1. Don't rush to do anything. You need time to process and grieve. (And ofc, my sympathies to your sudden loss)
2. Break the problems down into manageable bites (this ole' how to eat an elephant...one bite at a time)
3. Work with your accountant to understand the tax implications for your and them. If your accountant is not familiar with trusts (not all really are) then probably get a lawyer to assist in understanding them, what you can and can't do, can you alter terms (i.e. I would not give a 25 yo access to all $1M (but likely not much you can do.)
4. The trust issues are largely separate from the portfolio issues. Since most is in IRA, you have time to consolidate holdings wo worrying about tax implications. Again, no rush, take your time. get assistance/advice as needed.
This whole thing is not an event, it is a journey.
2. Break the problems down into manageable bites (this ole' how to eat an elephant...one bite at a time)
3. Work with your accountant to understand the tax implications for your and them. If your accountant is not familiar with trusts (not all really are) then probably get a lawyer to assist in understanding them, what you can and can't do, can you alter terms (i.e. I would not give a 25 yo access to all $1M (but likely not much you can do.)
4. The trust issues are largely separate from the portfolio issues. Since most is in IRA, you have time to consolidate holdings wo worrying about tax implications. Again, no rush, take your time. get assistance/advice as needed.
This whole thing is not an event, it is a journey.
Statistics: Posted by LotsaGray — Thu Aug 29, 2024 3:26 pm — Replies 3 — Views 190
