My Mother in Law recently passed away and her two kids are inheriting her accounts from Edward Jones. The process that Edward Jones has is to create temporary accounts for beneficiaries, purchase funds, and let them sit until the beneficiaries request the funds through their brokerage. I transferred the non-retirement account to Fidelity, but I have no cost basis for any of the funds that Edward Jones invested in. Is the cost basis figured out based on what the account was upon transfer or upon when the funds were purchased? I want to sell all of the Edward Jones holdings and invest into the mutual funds we already hold, but it's difficult to see what the potential tax liability and income is.