About 5 years ago my grandmother passed and left me with a trust fund roughly in the amount of $300,000. Unfortunately, she opened it with a local company who actively manages it and charges percentage fees for the service.
Since this fund was established, it has has consistently LOST a few percent every year (in a bull market), and the total fees are near the 1% range. The value is considerably lower now than when it was opened thanks to the account managers.
Here's the kicker: I won't have full control over this account for another 4 years or so. Until then my uncle has control over the account.
So I'm really at a loss for what to do. It hurts watching the account balance go down every 3 months when I get a statement. Do you think I can convince my uncle to give me control of the account, or at least take it out of the managed fund?
Another area of concern is taxes. If by some chance I can take this money out of the current account and invest it elsewhere, am I going to have to pay income or gains tax on that? Because that would be devastating.
Any advice is appreciated.
Submitted February 28, 2019 at 05:51PM by DarkBlueSilver https://ift.tt/2NyCrg8
