I have done my time and reaching to $1M in liquid assets. I hear its a different ball game for now on and smart people needs to cover some corners. Things I heard I should be doing: 1. Get Umbrela insurance. 2. Create trust for family. 3. Hire good lawyer to make will that covers everything from online presence to passowords to assets. What else? I would love some advice. For folks who haven’t got to this target yet, please don’t troll and listen.
Donate to charity. On that note let me know when you are ready for me to DM you my banking info.
Trolls will never stop trolling.
Ready?
Get a wealth manager. They will cover you holistically on all of those points. At 1M in investable assets, you qualify for a manager at many prestigious banks. Merrill Wealth Management, Chase, etc. At 10M+ in assets (non liquid and liquid), you can go to UBS.
What do they really do? I am skeptical of people who don’t have wealth but claim to be able to manage wealth.
Look for wealthy ones. If they are wealth managers for other wealthy people they will also be wealthy.
You should have #1 anyway
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OP should have done #1 a long time ago.
Get a portfolio/wealth manager. Schwab and Chase are good.
What is umbrella insurance ?
It protects you against lawsuits from car accidents and stuff like that.
Thank you
Not have 1m liquid assets.
Underrated comment.
Liquid assets like stocks have much better returns over fixed deposits over same timeframe.
Don't skimp on #1 - $5m isn't much more than $1m if you're a reasonable risk. If you can take care of yourself (understand asset allocation, not panic when the market does) the asset manager isn't necessarily worth the AUM. Definitely will / trust depending on state. Also be aware that $1m isn't what it used to be!
That's barely enough to buy a dump in Bay Area. If I were you I wouldn't be able to to afford any of what you mention. I think you should max out on your primary residence since nobody can touch it even when you're convicted of a crime. Later on you can access the equity with a reverse mortgage.
Following
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All of those. I maxed out on 401k and created a trust for my family. I used Vanguard. They have programs set up for this. I also have an IRA and a Roth IRA.
Any specific program would you recommend for trust?