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Where should I invest money in a trust?
Posted on 5/3/24 at 7:35 pm
Posted on 5/3/24 at 7:35 pm
Inherited money that’s in a trust. Sibling has a friend who wants to manage it but he’s with a company called Gregory Ricks. Is there a safer place to park this long term for growth?
4
Posted on 5/3/24 at 8:20 pm to dyslexiateechur
Who is the trustee? They make that decision.
This post was edited on 5/3/24 at 8:20 pm
Posted on 5/3/24 at 11:49 pm to dyslexiateechur
I think you guys can do better than Gregory Ricks
Posted on 5/4/24 at 1:07 pm to dyslexiateechur
What’s the purpose of the trust? Is anybody relying on income from it?
Posted on 5/4/24 at 1:34 pm to dyslexiateechur
Was this not discussed at all with the trustee prior to their passing? The amount of money you are talking about would be important.
You can self manage the money.
I would never go with someone you know just because. If it’s well into the 7 figures I’d shop around you should have plenty of options.
You also need to shop CPA’s yesterday.
ETA: When I mean shop CPA's yesterday, if you don't have a CPA with A LOT of experience doing similar trusts you should find one that does. Then see who they like in regards to money managers/ FA's.
Again, this depends on the amount of money to some degree. But you also need to make sure you have a damn good lawyer you trust with similar trust experience. Not a friend that's done a trust or two. Someone that does them a lot.
You really want a lawyer and a CPA first, then a money manager after that.
You can self manage the money.
I would never go with someone you know just because. If it’s well into the 7 figures I’d shop around you should have plenty of options.
You also need to shop CPA’s yesterday.
ETA: When I mean shop CPA's yesterday, if you don't have a CPA with A LOT of experience doing similar trusts you should find one that does. Then see who they like in regards to money managers/ FA's.
Again, this depends on the amount of money to some degree. But you also need to make sure you have a damn good lawyer you trust with similar trust experience. Not a friend that's done a trust or two. Someone that does them a lot.
You really want a lawyer and a CPA first, then a money manager after that.
This post was edited on 5/4/24 at 2:56 pm
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