Wow, the tax lawyers and investment folks are booked up. I have asked my broker the same ?'s I will ask here as we seem to be in the similar age group and may have experienced the same issue.
Here goes.
My dad passed in December and made me his executor. Besides finding that my dad was not at all as organised as he lead me to believe. He did in fact leave me a lot of money. As in buy a boat money.
His trust instructs me to share some of it with my niece. The only cash will be from the house sale, everything else is in equities. Do I need to sell the stocks to get her percentage paid.
How do I avoid paying taxes on the house money when I deposit the check into my account? I do have an IRS trust number that my lawyer obtained. Should I open a new checking account for dealing with this?
I do have an appointment with an investment person but it is 3 weeks out and the house cash is due here tomorrow.
Thanks in advance.
PS- I just went out and put my 200 Watt block heater onto my Diesel PU.
Here goes.
My dad passed in December and made me his executor. Besides finding that my dad was not at all as organised as he lead me to believe. He did in fact leave me a lot of money. As in buy a boat money.
His trust instructs me to share some of it with my niece. The only cash will be from the house sale, everything else is in equities. Do I need to sell the stocks to get her percentage paid.
How do I avoid paying taxes on the house money when I deposit the check into my account? I do have an IRS trust number that my lawyer obtained. Should I open a new checking account for dealing with this?
I do have an appointment with an investment person but it is 3 weeks out and the house cash is due here tomorrow.
Thanks in advance.
PS- I just went out and put my 200 Watt block heater onto my Diesel PU.