A widow friend has as part of her deceased husband's estate a number of stocks from different companies. Current values are nearly $700,000 as we calculate it. He bought these from the companies themselves as he did not want to pay a brokers fees. Microsoft, Exxon, utilities, phamaceuticals, etc. (Is this called buying 'over the counter'?). She has boxes full of certificates and also gets a lot of dividend checks.
A financial advisor at her bank told her "not to worry about the stock flucuations as the stocks will remain at the value they were on the day he passed away". I thought this sounded crazy. Could this be true? Please explain either way.
I advised her to sell them and put the money in more stable accounts, but she cannot without succession.
She has three adult sons and they were reluctant to open succession as they think that inheritance taxes will take affect and take a large portion. I think they want to wait until she passes, thinking that will save tax.
2007-09-17
11:51:12
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8 answers
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Anonymous