Ask questions via twitter! Message any question to @answers on twitter. We'll publish the question and send you a reply each time there's a new answer.

Warning About Personal Finance Questions


 

Mahalo Answers is a great place to start your research into Personal Finance questions, but it's not the final answer.

Mahalo Answers is not a substitute for informed professional advice. If you desire or require professional advice, please consult a qualified provider who is licensed in your state or country. You should always seek independent professional advice before acting on any opinion, advice, or information available on Mahalo Answers.

 
 


Next Question

Answered Question

 
M$2.00  Funded By Mahalo ? |  April 19, 2009 06:34 PM

How / where do I find a good financial planner?

I need a financial planner for the property and income left from my mom's estate, I also need to file taxes and involve my two sisters.... any help? Thanks!
Interesting Question?  Yes (1)   No (0)   

Interesting: williamwaco

RSS
 
 

Best Answer  Decided by Votes

 
April 20, 2009 01:58 AM
Help, I hope so.
Answer, no.

You are in a world of hurt.
If you have enough value to need help, you are going to have a hard time finding unbiased assistance.

Rule 1.
Never accept investment advice of any kind from anyone who sells any type of investment. This doesn't mean you can't listen. It just means don't act on advice you had not already discovered and investigated on your own.

Rule 2.
Never buy an investment product of any kind from anyone who comes to your home or office to sell it to you

Rule 3.
Never assume you can get unbiased investment advice from a CPA. Many of them are very active in selling investments, especially real estate development partnerships and many exotic types of tax-shelters.

Rule 4.
There are very few financial planners who are not selling something besides planning service. Most of these offer the same canned advice you can get for free from the internet of from the business section of any book store.

Rule 5.
Never turn loose of the check book. Never allow your 'adviser' to enter actual buy or sell transactions for you.

Advice 1.
If there is no will, you need an attorney to get you straight on your legal responsibilities to your sisters. You only want legal advice. You do not want the attorney to administer the estate. If it is large enough to warrant an attorney to administer it, be sure you pay by the hour and not on a percentage of the estate. Attorneys charge from about 125.00 to as much as $800.00 per hour. You will need two to three hours. Be sure you settle the billing rate BEFORE you make the appointment.

Advice 2
If there is real estate involved, be sure to ask the attorney to avoid probate if at all possible in your state.

Advice 3
Except for paying your mother's final bills, don't spend a penny of the money until you know if and how much taxes you will be required to pay.

Advice 4
You are a small fish swimming in an ocean of sharks. 99% of the people you approach are going to be sharks.

Advice 5
Sharks usually have a big grin on their face. If you meet a potential advisor who seems too happy or excited to meet you, especially if the excitement is visible in their eyes, and talks too much and too fast and answers every possible question before you have time to ask it:
-
-
-
RUN!
Source(s):
Personal experience with several estates.
I am not an attorney, CPA, financial advisor, and do not sell any type of investments but I have spent my entire life dealing with people of those professions.



Helpful Answer?  (0)   (0)    Tip williamwaco for this answer
Permalink | Report
Voted as best: sarabond, lindseylgreene, cjd, rickg
   Reply  
 
 

Other Answers (1)

Sort By
 
April 19, 2009 08:43 PM
Good question, I could use one of these myself. I have not explored this recently, but if I were going to, I think that I would be looking for a CPA. The reason for this is that those guys are investment neutral, that is, they are independent so they are not going to try and sell you on any one investment company.
I like the fact that their whole thing is to know what the tax rules are. So first, I would ask around locally to see if anyone can recommend a CPA, and if I could not find a recommendation, then I would go to the yellow pages and start calling. See if you can get a free initial interview so that you can explain your situation.
You will need a CPA who does financial planning.

Helpful Answer?  (0)   (0)    Tip morriss003 for this answer
Permalink | Report
Voted as best: bbrookin
   Reply  
 
 
Buy Mahalo Dollars with Credit Card or PayPal

Top Members

This Week All Time
  • cfinke
    cfinke
    2nd Degree Black Belt
    29426 Points
    M$29.75 Earned
  • bunnyphuph...
    bunnyphuph...
    2nd Degree Black Belt
    22074 Points
    M$803.24 Earned
  • opher
    opher
    Purple Belt with a Brown Tip
    6882 Points
    M$359.74 Earned
   See All
 

Most Popular Tags

mahalo(1839)
music(527)
iphone(496)
google(398)
online(381)
food(363)
money(306)
beer(299)
movies(299)
apple(265)
health(238)
video(236)
aotd(235)
free(232)
dog(219)
travel(215)
   See All
 

Categories

Welcome New Members


 
 
Mahalo Dollars are the currency of Mahalo Answers.

Each Mahalo Dollar costs $1.

Once you earn more than 40 Mahalo Dollars, you can request to be paid via PayPal. Each Mahalo Dollar is currently worth $0.75 when paid out via PayPal. Learn More

 
 

Please log in to use this function.