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First big installment of inheritance

June 14th, 2021 at 11:50 pm

Not that this was unexpected but as of close of business today, my late cousin's main IRA has been transferred into my account: $433,656.00. The money was already effectively mine but actually having it in my name is one more step in the process.

His Roth hasn't transferred yet. I'm guessing that will happen tomorrow as it's with the same firm (Wells Fargo). He also had much smaller traditional and Roth IRAs with Vanguard which should be in the process of transferring as I spoke to them a couple of days ago.

The final step will be moving the Wells Fargo money over to Vanguard. I already have the new accounts set up so once everything is in my name, I can have Vanguard start that process.

In the meantime, I asked the account manager to liquidate the money within the IRA to go to all cash. It's currently in a ridiculous portfolio of 22 mutual funds which is what you get when you pay a "professional" to handle your affairs - high complexity and high expenses. I will be greatly simplifying that and almost certainly outperforming it as well.

6 Responses to “First big installment of inheritance”

  1. mumof2 Says:

    wow that is a good chunk of change to glad things are slowly getting done for you...

  2. terri77 Says:

    The benefit of having planned an estate is that things are taken care of quickly.

  3. LivingAlmostLarge Says:

    that is crazy 22 mutual funds.

  4. disneysteve Says:

    "that is crazy 22 mutual funds."

    Yeah, well, that's what you get with a paid "advisor". And what do you know? Selling each of them comes with a $3 fee, so it will cost me $66 to get out of that mess. Not a lot in the grand scheme of things but had he been in a reasonable 3 or 4 fund portfolio, it would have only cost me $9 or $12 instead of $66. That's money down the drain.

  5. LuckyRobin Says:

    Well, I'm sorry this is the way you had to get it, but what an amazing change to your life this money will bring.

  6. rob62521 Says:

    Yowza! That's a decent amount for sure. You are one smart cookie to know what to do with these investments.

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