What to do with inheritance? (Favorite tax-efficient funds?)

[giramomma]

May 11, 2023 18:30:58 GMT -5 CCL said:

Don't feel guilty. It's a money board, after all. Even though these amounts are out of my league, it's still very interesting to me. I'm always trying to learn more.

Yes. The reason we've done well enough for our situation is that we've always made choices with our money that align with folks that have more means, rather than folks with less means.

The only exception has been having four kids. You don't see middle class and wealthy families having 4+ kids at the same rate that they are having 1-2 kids.

[minnesotapaintlady]

May 11, 2023 18:41:25 GMT -5 lurkyloo said:

May 11, 2023 17:24:21 GMT -5 debthaven said:

My apologies, because I don't know the details, nor the tax implications. And I've never had to deal with that kind of money.

My BFF and her (ex DH) ended up with what was "silly money" to them at one point in their lives when their two boys were very little.  

They ended up buying each little boy a house near where they lived (CT). The parents turned those houses over to the boys when they were young adults (but not at 18, more like early 20s). 

I am not sure what the (now adult) boys did with their houses, but I thought that was an interesting idea. I *THINK* one sold his to pay for med school. Not sure what the other did with his.

I know you and your DH already have enough on your plate, you certainly don't need a real estate empire. But maybe just one asset in your son's name?

Just a thought. 

Basically it’s all going to him anyway, so something to think about.

But, that’s another wrinkle: Dad left DS $25K as well and I have no idea what to do with it.  (He already has 4 years of prepaid in state tuition plus maybe 60-70K in a 529, not inclined to stick it there.)

I bonds would be good for that. 10K direct buy in his name, 10K gift. Guaranteed .9% above the inflation rate forever is a pretty good deal for a safe investment since there is already so much that will be in stocks.

[bookkeeper]

May 11, 2023 17:11:33 GMT -5 lurkyloo said:

May 11, 2023 8:52:19 GMT -5 ArchietheDragon said:

muni bonds?

What kind and where?  

Those are issued by state and local authorities, federal tax free, and slightly worse interest rates than you can get elsewhere, correct?  Do you buy them individually or in a bond fund?

Our family owns shares in a bond fund.  Dividends are federally tax free.  States with an income tax will tax any bond income that was generated out of the state.  You get a report at tax time stating what percent of the dividends were generated in each state. 

It's not sexy, but it throws off a 5% dividend on the regular that is federally tax free.  The share price does fluctuate with the market.  

My father hated few things harder than the IRS.  We joke about the "farmer's commandment".  Thou shalt not pay taxes!

[azucena]

May 11, 2023 18:41:25 GMT -5 lurkyloo said:

May 11, 2023 17:24:21 GMT -5 debthaven said:

My apologies, because I don't know the details, nor the tax implications. And I've never had to deal with that kind of money.

My BFF and her (ex DH) ended up with what was "silly money" to them at one point in their lives when their two boys were very little.  

They ended up buying each little boy a house near where they lived (CT). The parents turned those houses over to the boys when they were young adults (but not at 18, more like early 20s). 

I am not sure what the (now adult) boys did with their houses, but I thought that was an interesting idea. I *THINK* one sold his to pay for med school. Not sure what the other did with his.

I know you and your DH already have enough on your plate, you certainly don't need a real estate empire. But maybe just one asset in your son's name?

Just a thought. 

Basically it’s all going to him anyway, so something to think about.

But, that’s another wrinkle: Dad left DS $25K as well and I have no idea what to do with it.  (He already has 4 years of prepaid in state tuition plus maybe 60-70K in a 529, not inclined to stick it there.)

Seems like you should use part of it to help DS understand investing. Like maybe 5k split up into cds, bonds and stocks. Depending on his personality and interests, he may be interested in the next year or so. Would be good to start educating him on the value of money and investing as he stands to inherit a lot. Could also use part for a charity that interests him. We sponsor two girls thru compassion international. Their letters about using our birthday money to buy a new dress and underwear have been eye opening for my girls. We also have a bit in Kiva loans that DD14 watches.

[TheOtherMe]

Kiva loans bring warm fuzzies and let you feel like you are helping Sunday.

I have only had one loan not paid back in full.  It was to an Iraqi.  They were paying every month and then it just stopped.  My guess has been sine he stopped paying, he was killed.  It was worth the risk of $25 to try to help.

