Stockbroker Cork

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RickyJ

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I am looking for advice on transferring Lilly shares from Merrill Bank in the US to a stockbroker in Cork. I have been advised that the process of dealing with the bank on the death of my father would be a nightmare even though I hold his power of attorney. I have been advised by them, that now is the time to move all his shares to Ireland. I will only be making one or two large trades (to sell) per year, to cover some of the costs of long-term nursing home care. I have been looking at some of the fees for brokers in the city and they seem high, especially if there are only going to be a maximum of two trades per year. I have no experience in buying or selling shares but the total value that he holds is very significant, especially as the share price has increased by 50% in the past 12 months. This would mean that the broker will earn a significant fee for just holding them if there is a set percentage for the total amount being held on account.

Thanks in advance for any advice.
 
Why Cork when it's all virtual? I suggest Saxo. I transferred to them from another account and didn't charge any fees. Their monthly fee are considered high by some (I disagree) but I love their app and interface when I connect via web. Not sure if degiro or ibkr charge fees for transfers to them. The outgoing-stocks broker might charge you their fees anyway for such transfer but you can't avoid them if you made your decision to move...
 
Alas, there are no native Cork stockbrokers left, with the demise of W & R Morrogh some years ago. Cantor Fitzgerald have an office in Cork, but as LoveTrees says, as most stocks are now held in nominee acounts, then an online broker is possibly a better option, unless you are seeking advice, which is a different matter with different fees!
 
Gordon Gekko said:
I take it that you’ve never met someone from Cork then…
Click to expand...
(wish there was the laugh with tears-emojj)
Exactly my point. Thank you
 
Thank you for your replies! I found one broker in Cork called Aria Private Clients. Their website states that they charge 0.4% for using their platform, which I presume means there will be an annual fee 0.4% of the total value of the shares. Thank you to LoveTrees.... I called Saxo this morning and their rates are significantly lower at 0.12% for a portfolio of 200,000 USD - 1,000,000 USD or 0.08% for a portfolio of over 1,000,000 USD.

The next issue has to do with US estate tax. I read in a previous post on this forum (Thank you Gordon .. post dated 17th Jan 2015!) that if you simply hold your assets through an Irish broker, there are no such hassles (relating to US estate tax). This is why I was looking for a broker in Cork. As CGT in Ireland is 33% and if the US Estate tax payable on death in the US is higher than 33%, maybe it makes sense not to transfer them out of the US but instead to sell all the shares now and pay the CGT. However, if by transferring the shares to a broker in Ireland (or Saxo in the UK), and there is no US estate tax liability, at least on death the remaining shares will go into his estate without having a CGT liability but instead only inheritance tax would be due.
 
There is no CGT on death.

I think you need proper TAX advice.
 
@RickyJ I think there can be cgt on inheritance from a certain threshold but I would open a query with revenue.ie

I love the revenue.ie website and the team looking after online queries!
 
I think the world has moved on since 2015. US tax is a real issue regardless of where the account is.
 
Ravima said:
Don't forget to add in dealing fees and charges along with the annual fee.
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Agree. One more element to my view. Even if I don't have a huge amount of savings/shares I spread them to more brokers always conscious of Fifo rule/b and b/etc for taxes as my accounts are one...
 
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