mountainsailor
Confused about dryer sheets
- Joined
- Dec 18, 2014
- Messages
- 7
I apologize if this has been answered somewhere else. I am mostly a lurker and have found invaluable advise here. My mom passed unexpectedly at 89 in May and I am the executor of her estate. Things have been going smoothly and I do have her lawyer to consult with, but her accountant is out of the country till the end of the month so I am here. She had an IRA with Morgan Stanley which is in process of changing to Inherited IRAs for her 5 children. She also had a taxable account with 5 mutual funds and a money market account. Those funds were moved into an estate account with MS. I liquidated those stocks last week when the market was up. I was assuming the estate will pay taxes on the money she made before her death and the heirs will pay on the amount earned since her date of death until the sale date. Right or wrong? MS said they could divide the amount and issue checks to heirs or should I wait? She had considerable other assets in accounts to cover expenses and taxes. I probably sound like a rookie, which I am! TIA.