyBoy5
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
The situation: I am currently caring for my Dad in his final days...odds are he won't be around for more than 4-5 days. I am currently the POA and beneficiary on his brokerage account. He has done very well over the years, but owns individual stocks and would like to divest these individual holdings sooner than later.
With the decline in the market, I would prefer to sell them sooner than later. I understand in order to realize the stepped-up basis, I would have to wait until the day after death. I also understand that it could take a while to transfer the assets to my name...so it could be 2 or more weeks before I could sell them. My question is, if I sell them the day after death, (before reporting the death to the brokerage house) what issues might I run into? I would think at a minimum, it could result in some tax reporting issues.
Sure, I could wait to sell them after being transferred, but even with a possible 2-3% decline, that could be a significant loss and I would like to minimize that as best as I can.
With the decline in the market, I would prefer to sell them sooner than later. I understand in order to realize the stepped-up basis, I would have to wait until the day after death. I also understand that it could take a while to transfer the assets to my name...so it could be 2 or more weeks before I could sell them. My question is, if I sell them the day after death, (before reporting the death to the brokerage house) what issues might I run into? I would think at a minimum, it could result in some tax reporting issues.
Sure, I could wait to sell them after being transferred, but even with a possible 2-3% decline, that could be a significant loss and I would like to minimize that as best as I can.