Do we learn our money behaviors from family?
2 Comments - It's not just about the money!
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Create a Foreign Trust in a debtor-friendly jurisdiction like Nevis and then fund a life policy whose beneficiaries are these kids. The only way you are going to get around the tough KYC and disclosure requirements. We can help.
John provides a good overview of the "E" visa options. However, I look at the "E" from a different vantage point: as a cross-border financial planner...Who should consider an "E" visa?
According to research from the American Institute of CPAs, clients are sharing concerns about retiring with enough money. This is, in fact, the leading concern that clients to their financial advisors
They just met with and estate planning attorney who is encouraging them to put the money into a custodial account where a judge will oversee all transactions. The attorney says this is the only way the kids will not have full access to the money at the age of majority (a major concern to my clients). I agree that turning over this kind of money to a 21 year old is a scary proposition, but involving lawyers and the court to oversee these accounts for the next 2 decades sounds expensive and cumbersome
4 Comments - What is the source of this inheritance? Is this money coming from the parents?...To me, the advice to turn the money over to the court was terrible advice and borders on malpractice
Especially when they had put his money in a volatile asset like equity, there common behaviour with equity was that if I had parked this money in debt (Fixed Deposit), its gives better return than this volatility
Since an IRA normally allows you to tender a big amount of payment to your creditors, you can actually save money by using your IRA
Ken, I use "Money Guide Pro". I have found this to be the most comprehensive planner out there
But underneath all this complexity, the stated aim is usually very simple -- to have enough money for our short-term and long-term needs
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