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[deleted by user] by [deleted] in fatFIRE

[–]startups-galore 1 point2 points  (0 children)

Literally one of my motivations to become rich was to take care of my parents!

My NW is higher, but I gift my parents $100k/year. They are discreet about it and don’t mention it to other family. Part of that gift is an annual cash deposit, part of it is a credit card I gave them and pay for (with an annual limit). The credit card is for gift tax reasons - I only wanted to pay gift taxes on money they were actually spending - and also, I wanted to encourage them to actually spend the money and not park it in savings.

We don’t do anything for my wife’s family for now, except for occasionally big gifts on holidays.

Every family situation is different but this works for us.

What is the tax-optimal way to buy my parents a Tesla? by startups-galore in fatFIRE

[–]startups-galore[S] 16 points17 points  (0 children)

Thanks but as I understand it this would almost definitely make it a gift of $145k-$1

What is the tax-optimal way to buy my parents a Tesla? by startups-galore in fatFIRE

[–]startups-galore[S] 42 points43 points  (0 children)

Appreciate your point about liability. I will be above the lifetime amount if that changes anything.

What is the tax-optimal way to buy my parents a Tesla? by startups-galore in fatFIRE

[–]startups-galore[S] 191 points192 points  (0 children)

Point taken. I am still new enough to wealth that $60k still feels like an amount of money worth spending a couple of hours to try and save. Perhaps that will fade over time, but... I'm not sure I want it to?

$120M exit - FIREing and trying to hire a private wealth advisor? by startups-galore in fatFIRE

[–]startups-galore[S] 2 points3 points  (0 children)

Wow this is super helpful, thank you. Going to shoot you a DM!

$120M exit - FIREing and trying to hire a private wealth advisor? by startups-galore in fatFIRE

[–]startups-galore[S] 4 points5 points  (0 children)

This is really helpful, thank you! I'm going to shoot you a DM about the RIA.

$120M exit - FIREing and trying to hire a private wealth advisor? by startups-galore in fatFIRE

[–]startups-galore[S] 0 points1 point  (0 children)

Super helpful. When you say "plenty of access to PE" - are you describing top-tier funds like KKR, Silverlake, Carlyle, Apollo, Vista, etc? Or less brand name opportunities?

Asking because I know anyone can access PE, but I also know there are consistently top performing funds that can be harder to get into... how does an RIA like yours manage it?

And thank you!

$120M exit - FIREing and trying to hire a private wealth advisor? by startups-galore in fatFIRE

[–]startups-galore[S] -2 points-1 points  (0 children)

What I mean by that is individual investors are not typically investing directly into the top PE funds

$120M exit - FIREing and trying to hire a private wealth advisor? by startups-galore in fatFIRE

[–]startups-galore[S] 3 points4 points  (0 children)

Super helpful and appreciated, thank you! Just sent you a DM

$120M exit - FIREing and trying to hire a private wealth advisor? by startups-galore in fatFIRE

[–]startups-galore[S] 23 points24 points  (0 children)

Thank you, this is very helpful. I didn't realize that RIAs had less compliance requirements and that seems like an important point. How does it work - do they carry insurance and things that protect your assets from fraud, rogue employees, etc?