What kind of financial professional should I be looking for. About to inherit 100K+, who should I look to for help managing.?

I'm terrible with $$. Also - haven't filed my taxes the last 3 years. What kind of professional should I look for to help me.

8 Answers

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  • 6 months ago

    $100K with back taxes is not potentially not a lot of money.

    1. When you receive the money, open a age based mutual fund with American Funds

    - less fees with American Funds than other companies because they don't advertise

    2. With with an enrolled agent, to get your taxes cleaned up.

    3. When your taxes are in order, ask the enrolled agent for recommendations of a financial planner to help get your investments in order.

  • 6 months ago

    You will need an accountant to resolve those taxes. You can simply buy CDs or put that money into mutual funds, which means you cannot simply withdraw from the ATM.

  • Judy
    Lv 7
    6 months ago

    Financial adviser for the 100K. Accountant for the back tax if you were supposed to file for those years,

  • 6 months ago

    DON'T go to a financial adviser who makes their money off of your investments. They have every reason to steer you into investments that help them more than they help you. DO go to an independent, fiduciary adviser who will charge you a flat fee for their advice--the advice is pure because they have no stake in your choices. You do lay out a little cash, but everything is in your best interests, so you'll more than make it up in investment returns and lower fees. You likely will be better off choosing a passively-managed mutual fund. You won't have to make any decisions about the investments, and the fees are low.

    Ask if they can help you with or recommend someone to help you with the tax returns. That's not an insurmountable problem, but it would be better, and cheaper, to get it taken care of sooner rather than later.

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  • Anonymous
    6 months ago

    Don't do that. It's not that much money and they will bleed you dry. They will put you into stupid stuff that makes them great commissions and eats all your returns with hidden fees like loaded mutual funds, annuities or whole life.

    Go to Fidelity or Vanguard and pick a couple mutual funds. It's a no-brainer. Trust me...it's so easy a monkey could do it and you'll be far better off in the long run. And they will HELP YOU if you call them. 100k gets you some personalized attention and not from a commissioned sales person either.

    • DEBS
      Lv 7
      6 months agoReport

      Very bad advice. I don't build cars b/c I don't know how. If he admits to not knowing money he should get an expert. They will not bleed you dry unless you let them.

  • Jay
    Lv 6
    6 months ago

    You want a CPA. Certified Public Accountant. One that is licensed in the state you live in.

    Look them up on line and interview 3 of them. Ask for a 15 min consult at no charge. tell them your situation and ask them how they will handle it to your best benefit if you hire them.

    Write down the responses and consider them. Select the CPA that gives you the response that best fits your needs AND will resolve your tax problems (if you had a enough income during the years of no filing for there to actually be a problem.)

    • Trivial One
      Lv 7
      6 months agoReport

      A CPA may be able to help with the tax problems, but they are not investment experts.

  • DEBS
    Lv 7
    6 months ago

    Speak to someone at a place like Edward Jones. Tell them you need help investing and planning. Find out what their fee structure is. Some get paid by transaction. Some get paid as a percentage of investment. Look around. Find someone you feel comfortable with. If you don't have a good feeling with them, then they aren't right for you.

    Be up front about your tax situation and ask them if they are able to advise you or if they can recommend someone to help. Unless you owe a lot of back taxes, it should not be expensive to back on track there. If you want to research on your own, then you look up tax consultants.

    • Trivial One
      Lv 7
      6 months agoReport

      Someone who gets paid based on the number of transactions you make or where you put your money has every incentive to suggest investments that make them money, which may not be the best investments for you. If you don't understand investing, you can't evaluate it. Pay an independent adviser instead.

  • 6 months ago

    Put 70k in a local bank savings account that is more than 100 miles away from you.

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