My mother just handed me 70k in stocks. What do I do with them?

In short – my mother had an UTMA account for me with two stocks. One was Aflac and the other was John Hancock. There is someone who is managing the stock and takes a cut of the profits (booo).

My boyfriend is a trader and his advice would likely to be to sell it and put it all into SPY or some other indexed fund. Would you do this?

Is there any way to do that without paying a large amount of capital gains tax? The value of the stock is more than what I make in a year. If I transfer it, and have to pay capital gains, it would have to be from the sale of the stock.


Submitted July 12, 2017 at 08:47PM by JoanofArc5


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