Financial advisors?

[hardinda]

Yeah, you are looking for an elder care attorney. You have to think about more than just putting the money into a trust after you die. If you end up in a nursing home without some other Long Term care insurance or your money in a trust it could end up getting sucked up before you die.

[T-roy Boy]

Hardi brings up another good subject. LTC. Should I get myself into a policy at 39 y/o?

[JMO]

Originally Posted by T-roy Boy

Hardi brings up another good subject. LTC. Should I get myself into a policy at 39 y/o?

The sooner you get it, the less it will cost you. Look into combination products, where LTC coverages is combined with life insurance or an annuity. (Come back to AO to discuss whether the policies you find have the right features.)

[douglan]

U should talk with a trust/estates lawyer first before seeing a financial advisor.

[Quasi]

Originally Posted by hardinda

Yeah, you are looking for an elder care attorney. You have to think about more than just putting the money into a trust after you die. If you end up in a nursing home without some other Long Term care insurance or your money in a trust it could end up getting sucked up before you die.

I'm set as far as long term care insurance goes, but that's a good point.

I guess I need to meet with an attorney. The one I used to setup my current will specializes in elder care issues (that's part of why I picked him). He's probably a decent place to start.

Thanks all!

[radoaos]

Estate lawyers are pretty helpful. They are costing my wife's family a lot of money right now, but they are also shielding millions of dollars from taxes. I think it's worth the money.

[Loner]

An elder/Medicaid planning lawyer will be your best bet. If in NY PM me for a recommendation.
You might actually want to do some research on what states are best if moving is an option. They vary considerably in waiting lists/etc.

[DeepPurple]

Originally Posted by Quasi

Before a bunch of people chime in that any actuary shouldn't need a financial advisor.....

[slight tangent]

I'm an actuary and I have sought the assistance of professional financial advisors. I use a name-brand investment fund that is managed by someone else, and they take a small percentage of the return.

I can be dispassionate about the numbers I crunch for my job on a daily basis. But when the subject is my own money (and thus the future of my family's well being) I can become paralyzed by analysis, so it helps to have a pro that can coach me through tax strategies, asset allocation, diversification, and new mutual fund options.

Being comfortable with the numbers is a bonus to understanding what they are selling me. I guess I feel it's not that I am paying for making decisions, rather I am paying for the time and expertise involved into the legwork behind those decisions.

[Quasi]

Originally Posted by douglan

U should talk with a trust/estates lawyer first before seeing a financial advisor.

Done.

I'm still considering finding a financial advisor to help with investment decisions. Any advice on how to find a good one? Anyone use a good firm they would like to plug?

[radoaos]

Sheba told me to just start walking into banks and talking to Financial Advisors. That's what we did. Ended up going with a guy from Merril Lynch. Here is the deal:

All companies sell the same products. They are all going to set you up with stocks, funds, bonds, and a couple derivatives. Everything is the same from team to team (except the super wealthy). Just find someone you trust and can work with.