[lurkyloo]

May 11, 2023 15:57:15 GMT -5 tskeeter said:

May 10, 2023 18:00:44 GMT -5 lurkyloo said:

Warning:  this may come across as bragging.

I am anticipating an initial disbursement of cash and/or stocks of around 650K, classed as part of Dad’s estate, so no capital gains to worry about and I am free to move it around.  I will also receive ten years of RMDs from Dad’s IRA that will run about 100K pretax to start. IRA and I believe the rest of it is currently with Dad’s advisor at a well known brokerage/advice chain; more expensive than I typically like so plan to move the after tax funds and possibly roll over my portion of the IRA.  Not sure whether attorney will distribute as stocks or cash, possibly a mix.

What do I do with it?

Relevant info:  our tax bracket is ridiculous so tax efficiency is an absolute must.  2023 in particular will involve an unusual six-figure bonus for DH (maybe around 200K?) It’s possible he’ll switch to a higher-prestige but much less well paid job at some point, but unlikely within the next five years.

We already don’t spend all we earn; it is likely that most of this will pass untouched to kiddo so I plan loosely to prioritize growth over income, go with first in last out distributions, and take full advantage of the step up in capital gains when I kick it.

I have existing accounts at Fidelity, Vanguard and TIAA, would prefer to stay within those three brokerages.

I do have a target nonprofit in mind for significant donations, with a couple of backups.

What are your favorite tax-efficient investments?  

Christine Benz wrote an article for Morningstar in mid March called “25 Top Picks for Tax-Efficient ETF’s and Mutual Funds”.  I found it by searching for tax efficient index funds.  Should be a good source for ideas.

I’d looked at that a little bit ago and took another look...oddly enough it mirrors MPL and others’ advice pretty closely    Still interested in berkshire hathaway though.

tallguy I’ve seen a few places that it’s recently possible to buy fractional A shares through brokerages.  Not sure how worthwhile it would be though, I would be far too lazy to use any increased voting rights.

[lurkyloo]

May 12, 2023 8:00:36 GMT -5 bookkeeper said:

May 11, 2023 17:11:33 GMT -5 lurkyloo said:

What kind and where?  

Those are issued by state and local authorities, federal tax free, and slightly worse interest rates than you can get elsewhere, correct?  Do you buy them individually or in a bond fund?

Our family owns shares in a bond fund.  Dividends are federally tax free.  States with an income tax will tax any bond income that was generated out of the state.  You get a report at tax time stating what percent of the dividends were generated in each state. 

It's not sexy, but it throws off a 5% dividend on the regular that is federally tax free.  The share price does fluctuate with the market.  

My father hated few things harder than the IRS.  We joke about the "farmer's commandment".  Thou shalt not pay taxes!

Oops 

There are in fact some MD bond funds available; buying bonds directly looks like a PITA.  It also looks like they’re decent yield for high tax bracket (marginal state+county is about 9%).

[lurkyloo]

May 12, 2023 8:50:11 GMT -5 azucena said:

May 11, 2023 18:41:25 GMT -5 lurkyloo said:

Basically it’s all going to him anyway, so something to think about.

But, that’s another wrinkle: Dad left DS $25K as well and I have no idea what to do with it.  (He already has 4 years of prepaid in state tuition plus maybe 60-70K in a 529, not inclined to stick it there.)

Seems like you should use part of it to help DS understand investing. Like maybe 5k split up into cds, bonds and stocks. Depending on his personality and interests, he may be interested in the next year or so. Would be good to start educating him on the value of money and investing as he stands to inherit a lot. Could also use part for a charity that interests him. We sponsor two girls thru compassion international. Their letters about using our birthday money to buy a new dress and underwear have been eye opening for my girls. We also have a bit in Kiva loans that DD14 watches.

I think he is a bit young for stocks and bonds (I’ve forgotten his allowance two months in a row, and he has yet to remind me lol) but I think compassion international or even heifer international might be something he could really get into.  He’s a very kind child 

[lurkyloo]

Hmph.  Nuveen (parent company) has a md bond fund but can’t buy it from tiaa.  Also don’t see an option to redirect dividends from growth & income to large cap growth.  Definitely targeting those holdings for initial donations    I’ll call on Monday and see if a live person can help.

