My wife's grandmother is recently deceased, most of her liquid assets were with a guy at Edward Jones. My MIL is the executor and reached out to him a few weeks ago; all 5 kids were listed as beneficiaries/PODs and he said it wouldn't be an issue to liquidate and cut checks.
Fast forward to today, he stated that the kids need to have interviews and that they're going to roll the money into individual EJ accounts first.
Question for the FAs: is there any legit reason the funds would need to flow to individual accounts? If the assets were in an IRA, is continued tax deferment offered to the beneficiaries if they are rolled to IRAs?
I'm 95% sure this is just a BS sales tactic to keep the assets, but I want to be positive before I say that to my MIL.
Edit: I just read about inherited IRAs, and I suspect this is what he's trying to get them to do. That said, my MIL made it sound like the majority of the assets were not in an IRA and were in a taxable brokerage.. so it sounds like he's slow-rolling the liquidation of the taxable account to sell them on setting up inherited IRAs with him.
Fast forward to today, he stated that the kids need to have interviews and that they're going to roll the money into individual EJ accounts first.
Question for the FAs: is there any legit reason the funds would need to flow to individual accounts? If the assets were in an IRA, is continued tax deferment offered to the beneficiaries if they are rolled to IRAs?
I'm 95% sure this is just a BS sales tactic to keep the assets, but I want to be positive before I say that to my MIL.
Edit: I just read about inherited IRAs, and I suspect this is what he's trying to get them to do. That said, my MIL made it sound like the majority of the assets were not in an IRA and were in a taxable brokerage.. so it sounds like he's slow-rolling the liquidation of the taxable account to sell them on setting up inherited IRAs with him.