Good morning party Firers!
I haven't been on in a while but I'm in need of some advice. For some background, here's my financial situation and personal situation:
Financial:
Net Worth: ca. 6.8m
Main house: 580k (no mortgage)
Second/Investment/Future retirement house: 1.2m (870k mortgage)
Liquid assets invested in diversified portfolio: ca 6m
:This is across 3 brokerage accounts, 2 retirement accounts, a CD ladder, 2 savings accounts and a checking account
Personal:
Me (42), DW (37)
2 Children (5.5 and 3.5)
Working part time, Firing next year. Will then sell primary house and move to retirement house.
Ok. Currently we have a very basic will in place, but it's not cutting it. I really don't like using professionals except for specific purposes (manage my own investments, etc.). It's not because I'm cheap or untrusting... I just like knowing stuff and doing it myself.
OTOH having now gone through much of the process myself, I'm a bit nervous because if something goes wrong I, by definition, won't be around to clean it up.
Here's basically how DW and I want things to go down.
1) If I die first, she is already the auto-inheritor of everything. She's not into dealing with a lot of investment complexities, so we will consolidate everything into sometime like a Vanguard managed payout fund and that's that. We have a good CPA so taxes aren't a problem.
2) If she dies, same situation.
3) If we BOTH die. We know who we want to be guardian of our kids and they are on board. We want that person to get a certain amount of money per month plus the right (but not obligation) to live in the house until the kids are 18. At that point we provide the kids with money to go to college. We also want to pay 50% of all the nephew and nieces (8) up to a certain amount. Once that is done we want to give our kids, all current and future nieces and nephews (and grandkids) a lump sum at the age of 30ish and donate the rest to charities we decide. We have an executor and backup executor that we trust. I think we need to setup a trust and transfer all assets into the trust.
I THINK this is kind of straight forward but when I worked through it I got a bit nervous. What say you good people? Should I pull the trigger and get an expert or solider on myself?
Thanks!
I haven't been on in a while but I'm in need of some advice. For some background, here's my financial situation and personal situation:
Financial:
Net Worth: ca. 6.8m
Main house: 580k (no mortgage)
Second/Investment/Future retirement house: 1.2m (870k mortgage)
Liquid assets invested in diversified portfolio: ca 6m
:This is across 3 brokerage accounts, 2 retirement accounts, a CD ladder, 2 savings accounts and a checking account
Personal:
Me (42), DW (37)
2 Children (5.5 and 3.5)
Working part time, Firing next year. Will then sell primary house and move to retirement house.
Ok. Currently we have a very basic will in place, but it's not cutting it. I really don't like using professionals except for specific purposes (manage my own investments, etc.). It's not because I'm cheap or untrusting... I just like knowing stuff and doing it myself.
OTOH having now gone through much of the process myself, I'm a bit nervous because if something goes wrong I, by definition, won't be around to clean it up.
Here's basically how DW and I want things to go down.
1) If I die first, she is already the auto-inheritor of everything. She's not into dealing with a lot of investment complexities, so we will consolidate everything into sometime like a Vanguard managed payout fund and that's that. We have a good CPA so taxes aren't a problem.
2) If she dies, same situation.
3) If we BOTH die. We know who we want to be guardian of our kids and they are on board. We want that person to get a certain amount of money per month plus the right (but not obligation) to live in the house until the kids are 18. At that point we provide the kids with money to go to college. We also want to pay 50% of all the nephew and nieces (8) up to a certain amount. Once that is done we want to give our kids, all current and future nieces and nephews (and grandkids) a lump sum at the age of 30ish and donate the rest to charities we decide. We have an executor and backup executor that we trust. I think we need to setup a trust and transfer all assets into the trust.
I THINK this is kind of straight forward but when I worked through it I got a bit nervous. What say you good people? Should I pull the trigger and get an expert or solider on myself?
Thanks!