I am optimistic that some of you may have some real life experience in this area. I am trying to help my Dad, who is 83 years old, get his financial life as organized as possible. I have ideas but wanted to see if I could get some words from the wise on this forum.
He has individual stock in 6 different companies held in certificate or electronic registration form. (most have modest unrealized capital gain and probably should continue to hold them stock for the rest of his life) My intent is to encourage him to open a brokerage account with a bank that he has dealt with a long time to transfer these stock into to reduce mailings received, eliminate running dividend checks to the bank, and to eliminate the need for his estate to have to deal with 6 different registrar agents. I understand that there would be a charge when the account is ultimately closed.
Regular IRA accounts at several different institutions. Encourage him to liquidate a number of them when doing his required distribution. Consolidate the rest at one mutual fund family. Although it appears that some places want to assess a charge when closing an account.
A number of savings bonds that mature over the next 5-8 years. Not sure what, if anything, and be done to make cashing these in any easier.
I would really appreciate your thoughts on the above and also any “lessons learned” from your experience in the area…whether good or bad.
Many thanks.
bd
He has individual stock in 6 different companies held in certificate or electronic registration form. (most have modest unrealized capital gain and probably should continue to hold them stock for the rest of his life) My intent is to encourage him to open a brokerage account with a bank that he has dealt with a long time to transfer these stock into to reduce mailings received, eliminate running dividend checks to the bank, and to eliminate the need for his estate to have to deal with 6 different registrar agents. I understand that there would be a charge when the account is ultimately closed.
Regular IRA accounts at several different institutions. Encourage him to liquidate a number of them when doing his required distribution. Consolidate the rest at one mutual fund family. Although it appears that some places want to assess a charge when closing an account.
A number of savings bonds that mature over the next 5-8 years. Not sure what, if anything, and be done to make cashing these in any easier.
I would really appreciate your thoughts on the above and also any “lessons learned” from your experience in the area…whether good or bad.
Many thanks.
bd