Let's Talk Money

Technically Uncle Sam gets paid first, but point taken.

 

green n the palm of my hand is ALL that counts !!!!

 

to provide some data points: When my future ex-wife and I set up our family trust (includes living wills, power of attorney, etc), if I remember correctly, it cost us about $5000. When I got divorced and had to redo the trust, I think it was slightly less, maybe $3000.

The trust establishes guardianship for my daughter if I and my ex die (my ex-brother in law), but I have a separate person (my good friend who's very capable and successful) be the trustee for any financial issues.

 

That sounds very expensive for mostly boilerplate documents. Did you have a large amount of assets or some other complexity that required more hours to be spent?

 

No, nothing outrageous and probably pretty typical for a middle class family with a home and various retirements. I had a well respected and recommended local lawyer here in seacoast NH do it, so I might have paid a bit of a premium. But I checked around and that was about the going rate locally.

There might have been some work with adjusting the deed that added some abnormal cost. I just provided that as a single datapoint on about what it cost me to set up a family trust and supporting documents.

 

This is horrible advice, but hey, whatever. Some of the most brilliant people I've met made or make less than I do currently. That doesn't make them dumber than me, nor does it mean they give bad advice.

I'll listen to anyone's advice, it's up to ME to decide if I move forward with that advice or not.

 

Being "Smart" and making good financial decisions go hand in hand whether
you want to admit it or not. This is not rocket science and anyone can "Do the right thing" it's just easier to do the WRONG thing and be a fuckup!

 

I feel like you're contradicting yourself here. I understand what you're saying, I just don't think it's quite as simple as that.

 

Hmm, we had our wills set up when my wife was in law school by one of the partners at the firm that she was interning at on summer but they did it for free so I really don't have a point of reference.

 

I make way more money than you (and I'd be willing to bet, anyone else on this thread) and I said on page two that I was in no position to be giving advice on the internet.

Anyone with even a little bit of financial literacy can be successful with money if they can control their behavior. Self-control > Intelligence.

 

In the flesh. Doesn't really look like a guy that should be giving out free financial advice right?

 

Of course it is... there is nothing you are going to say or provide me a quick search on Google is not going to provide. This includes important data points like "How much do I need to earn in each state for "X" lifestyle? Also what degrees pay the most or how much should I be making in my profession?

 

dare I ask? Are you above the 32% federal withholding?
IMHO All kidding aside most people should not flex their salaries or income. Money makes people do stupid things.

 

35%.

My point is just, making a lot of money does not automatically qualify you to provide advice, or even indicate that you are wise with money. So @stacksmasher asking how much money @Styx586 makes as a qualifier to provide FA is a little silly.

 

Something tells me his family has money or his wife, not really the same as being a controlling entity. hahahahahahah!!

 

For someone who makes so much money why do you live in an average home? Something tells me you really dont make more than me or anyone else on here ; )

 

One thing is for sure, my Taco and my dirtbike bring me more joy than anything else and they were both relatively cheap!

 

If we want to get back on topic, I'd be interested in hearing opinions on College Funds since I have yet to set one up for my 6 week old. Obv. 529 is the prevailing wisdom but I have concerns about the limitations. Can only be used for education I think right, so it kid chooses not to go to college (who knows what college will look like in 18 years) it's tied up or has to be donated. I was thinking about a UTMA instead. If things go to plan, we will in a position to pay cash for his college, if he goes, and could use the account to just give him a head start in life. Or if something unforseen happens, the money could still be used for education. Thoughts?

 

My wife and I were just talking about this last night. I think a trust setup where it’s mostly mutual funds with the intent for college but why get constrained by going to college? Lots of smart people enter trades, military, start a small business. We have 529s setup for both kids, but are looking to diversify away from that because, college was not for myself and why would we pigeonhole our kids into that? We have yet to set it up because up until a few months ago I was so busy I forgot to sleep, and it gets worse before it gets better with kids young kids.