Long time lurker, first time poster here.
SO was a beneficiary on his father's life insurance policy. We didn't need most of the $$ right away and were naive and went through an advisory suggested by my employer. Long story short, we're young and probably have a lot more mistakes to make. We have about $65k in class A shares of a couple of Franklin Templeton funds and as I am learning to become Mustachian, I've realized the expense ratio is insane (nothing we can do now about the sales charge, lesson learned). I want to transfer this $$ to Vanguard and do the following:
1. Use it to top off both of our Roth IRA contributions for the year
2. Put about half in VSTAX [SO's little brother is quite young and we plan to help him with college in about 10 years]. His current needs are met and we don't need to touch this $$ to get him through junior high/high school.
3. Park the rest in something conservative -- we'll use about $15,000 as a part of our house down payment in a year or two
We already have Roth IRA accounts with Vanguard -- can I just go online and do a transfer to set this up? There's no reason to keep the money with Franklin Templeton when the fees are outrageous, right? And will we encounter any tax consequences or fees from Franklin Templeton that I can't yet think of? Or is my idea stupid and anyone can offer any other suggestions?
