NY
Hi all,
My grandmother recently passed away, leaving my mom with a small inheritance. The money is invested in an actively managed account with a large brokerage. The statement is very difficult to interpret, perhaps intentionally so, but it looks like some of the money is in an IRA and some is in a taxable cash management account. My grandmother paid little attention and it is my impression that she was taken advantage of. The money is divided into 15-20 speculative investments, including something called "ML &Co Curr Rupee USD Nts" (currency arbitrage for a 90 year old retired teacher?).
I will be helping my mom make decisions about what to do with the money. Needless to say, I want to get it out of this large, expensive (unethical) brokerage as soon as possible. But I would like to understand the tax implications of making a change at this point. If we sell the investments, what would my mom's cost basis be? Will she suffer a big tax hit? Any thoughts or guidance on this would be much appreciated.
Regards,
Nerf
Hi all,
My grandmother recently passed away, leaving my mom with a small inheritance. The money is invested in an actively managed account with a large brokerage. The statement is very difficult to interpret, perhaps intentionally so, but it looks like some of the money is in an IRA and some is in a taxable cash management account. My grandmother paid little attention and it is my impression that she was taken advantage of. The money is divided into 15-20 speculative investments, including something called "ML &Co Curr Rupee USD Nts" (currency arbitrage for a 90 year old retired teacher?).
I will be helping my mom make decisions about what to do with the money. Needless to say, I want to get it out of this large, expensive (unethical) brokerage as soon as possible. But I would like to understand the tax implications of making a change at this point. If we sell the investments, what would my mom's cost basis be? Will she suffer a big tax hit? Any thoughts or guidance on this would be much appreciated.
Regards,
Nerf