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csziggy

(34,136 posts)
21. I've never understood having many different investment accounts
Wed Jul 8, 2020, 01:55 PM
Jul 2020

Can you explain why you do? I understand that you inherited some account, but is there a specific reason to have multiple ones?

My parents had a number of different ones - partly because they did not want the people in their little town to know their net worth and the local broker was a gossipy sort. But it cased a lot of problems in the long run - none of their brokers knew that they had other accounts so their advice was based solely on what was in the account they handled. In the end, their aggrgate accounts were not well distributed which has caused problems since they left.

They also didn't tell their estate attorney their true net worth so the planning he did for taxes and distribution of their combined estate was not very good.

The only people who had a clue of their net worth was their accounting firm and of course they could not share with anyone.

Oh - and boy is your last comment correct - it has been a nightmare for our family to sort out the holdings and accounts. Multiple investment accounts with multiple firms with 50 or more holdings in EACH! All of wich has to be divided up in various amounts to nine different heirs. That does not even count the many real estate properties, family corporations, and personal property. My older sister, the executor, has been brilliant at it but after over seven years of dealing with this stuff, she is ready to be done (Dad was incompetent before his death in 2013, Mom passed in 2018). Now we're just waiting for a letter from the IRS so everything can be finalized.

Introduction [View all] hermetic Jul 2020 OP
My suggestion is that you want save what you have, limit your risk of loss. empedocles Jul 2020 #1
Sorry about the interruption, 4 yr old granddaughter had to go to the empedocles Jul 2020 #7
How nice hermetic Jul 2020 #14
I would suggest you ask her to sell enough so that you can pay for a couple of hours worth BComplex Jul 2020 #2
Thanks for your advice hermetic Jul 2020 #15
I worry if you inherited any IRAs or 401ks. progree Jul 2020 #3
Right on the nail head there. hermetic Jul 2020 #16
Don't put it in the stock market, good chance he's going to crash it before this is over. Canoe52 Jul 2020 #4
I don't think she has legal standing to tell you not to talk to anyone else about your account. Merlot Jul 2020 #5
Yep hermetic Jul 2020 #17
I have found financial people are more than happy to answer questions Merlot Jul 2020 #25
I am sorry for the loss of your dad. bottomofthehill Jul 2020 #6
Thanks hermetic Jul 2020 #13
Edward Jones is a pretty good company csziggy Jul 2020 #8
Thank you hermetic Jul 2020 #18
Yeah, when I was first looking at brokers I looked at online ones csziggy Jul 2020 #20
A few things you may want to consider; A HERETIC I AM Jul 2020 #9
"Well, guess what? It isn't up to her! It's YOUR MONEY! " progree Jul 2020 #10
As Host of this group, I would hope the participants here would refrain from giving specific investm progree Jul 2020 #11
I agree..... A HERETIC I AM Jul 2020 #12
I've never understood having many different investment accounts csziggy Jul 2020 #21
When I was a broker, the situation you described were dreaded. A HERETIC I AM Jul 2020 #22
The "Don't keep all your eggs in one basket" idea is fine for FDIC accounts these days csziggy Jul 2020 #24
THANK YOU! hermetic Jul 2020 #19
You are very welcome. A HERETIC I AM Jul 2020 #23
No prop taxes? paradise! bucolic_frolic Jul 2020 #26
Idaho hermetic Jul 2020 #27
Thanks! bucolic_frolic Jul 2020 #28
I just finished reading this thread, and I want to say PoindexterOglethorpe Aug 2020 #29
WOW! Thanks! And very well said! A HERETIC I AM Sep 2020 #31
Post removed Post removed Sep 2020 #30
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