I was thinking as well, I don’t actually have any of the assets in hand yet either.  So it’s good to game out various scenarios and pitfalls while it’s all still hypothetical    

[saveinla]

May 11, 2023 18:31:05 GMT -5 tallguy said:

I had the same issue where I don't want anything that throws off dividends and maybe creates an issue tax-wise.  I'm considering switching much of my taxable brokerage account to Berkshire Hathaway stock to make it easy, but have an issue with the current unrealized capital gains on the existing holdings.  Still, having a traditionally strong holding that is diverse in itself, does not at least to this point pay dividends (and won't as long as Warren is around), and also tends to outperform especially in down markets has an appeal.      

Thanks on the confirmation tallguy - Based on another thread on another board, I bought 10K worth of BRK-B 2 weeks ago and it seems to have gone well.

I don't know if I want to convert all of my taxable to the same fund or keep some of the old ones. I dont have much in the taxable fund, but I guess we will see. I will have a little more  to invest this year and will probably buy the same.

Good luck on whatever you decide lurkyloo. 

[lurkyloo]

Thanks!

So, Fidelity has a MD muni bond fund.  I think I will aim to put 15-20% in there and most of the rest in a total stock market index, maybe 10% in BRK.  Vanguard also has a tax managed capital appreciation fund that looks attractive.  All else being equal I’d probably default to Fidelity (Mass) rather than Vanguard solely because it’s based in TX    Then again I accepted the FL condo so too little too late?  Still pondering.

Continuing questions:  is there any downside to putting DS’ bequest in a UTMA thingy?  Thinking to split between VTI or similar and something safe.

Also...how do you determine how big a RMD should be?  Can I just take 10% at a low point in the stock market and call it good for the year?

Finally, I’m not kidding that I don’t actually have the money yet...We splurged on tickets to fly out to visit family and the new PNW property; I insisted I should cover it, then I realized between throwing 5K in a Series I and anticipating a 4K payment for DS’ camp stuff I needed to move some money out of a MMF for some breathing room    The MMF was pretty bad anyway, I got a better return on an old FCU account from my postdoc.

[jerseygirl]

I prefer to buy individual bonds - muni, corporate
Instead of funds. Buy bonds with good ratings snd intermediate length. Bond funds generally go down in value as interest rates increase

[minnesotapaintlady]

May 22, 2023 8:40:15 GMT -5 lurkyloo said:

Continuing questions:  is there any downside to putting DS’ bequest in a UTMA thingy?  Thinking to split between VTI or similar and something safe.

You don't have a choice.  Any account you open for him is going to be an UTMA because he is not old enough to open an account himself.  All it means is you are the custodian until he reaches the age of majority in your state.

[lurkyloo]

Good to know, thanks MPL!  We’ve generally tried to avoid having his SSN out there so he doesn’t have any accounts of his own as yet-it is on his MD pre paid but even the 529 has DH listed as beneficiary for now.

jerseygirl I see your point, but I know myself well enough that I’m not going to follow through on individual purchases of bonds...they’re going to mature while I’m distracted with something else and I will totally forget about them and screw something up.  For now I’ll settle for tax-free interest since with a tax rate of 35-37% fed +9% state and local + 0.9% it doesn’t take much tax free return to win over taxable low risk investments.

[lurkyloo]

Have decided to simplify my 401k accounts as the Bogleheads would tell me to do    I can sort of justify having both the target date fund and the redundant three-ish fund approach at Fidelity, since the target date is well rated but higher expense ratio.  Was about to pull trigger on consolidating more at Vanguard but thought I might see which way the market is trending today after 1% drop yesterday. 

Question:  I feel like there might be times when you’d be obliged to withdraw x amount from a 401k but want to have more than one option, e.g. wanting to pull mostly stocks when target date fund has gone mostly bonds.  Does it make sense to have a second fund in a 401k just for flexibility, or am I overthinking?

[minnesotapaintlady]

Are you close to making withdrawals that this even matters right now?  Once you're closer to retirement I can see having different buckets but during the accumulation phase it seems like it would just be extra work.

[lurkyloo]

May 24, 2023 8:46:11 GMT -5 minnesotapaintlady said:

Are you close to making withdrawals that this even matters right now?  Once you're closer to retirement I can see having different buckets but during the accumulation phase it seems like it would just be extra work.

