Comments on: difficult financial situation advice http://moneyanswertree.com/archives/45/difficult-financial-situation-advice/ investing, money, credit card debt, 401k, roth ira, credit cards, make money, personal finance, savings, retirement planning, free money, roth ira contribution, financial advice, free financial advice, online financial advice, savings account, money market, roth ira rules Mon, 12 Mar 2012 18:29:40 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: jboynton http://moneyanswertree.com/archives/45/difficult-financial-situation-advice/comment-page-1/#comment-31 jboynton Sun, 06 Jan 2008 21:33:23 +0000 http://moneyanswertree.com/archives/45/difficult-financial-situation-advice/#comment-31 Although, you will ultimately need to have this money deposited into a checking account, you do not necessarily have to deposit the money into the account of the check holder. Your mother can endorse the check to you or anyone who has a checking account. Simply write on the back of the check, "This check is endorsed to (name), acct. number, and sign." This check must be cleared by the authorized bank, and this will occur after the account holders bank has contacted the issuer's bank. Banking issues can become complicated because each banking institution may have unique policies and procedures. I would recommend that you endorse the check to someone with a checking account. I would imagine that if this money is received as a bequest, it has already cleared probate and estate tax. Therefore, this money is not likely taxable at this time; however, you should be careful as to how you move this money because it will begin to incur capital gains if invested, or it will be impaired from interest growth if kept in a checking account. I would recommend that you speak with a financial advisor before moving this cash. For further information on how to increase this inheritance's net worth at the minimal tax liability, please call our affiliated financial specialist at 617-816-5507. Our specialist is available during regular business hours and works with a team of investment specialists who are licensed financial advisors. Although, you will ultimately need to have this money deposited into a checking account, you do not necessarily have to deposit the money into the account of the check holder. Your mother can endorse the check to you or anyone who has a checking account. Simply write on the back of the check, “This check is endorsed to (name), acct. number, and sign.” This check must be cleared by the authorized bank, and this will occur after the account holders bank has contacted the issuer’s bank. Banking issues can become complicated because each banking institution may have unique policies and procedures. I would recommend that you endorse the check to someone with a checking account.

I would imagine that if this money is received as a bequest, it has already cleared probate and estate tax. Therefore, this money is not likely taxable at this time; however, you should be careful as to how you move this money because it will begin to incur capital gains if invested, or it will be impaired from interest growth if kept in a checking account. I would recommend that you speak with a financial advisor before moving this cash. For further information on how to increase this inheritance’s net worth at the minimal tax liability, please call our affiliated financial specialist at 617-816-5507. Our specialist is available during regular business hours and works with a team of investment specialists who are licensed financial advisors.

]]> By: sergik12 http://moneyanswertree.com/archives/45/difficult-financial-situation-advice/comment-page-1/#comment-30 sergik12 Thu, 03 Jan 2008 16:31:09 +0000 http://moneyanswertree.com/archives/45/difficult-financial-situation-advice/#comment-30 Need a little more info. Why can’t you mother open a checking account? After tax money or pre tax money? Can she open a brokerage account? Need a little more info.

Why can’t you mother open a checking account?
After tax money or pre tax money?
Can she open a brokerage account?

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