It's wonderful that you have done so much and have a great attitude! I'm glad for you and thrilled that you could transfer everything intact, with perfect timing to get out of all AUM fees from your old advisors before they charge you for next quarter.Hi, another question if you don't mind.
So, I've initiated the transfer of all my current funds to Fidelity, since all will transfer in kind.
Now how do I set it up to have check writing capabilities from my trust account? To do things such as pay taxes, and to withdraw money for general use.
Would a money market account or money market fund with check writing ability in the trust brokerage account accomplish this? If so, how do I go about setting this up? And where would the money in the money market account come from, dividends and sold funds?
My old advisors would never tell me how this was accomplished on the back end, despite many questions from me. In my former brokerage account with them, if I needed to pay taxes or withdraw money from the trust, they just told me to give them a heads up and then I could write a check from the checkbooks they had sent me. How can I accomplish the same thing in my trust account at Fidelity?
You should have no problem adding a money market fund and checking at Fidelity within your trust. However, as you know, the trust can use different institutions to hold assets, so it's up to you if you would want to include a checking account at your favorite bank. It probably will be convenient to start with check writing at Fidelity to have everything under one roof, but if you decide later that a money market fund at Vanguard yields more, or a bank has other services or is more convenient, then you can put them in the mix. You needn't think that having an account at one institution excludes you from having accounts elsewhere.
The more important question is to find out from your CPA if there are any tax costs (or benefits) of disbursing funds from the trust. I'm guessing your old advisors may have had to sell from a money market fund whenever you gave them a "heads up," but it is odd that they wouldn't tell you if you asked. Now that you know, you can do the same, or find a fund that liquidates by writing a check/draft against it.
Statistics: Posted by VViseguy — Sat Jun 22, 2024 4:41 am — Replies 64 — Views 3871