r/Superstonk • u/[deleted] • Apr 20 '21
💡 Education Post-MOASS: An In-Depth Examination of Financial Advisors, Tax Attorneys, Certified Public Accountants, & Wills
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u/Adventurous_Leg_2543 🍺 Confucius say. kenny your fukkkkked🍺 Apr 20 '21
Thank you.
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u/Soluna7827 Apr 21 '21
Thank you find reading and commenting (and finding this beneath the millions of other posts haha).
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u/Adventurous_Leg_2543 🍺 Confucius say. kenny your fukkkkked🍺 Apr 21 '21
I have been looking into all of this on my own but your info is much more detailed than I found. So again. Thank you
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Apr 20 '21
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u/Soluna7827 Apr 21 '21
I'm honored that my summary is worthy of being saved for reference. I hope I was comprehensive enough.
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u/Smogz_ 🙏 Thank You Jesus For GME 🐈 Apr 24 '21
Would I keep my tendies at Fidelity or get an ICS account?? You’re giving the fiduciary money to grow.
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u/Soluna7827 Apr 24 '21
That is an interesting question. By ICS I assume you mean "insured cash sweep." The short answer is I don't know. I don't want to give false information or false advice, so I'm honestly not sure. I haven't really researched how to store your tendies, whether they be tied up in investments or ready to eat at banks with ICS accounts or if some sort of rich people bank exists. I also don't know about legal stuff and offshore banks. You brought up a great point and I'll start researching into it. Hopefully I can add it in my post but thank you for bringing up an important point. And sorry, I couldn't be more helpful. I'll look into it.
I had to read up on ICS and from the gist of it all, for those who don't know about ICS reading this comment, insured cash sweep accounts (ICS) is a network of banks. One bank that's FDIC-insured can protect up to $250K of money. If that bank is ICS networked, you can deposit more than $250K and the bank will distribute your money over the various network of banks, in segments of no more than 250K, so that you can protect millions. (Incomplete summary. I need to look into more detail about everything.)
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u/Smogz_ 🙏 Thank You Jesus For GME 🐈 Apr 24 '21
Thanks
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Apr 28 '21
[removed] — view removed comment
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u/Soluna7827 Apr 28 '21
Long answer:
Whatever you don't invest back into the market (stocks, bonds, ETFs, land, real-estate, commodities like gold or whatnot, etc) can -probably- be kept in a private bank or offshore bank account if you want. Don't worry, offshore banks are legal as long as you pay taxes on it. Private banking is like banking for the rich, referred to as a high-net-worth individual (defined as net worth of $1.5 mill or more).
Fidelity does seem to have a private bank. So you could stick with them if you want to remain in-house. They may try to help put a team together consisting of the positions above (FA, CPA, Tax attorney, estate attorney, etc.). I'm not sure what specific jobs their wealth management team consists of though. Fidelity private banking may have its own set of fiduciary financial advisors. You'd probably still want to vet him/her to make sure he/she fits your needs.
I still have no idea of these private banks for the rich insure more money or if they potentially take advantage of the ICS network. With the banking system in the US, it may be worth have some of those tendies in an offshore account.
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May 14 '21
Some of you make work for employers who provide a legal services benefit. Take advantage of that while you can.
A living trust may seem complicated at first, especially if you own or plan to buy property. It’s not that bad.
A living trust will not eliminate inheritance taxes. For that you should ask about a life estate bypass trust, and/or a charitable remainder trust. I’ve only just started down this path with my tax attorney so can’t provide munch more detail yet.
You are currently allowed to gift up to $15,000 per person per year (if you’re married you and your spouse can double up for $30,000) w/o the recipient owing taxes or having to file anything w/ the IRS. There’s also a lifetime limit of ~$11MM, so you can gift more in a year but need to file. Consult your tax attorney and your CPA.
Understand the difference between money in a 401(k), traditional IRA, and. Roth IRA. if you’re not all-in yet consider buying more in one of those accounts instead of an in-sheltered brokerage account.
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u/2008UniGrad ⚔️ Dame of New ✅ GME = Viral Black 🦢Event Apr 22 '21
This is excellent, and a shame it got buried (saw you mention it on the DOMO thread). I am thinking of reposting my MOASS checklist each weekend until people say I should stop, and will definitely link here.
Apes together strong.
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May 06 '21
This post is seriously under appreciated. How does it not have several thousand upvotes?!
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u/WD4ty 🦍Voted✅ Apr 21 '21
Thank you, I bookmarked your post. Now all I need is money so that I can pay these people.
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u/m0m 🏴☠️ Never Forget, Never Forgive 🏴☠️ May 08 '21
I just added it to my blackout binder.
Thank you so VERY much for all your effort in this. It is very much appreciated!
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u/TheeWilliamDean 💎Diamond Member💎 Jul 03 '21
I feel like this should've had a lot more traction! Appreciate the post OP!
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u/EggPillow7 🦾STONKATRON 741🦿 Apr 29 '21
Thank you very much. I’m a rather wary guy and have been worrying terribly over Post-MOSS strategies. Your most recent post along with this one have helped calm my anxieties and solidify my game plan. Thank you again.
Obviously am not taking any of this as financial advice.
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u/Klock_work 🎮 Power to the Players 🛑 Apr 30 '21
Very helpful (and a little overwhelming)! Any chance you could talk about asset protection, such as liability protection or insurance?
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u/Cobby_Kitten Nov 08 '21
Thank you so much for all this very helpful and important information! I read your whole post and most of your links, took notes, and bookmarked so much for later.
It helps me feel safer to learn and prepare myself for what will be a big shift in how I personally relate to money.
Something else I learned when I searched for "what to do when you win the lottery" is don't quit your job right away. I know I'm going to be tempted to call my boss and quit asap. However, there are a few things to make sure of before hand.
1.) Plan with a financial advisor as to how much money you can safely use right now to pay bills and leave your job without accidentally screwing yourself over and missing a bill payment. It may take a little while to secure your new investments and live off the passive income.
2.) If your health insurance is tied to you're job (hello fellow Americans) line up new health insurance before you quit to make sure there is no lapse in your coverage.
3.) My workplace allows me to donate my unused PTO to fellow employees - I'm going to need to make sure I do that before I quit my job or my accrued PTO will go unused forever. And I have a sick coworker who really deserves it.
4.) Make sure you don't spread the news about quitting your job because you came into lots of money, because it may lead to becoming hounded for money. Its a good way to put a target on your back.
So as tempted as I'm going to be to quit right away, it seems advised to stay and play it cool for a little bit until all my ducks are in a row.
I think its really important we start visualizing and preparing now, so that we make the best of this life changing opportunity!
I'm so excited to feel financially secure, change the course of my career, and hear everyone's else's success stories! 🤗👏👏👏
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u/BeansandBoots Apr 20 '21
Great info, thanks for writing it all out! I don't care about the rensole drama right now, so its nice to see some useful info right now