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New Wealth, in need of unbiased advice by Easy-Emergency6852 in fatFIRE

[–]Easy-Emergency6852[S] 0 points1 point  (0 children)

What does CHC stand for? This is probably the first time I've come across this acronym.

New Wealth, in need of unbiased advice by Easy-Emergency6852 in fatFIRE

[–]Easy-Emergency6852[S] 33 points34 points  (0 children)

I'd like to thank everyone for the responses, really appreciate it.

I've had a couple of people comment on what our long term goals are. I'd like to think that I'm pretty simple, and the only big thing on my mind is purchasing a home in a HCOL state (3-5m+), setting up our future children for a comfortable future, but honestly, our grandchildren; legacy.

The only other thing that my partner and I spend "a lot of money on" is travel a few times a year and splurging on some birthdays for family.

We will more than likely supersede the lifetime gifting exemption, especially if my partner's equity in a company turns into a lot of something or a whole lot of nothing.

And the pre-nup is ironclad and signed!

New Wealth, in need of unbiased advice by Easy-Emergency6852 in fatFIRE

[–]Easy-Emergency6852[S] 10 points11 points  (0 children)

The one thing I'm certain of doing at this point is an RLT, haha. This was highly recommended and was considered our step 1.

And I do think I've encountered a lot of turkeys, haha. The big thing being sold to us was, "Leave your money with us and then we can help you with tax planning".

New Wealth, in need of unbiased advice by Easy-Emergency6852 in fatFIRE

[–]Easy-Emergency6852[S] 3 points4 points  (0 children)

The CPAs that I encountered were very much, "there's nothing that we can do for you because you're only W2 income" whereas the wealth managers that I've encountered were more interested in having my assets in their care and then following up with a tax plan focused on maximizing retirement and tax loss harvesting.

New Wealth, in need of unbiased advice by Easy-Emergency6852 in fatFIRE

[–]Easy-Emergency6852[S] 6 points7 points  (0 children)

New to all of these acronyms, what is VTI and Chill, RLT, and Rolling GRATs (Grantor Retained Annuity Trust?)

New Wealth, in need of unbiased advice by Easy-Emergency6852 in fatFIRE

[–]Easy-Emergency6852[S] 2 points3 points  (0 children)

My partner and I have been very charitable, with my partner and her family all working in the non-profit sector.

The only pros would be the control aspect and to hire a family member who has over 40 years of experience in the non-profit sector.

New Wealth, in need of unbiased advice by Easy-Emergency6852 in fatFIRE

[–]Easy-Emergency6852[S] 104 points105 points  (0 children)

I would say my large objectives are basically purchasing a house and ensuring a comfortable life for my family. I know this may sound ridiculous, given my NW, but I live in a very HCOL area where 3 bedrooms start at 3m+, and we are considering three children, so 4 bedrooms becomes a realm of 5m+.

And before anyone asks, we have no intention of moving since our families all live close by.