Not close to withdrawals but I expect tax management to continue to be important during retirement. I also suck at long term maintenance-I’m thinking actively about it rn but would like to put it in set-it-and-forget-it mode for the next 14-28 years 

But seeing your post on the off topic thread I now want to invest it all in baby goats 

[lurkyloo]

Update:  the distribution is in progress.  The existing management insisted on opening a beneficiary IRA there and then I’ll contact Fidelity to roll it over once that’s set up (probably should’ve been able to move it directly but whatever.) Pretty annoyed that she started asking personal questions in order to build a profile after I stipulated that it was getting moved asap.

Anyway, I think I’ve settled on moving the beneficiary IRA to Fidelity and the taxable to Vanguard.  Planning to set up a checking account with Fidelity for expenses related to inherited real estate for now, to be funded from the RMDs, but most of it will get reinvested.  Am I correct in thinking that I just withdraw 10% of the then-total the first year, 11% the second and so on and so forth for RMDs?  I’m more or less planning to put the inherited IRA in a money market fund or something similarly low risk low reward and invest the distributions properly as I take them out.  Will probably make larger withdrawals in the next couple of years to try to draw it down a bit faster, up to the limit of the 35% bracket.

Estimating 700K in taxable once the dust has settled.  I’ll probably do a mix of vanguard total stock ETF and maryland-focused muni fund.  Forgot to ask about capital gains, darn it.  I was hoping to do some tax loss harvesting.

I did email a fee only planner, but just today.  Have not heard back yet.

[jerseygirl]

Might be a good opportunity to roll the inherited RMDs over to your Roth - non taxable account- as long as RMDs are mandated anyway

[lurkyloo]

Jun 5, 2023 15:27:19 GMT -5 jerseygirl said:

Might be a good opportunity to roll the inherited RMDs over to your Roth - non taxable account- as long as RMDs are mandated anyway

I can and will use them to fund a tIRA then convert it, but an inherited IRA does not allow me to roll it directly to my own retirement accounts.
I suppose I could use it for funds while I try to do a mega backdoor Roth conversion.  Have to see what my work plan allows.

[haapai]

Jun 5, 2023 15:12:38 GMT -5 lurkyloo said:

Update:  the distribution is in progress.  The existing management insisted on opening a beneficiary IRA there and then I’ll contact Fidelity to roll it over once that’s set up (probably should’ve been able to move it directly but whatever.) Pretty annoyed that she started asking personal questions in order to build a profile after I stipulated that it was getting moved asap.

Anyway, I think I’ve settled on moving the beneficiary IRA to Fidelity and the taxable to Vanguard.  Planning to set up a checking account with Fidelity for expenses related to inherited real estate for now, to be funded from the RMDs, but most of it will get reinvested.  Am I correct in thinking that I just withdraw 10% of the then-total the first year, 11% the second and so on and so forth for RMDs?  I’m more or less planning to put the inherited IRA in a money market fund or something similarly low risk low reward and invest the distributions properly as I take them out.  Will probably make larger withdrawals in the next couple of years to try to draw it down a bit faster, up to the limit of the 35% bracket.

Estimating 700K in taxable once the dust has settled.  I’ll probably do a mix of vanguard total stock ETF and maryland-focused muni fund.  Forgot to ask about capital gains, darn it.  I was hoping to do some tax loss harvesting.

I did email a fee only planner, but just today.  Have not heard back yet.

I'm glad to see that you have discovered the other tax-minimizing strategy.  Yup, taking distributions that will fill up the tax bracket that you are in may be a good way of making sure that none of it gets taxed in the next bracket.  But talk to your finance guy and your husband about it too.  I have absolutely no idea how much of a pay cut your husband is considering.  

[haapai]

lurkylu, how old are you?  Specifically, will you or your husband be obligated to take RMDs before the ten-year clock runs out? 

You probably already know this, but distributions that you take from an inherited IRA do not count toward you satisfying your own RMDs. 

[lurkyloo]

Jun 5, 2023 15:39:53 GMT -5 haapai said:

Jun 5, 2023 15:12:38 GMT -5 lurkyloo said:

Update:  the distribution is in progress.  The existing management insisted on opening a beneficiary IRA there and then I’ll contact Fidelity to roll it over once that’s set up (probably should’ve been able to move it directly but whatever.) Pretty annoyed that she started asking personal questions in order to build a profile after I stipulated that it was getting moved asap.

