Did you receive it or is it in the trust? I don't think it can be both. Who is the trustee?Hi,
I received an inheritance from my late grandmother. It's in excess of $10m usd. I'm not sure what to do with this money. I've been trying to learn and educate my self here. It's in a trust, so based on this and my lack of experience I was thinking that a financial advisor would make sense for me. I'm not sure however how to go about finding a good one. I'm finding a lot of conflicting information online about advisors in general. I was thinking about setting up a call with Vanguard since they're very low cost.
I'm a novice here. Any and all help/guidance is greatly appreciated.
I think first step is to meet with the trustee and/or your own estate attorney to go over the terms of the trust to make sure you understand when and how you will actually receive the money.
If you elect to use a financial advisor, make sure you use a fee-only fiduciary. They should charge somewhere around $2-4,000. Especially with that much money, you do not want a percentage based fee, as 1% would be $100k annually.
One question is whether you see the $10M as an opportunity to take risk (because you have the means to absorb the risk in hopes of higher returns) versus reducing your need to take risk (since you could likely live off the interest alone).
Whatever you do, don't buy anything you don't understand, or any illiquid assets with high transaction costs, like a whole life insurance.
In addition to the Bogleheads wiki, I found these articles helpful (both are cited in the Wiki).
https://stephenlnelson.com/articles/win ... -planning/
http://www.huver.com/Misc_Resources/Windfall%20Nefe.pdf
Statistics: Posted by aristotelian — Wed Aug 21, 2024 2:20 pm — Replies 44 — Views 2272