Golden sunsets
Thinks s/he gets paid by the post
- Joined
- Jun 3, 2013
- Messages
- 2,524
My dear mother passed away last weekend. She was almost 95. She had developed dementia which progressed pretty rapidly over the past 2.5 years. I feel as though I had been losing her by inches over that time period and much of my grieving had already taken place. It was a blessing in the end, something which I can now admit. She was a lovely mother. I was very fortunate to be raised by she and my Dad who passed 10 ago.
I will meet with an attorney next week but I was hoping to understand the mechanics of the transfer of her assets. She has a checking account that I am a co owner of and a brokerage account in her name, naming me as sole beneficiary. There is a small whole life policy and a small IRA, both naming me as beneficiary. I am an only child and her executor. That's it. Total value is fairly substantial but well below the federal and state thresholds.
So I am wondering what the mechanics will be of transfering the assets. I'm thinking that as I am joint on the checking account, I could write a check at any time to myself and then close the account. As far as the brokerage account is concerned, there will be a step up and 4 of the holdings I want to hold onto. The remainder I want to sell and reinvest in our AA. I'd like to sell those as soon as possible, thus creating no gains or losses. Would I do that before transfer of assets, or after? If before wouldn't that create a seeming tax event for the brokerage account in her name? Also how do bonds held in the account work? There is one individual bond with a maturity date of 9/20. Is there a payable on death component of individual bonds? If so is it payable on demand at par? I think there is appreciation on that bond, over cost, so would I sell it now to capture the appreciation with no capital gain?
Thanks for your input.
I will meet with an attorney next week but I was hoping to understand the mechanics of the transfer of her assets. She has a checking account that I am a co owner of and a brokerage account in her name, naming me as sole beneficiary. There is a small whole life policy and a small IRA, both naming me as beneficiary. I am an only child and her executor. That's it. Total value is fairly substantial but well below the federal and state thresholds.
So I am wondering what the mechanics will be of transfering the assets. I'm thinking that as I am joint on the checking account, I could write a check at any time to myself and then close the account. As far as the brokerage account is concerned, there will be a step up and 4 of the holdings I want to hold onto. The remainder I want to sell and reinvest in our AA. I'd like to sell those as soon as possible, thus creating no gains or losses. Would I do that before transfer of assets, or after? If before wouldn't that create a seeming tax event for the brokerage account in her name? Also how do bonds held in the account work? There is one individual bond with a maturity date of 9/20. Is there a payable on death component of individual bonds? If so is it payable on demand at par? I think there is appreciation on that bond, over cost, so would I sell it now to capture the appreciation with no capital gain?
Thanks for your input.
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