fee-only cpa or not

Reply #8

Babel — Sun, 03 Oct 2004 07:01:31 GMT

Well in my case I'd ask family. But I happen to have quite a large extended family that includes a cousin that's a lawyer and an uncle that's a retired CPA. I know for financial planners there are organizations that certify them so you could start there.

Reply #7

tjsmarine — Sun, 03 Oct 2004 06:00:22 GMT

thanks for the advice now from stuff i have read on the net in regards to picking a team they say ask family and friends for referals but i don't know anyone that needs a cpa for a fin.. planner so where would you look for one and how would you go about choosing

Reply #6

Babel — Sun, 03 Oct 2004 05:54:17 GMT

No, they aren't. While a CPA can probably provide financial advice their main training and expertise is in tax law. A financial planner's main training and expertise is in investments and financial planning to achieve various goals. For a small investor a CPA can probably do it all, advise on investments and help with tax preparation, but with the kind of money a large lottery win will give you you really need experts in their particular area, not a jack of all trades. Yes it will cost you more... [ More ]

Reply #5

tjsmarine — Sun, 03 Oct 2004 05:36:21 GMT

babel........................... i thought a cpa and a financial planner was the same thing

Reply #4

Babel — Sun, 03 Oct 2004 04:00:27 GMT

The general advice I've seen is to hire a lawyer to handle agreements and prepare wills and trusts and the various legal necesities you will have. You need a financial planner to evaluate your wealth and your needs and recommend how to best split up your money into various investments to best meet your goals. And finally a cpa to prepare and advise on taxes, otherwise you are likely to pay alot more in taxes then you really need to given the incredibly complex mess known as american tax law.... [ More ]

Reply #3

rabbitfoot — Sun, 03 Oct 2004 03:22:35 GMT

I've given the same problem a lot of thought research in the dvent that someday I might win a major jackpot. In my case, other than setting up a blind trust to collect my winnings, I don't want to pay anyone to manage my money. Here's my plan: Say, I realize a lump sum of $10-million after taxes.First, I would ladder $5-million into CDARS. (Special CD arrangment). Second, I would buy myself $3-million in various annunities. Third, I would drop about $1-million into land and my own private... [ More ]

Reply #2

tjsmarine — Sat, 02 Oct 2004 20:42:08 GMT

i am not the investment type, true years down the line i might think about investing, but i will more or less want to keep my money secure. 1st set me and my wife up so that financialy we will be set for the rest of our lives and then my parents and inlaws, then estate planning and most importantly TAXES, getting the best return on taxes. more or less real estate will be what i want to get into so with that plan what team should i put together (financial planner, estate attorney....) for what

Reply #1

Babel — Sat, 02 Oct 2004 19:59:24 GMT

When you are dealing with large sums of money fee only planners/team members might definately be your best bet. If they get commissions based on the investments they sell you that can definately color the advice you get as they look out for themselves first and formost (And really, we all do this, you gotta look out for number one). Also if they charge a percentage based on assets managed you could be in a world of hurt. While that can be a very economical way to go for lower sums of money 1% of... [ More ]

fee-only cpa or not

tjsmarine — Sat, 02 Oct 2004 18:00:38 GMT

are fee-only cpa the best financial planners or not i ahve read diffrent stuff but cant decide and i live in north carolina so if i were to win the lottery does anyone have suggestions on and financial team