I am thinking you're right due to potential risk.At your net worth and with the complexity of your investments accounts, do you really want to solicit advice from randos on the internet? Even Boglehead randos?
You are in the uncommon situation on this forum where hiring a financial team (tax accountant, estate attorney, and financial planner) are probably VERY advisable.
(As a physician myself, I would also worry about being a target of litigation at your net worth. I'd have hung up the spurs long ago in your shoes, and fond something rewarding and less stressful to do with my time and resources).
Best of luck to you!
I have a CPA, Estate Attorney (supposedly one of best in state), etc. I have Vanguard's personal advisor, Fidelity personal advisor, etc and get others such as "Edward Jones", ML, Morgan Stanley, etc asking
Most "financial advisors" outside of Vanguard/Fidelity are just salesmen that try to get you into:
1) High AUM managed accounts
2) High Cost Funds
I don't think I need help in managing money (outside of potential Cash Balance due to complexity with actuarial tables etc) which would cost 2% of invested assets mostly.
CPA says I can set reasonable salary at 280k/year or so and the rest as K1. CPAs dont really give investment advice
Estate Attorneys don't really do investment advice either. They just go through mechanics of dynasty trusts in terms of asset protection/years they last/etc. They dont even really discuss the differences in taxation that well between grantor and nongrantor (when original trust settlor dies) for a IDGT (intentional defector grantor trust) that becomes largely a spendthrift dynasty trust.
There isn't much thought given for long term estate planning for kids either except for the fact the Trust can last a long period of time.
Statistics: Posted by alphamale12 — Sun Jan 07, 2024 4:53 am — Replies 20 — Views 2964