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What kind of professional help am I looking for??

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  • What kind of professional help am I looking for??

    Hi there,

    I am a pharmacist now stay at home mom with 2 kids, married to a 5th year ortho resident. We are headed to his one year fellowship in summer 2023.

    I have tried hard since I began working as a retail pharmacist in 2016 to have my financial ducks mostly in a row. Have had a roth since I was young, rolled over roth 401ks once I left any companies, set up a roth and roth 401k for my husband, etc.

    I had a set of grandparents pass in 2020/2021, leaving me a few inherited accounts and some more coming to me over the next decade or so from their trust. I want to continue to manage our finances myself as much as possible, husband has little time or interest at the moment. I do want to consult a professional to get another set of eyes on

    1.) the way I take money from inherited accounts to make sure I do it as tax efficiently as possible according to our income fluctuation the next few years.
    2.) my overall game plan for our finances (which buckets to fill etc.)

    Maybe I am just looking for a little bit of professional moral support, but what "service" am I asking for? What kind of advisor am I looking for and how do I ask for this in their language?

    Thank you for reading and tolerating my run-on sentences!!!

  • #2
    What type of accounts did you inherit? Taxable brokerage account? Traditional IRA? Roth IRA?
    Any other retirement accounts or life insurance?

    The type of account and its tax treatment dictates the optimal way to take out funds. Also, the terms of the trust (and the discretion/choices of the trustee(s)) might control how things happen.
    Last edited by Hank; 06-22-2022, 11:19 AM.


    • #3

      Inh Roth IRA (grandpa)- about 50k of individual stocks- my plan is to wait up to 10 years from his death to take since it is growing tax free. If I understand correctly I must take all out by 10 years.

      Inh IRA from IRA (grandpa)- about 11k in mutual funds - my plan is to take out in 2023 when our income is residency and fellowship income. I think this will be taxed like regular income when it is sold and taken out of the account

      Individual brokerage (grandma, died later)- 111k (4k stock, 22k mutual fund, 85k cash)- I think I get a step up in basis so only gains since her death are taxed? The 85k cash I should probably just move to my bank at this point so I can invest it/do our 2022 roths/ etc.

      Inh IRA from IRA (grandma)- 46k (40k mutual funds, 6k cash)- treat same as IRA above and take in our lowest foreseeable earning year

      ***future money**
      Grandma's two accounts make up the first 1/3 of what was left to distribute to me. At age 31 (Jan 2023) I will get another 1/3, and at age 35 I will get the last 1/3. The 2/3 that is still in the trust is mostly vested in stocks, index/mutual funds. My aunt says I am able to buy/sell within the trust, I just have to initiate anything through her, but the tax rate for the trust is 40%. So I guess I should let everything sit as it is until it is distributed to me, assuming our tax rate at that time wouldn't exceed 40%?

      ***follow up questions***
      1) Inherited accounts are in Schwab, I do our roths in TD. For simplicity, can all of this be just moved over to TD?
      2) If I want to change asset allocation in the traditional IRAs, ex. sell a mutual fund and buy a stock, index fund, etc, is that taxed as income or only when I take that money out of that account in cash form?

      Last edited by pharmdlovesmd; 06-22-2022, 11:12 AM.


      • #4
        1. As of recently and for future reference, TDA no longer handles Roth 401k’s (very annoying to a lot of us)
        2. Retirement accounts are taxed only distributed (except for Roth IRAs/401ks, which should never be taxes)
        A good CPA (meaning years of experience) can help you with everything but with your “…overall game plan for our finances (which buckets to fill etc.)”. A financial checkup or assessment may accomplish that part, but you may want to start with a CPA and go as far as you can.

        Welcome to the forum!
        Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087