Anyway, I think I’ve settled on moving the beneficiary IRA to Fidelity and the taxable to Vanguard.  Planning to set up a checking account with Fidelity for expenses related to inherited real estate for now, to be funded from the RMDs, but most of it will get reinvested.  Am I correct in thinking that I just withdraw 10% of the then-total the first year, 11% the second and so on and so forth for RMDs?  I’m more or less planning to put the inherited IRA in a money market fund or something similarly low risk low reward and invest the distributions properly as I take them out.  Will probably make larger withdrawals in the next couple of years to try to draw it down a bit faster, up to the limit of the 35% bracket.

Estimating 700K in taxable once the dust has settled.  I’ll probably do a mix of vanguard total stock ETF and maryland-focused muni fund.  Forgot to ask about capital gains, darn it.  I was hoping to do some tax loss harvesting.

I did email a fee only planner, but just today.  Have not heard back yet.

I'm glad to see that you have discovered the other tax-minimizing strategy.  Yup, taking distributions that will fill up the tax bracket that you are in may be a good way of making sure that none of it gets taxed in the next bracket.  But talk to your finance guy and your husband about it too.  I have absolutely no idea how much of a pay cut your husband is considering.  

The problem is that this particular year we’re going to be into the 37% bracket which I think comes with the fun 5% increase in capital gains tax (15->20%). I’ll take the minimum RMD this year and think about front loading planned donations to offset it some.  Next year I should have a little extra space.
It would probably be around 50% pay cut for DH, but I’m not going to bank on him taking it at a given time, will proceed as if it won’t happen. And as to your other question: no, not within 10 years of our own RMDs.  No comment on whether I’m within 10 years of retirement because I’m kinda tempted rn 

[haapai]

Oh good, that's one less thing to worry about. 

The way that you are referring to distributions from the inherited account as RMDs confuses me.  If you are as young as you say that you are and your dad took his RMDs in the year of his death, you don't have RMDs.  Once your dad's RMDs are in the rear window, you have no restrictions on how you empty the account.  You can take as much or as little as you want in distributions each year.  The amounts do not have to be equal or substantially equal. 

ETA:  I am the confused one.  You can see that in the next two posts.

[CCL]

Jun 5, 2023 16:31:17 GMT -5 haapai said:

Oh good, that's one less thing to worry about. 

The way that you are referring to distributions from the inherited account as RMDs confuses me.  If you are as young as you say that you are and your dad took his RMDs in the year of his death, you don't have RMDs.  Once your dad's RMDs are in the rear window, you have no restrictions on how you empty the account.  You can take as much or as little as you want in distributions each year.  The amounts do not have to be equal or substantially equal. 

Can you explain this further? Everything I've found says RMDs are required on inherited IRAs.

[haapai]

Jun 5, 2023 17:06:11 GMT -5 CCL said:

Jun 5, 2023 16:31:17 GMT -5 haapai said:

Oh good, that's one less thing to worry about. 

The way that you are referring to distributions from the inherited account as RMDs confuses me.  If you are as young as you say that you are and your dad took his RMDs in the year of his death, you don't have RMDs.  Once your dad's RMDs are in the rear window, you have no restrictions on how you empty the account.  You can take as much or as little as you want in distributions each year.  The amounts do not have to be equal or substantially equal. 

Can you explain this further? Everything I've found says RMDs are required on inherited IRAs.

You are right and I am wrong.  There was confusion at first, so the IRS waived penalties in 2021 and 2022.  The penalty is now back. 

On the other hand, the lifetime tables used to calculate RMD amounts require so little in RMDs that they are practically moot.  The actions that most people will take to empty a beneficiary IRA under the 10-year rule in a tax-efficient manner will almost always result in them taking distributions that are quite a bit higher than the RMD.  They don't get higher than 10% until the (oldest) beneficiary is in their 80s. 

[haapai]

Jun 5, 2023 16:09:38 GMT -5 lurkyloo said:

The problem is that this particular year we’re going to be into the 37% bracket which I think comes with the fun 5% increase in capital gains tax (15->20%). I’ll take the minimum RMD this year and think about front loading planned donations to offset it some.  Next year I should have a little extra space.
It would probably be around 50% pay cut for DH, but I’m not going to bank on him taking it at a given time, will proceed as if it won’t happen. And as to your other question: no, not within 10 years of our own RMDs.  No comment on whether I’m within 10 years of retirement because I’m kinda tempted rn 

When will the mess of taxable stuff that you are inheriting or buying become eligible for long-term capital gains treatment?  Aren't you looking at it being taxed as short-term capital gains (37%) for at least a while? 

