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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!
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Best Answer Decided by Votes
| April 20, 2009 01:58 AM |
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:
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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.
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Other Answers (1)
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.
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Voted as best: bbrookin
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