My wife will soon receive around 300k from her mothers estate. I am not sure how these funds get dispersed (paper check, ACH or whatever) but my main question is: Can I just add these funds to our joint tenant brokerage account?
I believe that many advocate to open a separate individual account mainly in case of divorce - I understand that viewpoint, but we are 30 years in and don't worry about that.
I already have a Schwab account set up for her that holds her Roth and a 401k rollover, so it would not be a big deal to add an individual brokerage account, but wouldn't that complicate things at tax time, for married, filing jointly?
What else do I need to think about, to help her get this set up correctly?
I believe that many advocate to open a separate individual account mainly in case of divorce - I understand that viewpoint, but we are 30 years in and don't worry about that.
I already have a Schwab account set up for her that holds her Roth and a 401k rollover, so it would not be a big deal to add an individual brokerage account, but wouldn't that complicate things at tax time, for married, filing jointly?
What else do I need to think about, to help her get this set up correctly?
Statistics: Posted by Procrastin8er — Thu Oct 24, 2024 8:07 pm — Replies 8 — Views 707