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[quote=Anonymous][quote=Anonymous]I lose sleep over all of this constantly as my father has so many different accounts. He has a ton of money in the stock market.  He is a day trader in his late 70's.  He does well and it keeps him busy, but it stresses me out.  What would I do if something happened tomorrow?  
My mom has made a list of all the accounts and they recently worked with a lawyer who I thought they were setting up a trust with, but my dad is stubborn and refuses to do that, so I'm not sure what they did with the lawyer, maybe prepare for probate?  
Luckily, they do not own a home, they currently rent.  So that's one thing I wouldn't have to deal with.  
They live in PA, I live in VA.  [/quote]

I would hope with the day trading you kept the cost basis (price when he purchased the stock) otherwise his taxes are a mess and the IRS will tune in. If he didn't do a trust, half goes to the government unless the accounts are in your mom's name too. I think the tax system is stills et up so whatever she inherits of the stock gets a new cost basis based on the day of his death. Without that the stocks are a waste if you cannot track the price when they were purchased.[/quote]

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