Should I combine investment accounts ?
My younger brother recently passed away. My older brother and I are beneficiaries of his estate. He had an investment account with Vanguard which has been split between my brother and me. It it still with Vanguard. The amount is $450,000. My accounts have been with PNC Wealth Management for eight years. Should I combine it at PNC or is it good to keep it at Vanguard to diversify?
Terry Says
It all depends on whether the account you inherited is an IRA. If it is an IRA, you as beneficiary must empty the account within 10 years. It should remain separate as an inherited IRA.
If it wasn’t an IRA, why not keep it at Vanguard. Choose your own investments — and see how you do vs the pros at the wealth management company over the next 10 years! You’re certainly at a low-cost place to invest, and that should give you the edge!
