Personal Investments • Trust account investment questions

My wife has received 100k in an irrevocable “dynasty” trust. It is unknown how much more money will be placed in it in the future. She is the beneficiary and the trustee.

Our goals with the money at this point are to have it separate from our retirement portfolio and use some for education for our children and the rest to “grow”. We are in a good position with my retirement savings, I have a stable job as an anesthesiologist, and have life/disability/our estate planned out etc.

I’m planning on opening a trust account for the money with fidelity.

My questions are:

-Do I need an advisor??
or is this just simply invest in a tax efficient fund and treat as an after tax account. As I understand the initial principal(sp) has taxes already paid but any earnings generate tax which we must pay. I interviewed one advisor and they immediately tried to pitch structured notes.

-It has a separate ein. Do I need a cpa to help with the taxes or can I do it my self like I have been (married filing jointly)

- my main question is taxes. How the heck do I best manage the taxes on the account.

Statistics: Posted by beginner — Wed Nov 20, 2024 4:18 pm — Replies 10 — Views 508

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