Message Font: Serif | Sans-Serif
No. of Recommendations: 0
WELL: Speaking of cost basis, brings up another point for me(as if I don't have enough problems with Scottrade and they "don't give legal advise") Grrrr!

Over the years that my spouse and I saved....every penny of my salary went into an account that was in a trust in both our names and we never had any personal problems with money. I managed both accounts after his retirement. Since his demise, I had to inherit my own money since it was in both our names although not one penny was from his income. A thought for those who do this.

Cost basis: Since I have "inherited" these accounts, do I use the basis from the date of his death OR form the date I exited probate? I notified Scottrade the following day of death and both accounts (his IRA and the Trust) were frozen and I could no longer access them on line. I had to finish probate for the accounts were not legally mine until I inherited them legally....a period of almost 9 months.

This has been a nightmare for me!

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.