Should I split assets between two firms? | Biz Brain

Q. I have some inherited funds with Morgan Stanley managed with an asset management fee, and I have my own investment accounts with Bank of America. I'm planning to move all the accounts to one institution. Would it be better to split it between two different firms like Fidelity and Schwab? Is there a risk to having all my financial eggs in one basket? I manage my own funds and I don't like the idea of an asset management fee. -- Investor A. The answer depends on what kinds of investments or accounts your money is in, so we have to make a distinction between a bank account and a brokerage account. A bank account can be a checking account or a savings account, said Bernie Kiely, a certified

Selling the home you may inherit | Biz Brain

Understanding the inheritance tax consequences of selling a home before the owner dies. (bobby/ Q. I am power of attorney and sole beneficiary for my uncle who has advanced dementia. He lives in a New Jersey state run veteran's nursing home but still owns his home. Is it better to sell the home prior to his passing? And although I am sole beneficiary, I want to distribute monies to other family members and charities after his passing. What are the tax consequences? His estate is worth around $210,000. -- Caretaker A. Let's first talk about the proper terms for your situation. You say you are "power of attorney" for your uncle. Your uncle is the "principal" and you are his "a

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Kiely Capital Management offers financial planning and investment advice. Serving Central and Northern New Jersey, Yvonne and Bernard (Bernie) Kiely provide over 25 years of experience offering discretionary asset management, retirement planning and income tax preparation. KCM is registered with the State of New Jersey as a Registered Investment Advisor.


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