[lurkyloo]

Jun 6, 2023 14:00:41 GMT -5 haapai said:

Jun 5, 2023 16:09:38 GMT -5 lurkyloo said:

The problem is that this particular year we’re going to be into the 37% bracket which I think comes with the fun 5% increase in capital gains tax (15->20%). I’ll take the minimum RMD this year and think about front loading planned donations to offset it some.  Next year I should have a little extra space.
It would probably be around 50% pay cut for DH, but I’m not going to bank on him taking it at a given time, will proceed as if it won’t happen. And as to your other question: no, not within 10 years of our own RMDs.  No comment on whether I’m within 10 years of retirement because I’m kinda tempted rn 

When will the mess of taxable stuff that you are inheriting or buying become eligible for long-term capital gains treatment?  Aren't you looking at it being taxed as short-term capital gains (37%) for at least a while? 

Shouldn’t be, unless the manager has been moving things around.  It was all determined to be part of Dad’s estate so cost basis is as of Feb 2022.  I think the market is slightly down since then so probably not much gain-and to the best of my knowledge long term rate applies after one year, which has already passed.
I did hear from the woman I talked to that the holdings are a mix and include some individual stocks so that’s sort of a crapshoot and there may be gains on some; hopefully losses on others.  Remember though that this is split three ways.  I’ll request that my share be balanced to try to avoid a lot of capital gains...my brothers may want to keep some of the individual stocks whereas I’m planning to sell the lot so they’re welcome to whatever.
I will consult on capital gains and if there are significant gains on my share I may wait to January to sell and realize them-I think next year we could realistically be back down to the 15% rate, even if I need to strategically time donations.  I don’t see a way around the 20% long term cap gains rate this year.

It does sound like I might want to get cracking on the LLC to hold the farmland bc apparently I need crop insurance and that’s a federal program so SSN required.  Might as well get the TIN set now.

[Rukh O'Rorke]

May 12, 2023 16:39:32 GMT -5 lurkyloo said:

May 11, 2023 15:57:15 GMT -5 tskeeter said:

Christine Benz wrote an article for Morningstar in mid March called “25 Top Picks for Tax-Efficient ETF’s and Mutual Funds”.  I found it by searching for tax efficient index funds.  Should be a good source for ideas.

I’d looked at that a little bit ago and took another look...oddly enough it mirrors MPL and others’ advice pretty closely    Still interested in berkshire hathaway though.

tallguy I’ve seen a few places that it’s recently possible to buy fractional A shares through brokerages.  Not sure how worthwhile it would be though, I would be far too lazy to use any increased voting rights.

minnesotapaintlady for YM president!

[lurkyloo]

Jun 11, 2023 13:22:28 GMT -5 Rukh O'Rorke said:

May 12, 2023 16:39:32 GMT -5 lurkyloo said:

I’d looked at that a little bit ago and took another look...oddly enough it mirrors MPL and others’ advice pretty closely    Still interested in berkshire hathaway though.

tallguy I’ve seen a few places that it’s recently possible to buy fractional A shares through brokerages.  Not sure how worthwhile it would be though, I would be far too lazy to use any increased voting rights.

minnesotapaintlady for YM president!

Seconded!

I signed the paperwork last Monday to generate the beneficiary IRA. She thought it would take about 10 business days to get it up and running. At that point I can initiate the rollover to Fidelity. I’m not 100% sure if I should do the RMD based on 10% of 1/3 of the value on Dec 31 2022 or on the opening balance, but I don’t think they’ll be too different. Current plan is to just take the RMD this year then the next couple of years I’ll have more space in the 35% bracket and estimate a withdrawal up to the edge of the 37% tax bracket. Still trying to find a CPA that will actually call me back on the strategy.

Planning to basically put the IRA in a money market to limit additional pretax growth, which creates an additional incentive to get the money out so I can put it to work.

 There’s been progress on the real estate there; I have the deed for 2 of the 3 pieces. Just heard from the finance guy yesterday about the proposed initial distribution, which is to bring the three of us to equal footing based on the assessed value of the RE.  I’m slated to get about 32K in CEF (gold and silver fund, slight gain) and 120K in ICAFX which has a slight loss.  They are trying to keep the distributions tax neutral where possible.  Unfortunately it sounds like there are bonds in the remaining part which will be tricky to split up fairly.