While I am speaking to accountants right now, I figured I'd hear your guys general advice as well. And yes, I'm trying to minimize my tax burden in this.
My boyfriend recently passed away. He didn't have a will or anything, as his death was very abrupt. He did leave behind a document that listed off accounts and beneficiaries for each account.
For his stocks on his brokerage account, he designated me as a beneficiary.
I haven't informed the brokerage of his passing, as I'm not sure whether it's the ideal/tax friendly option out of the two options I was thinking:
- Inform his brokerage of his passing, and allow the stocks to proceed through the beneficiary channels. I'm worried about dealing with probate or endless paperwork and stalling, in addition to lengthy tax responsibilities.
-
Because I have access to his online account, I could sell the stocks and transfer the money to my bank account.
What do you guys think of the options in regards to tax burden?
Submitted January 14, 2020 at 07:37PM by Slow-Round https://ift.tt/2Tq197w
