My sister and I are meeting with Ameriprise this Friday to discuss/sign paperwork for a low 7 figure inheritance from parents. (I know, I know Ameriprise has a bad rep here, but it is what it is....
So far as I can make out, approx. 40% is in a brokerage account containing stock from 25 different companies (ex. Disney, Home Depot, Walmart, Walgreens, Coca-Cola, etc.) The next biggest holding of approx. 20% of total refers to symbol INTAX but for the life of me I can't find info on this account of the Ameriprise website. The third largest holding, approx. 15% of total I did find on the Amerprise website is a variable annuity RVS RAVA 4 ADVANT NQ. The remaining 25% is spread out over a small IRA ($28K) CDs ($82K), MM (26K), life Ins ($50K), and 5 or 6 smaller annuitites that are still in payout and some have never started a payout (about $185K).
I assume this meeting will end up with both my sister and I eventually walking away with individual Ameriprise accounts with all of the above split between us. We were told in advance that one or two of the smaller annuities may just be cashed out.
I assume there is no other option than to let this process transpire. I will be interested in hearing their suggestions based upon tax liabilities specific to my circumstances. My official last working day is 15 days away, but I will be receiving full pay thru October this year. Starting Nov. 2014 DW and I will be living entirely off of savings/investments and we will also be relying on ACA for health care. I have planned all along to control income to maximize ACA subsidy, but I was not counting on this inheritance in my planning.
Dear sister will have her own issues to consider since she will probably continue to work for many years even though she does not need to. She isn't in the FIRE camp.
Since there is so much experience on this forum, does anyone have any pearls of wisdom for me before our meeting this Friday?
So far as I can make out, approx. 40% is in a brokerage account containing stock from 25 different companies (ex. Disney, Home Depot, Walmart, Walgreens, Coca-Cola, etc.) The next biggest holding of approx. 20% of total refers to symbol INTAX but for the life of me I can't find info on this account of the Ameriprise website. The third largest holding, approx. 15% of total I did find on the Amerprise website is a variable annuity RVS RAVA 4 ADVANT NQ. The remaining 25% is spread out over a small IRA ($28K) CDs ($82K), MM (26K), life Ins ($50K), and 5 or 6 smaller annuitites that are still in payout and some have never started a payout (about $185K).
I assume this meeting will end up with both my sister and I eventually walking away with individual Ameriprise accounts with all of the above split between us. We were told in advance that one or two of the smaller annuities may just be cashed out.
I assume there is no other option than to let this process transpire. I will be interested in hearing their suggestions based upon tax liabilities specific to my circumstances. My official last working day is 15 days away, but I will be receiving full pay thru October this year. Starting Nov. 2014 DW and I will be living entirely off of savings/investments and we will also be relying on ACA for health care. I have planned all along to control income to maximize ACA subsidy, but I was not counting on this inheritance in my planning.
Dear sister will have her own issues to consider since she will probably continue to work for many years even though she does not need to. She isn't in the FIRE camp.
Since there is so much experience on this forum, does anyone have any pearls of wisdom for me before our meeting this Friday?