Reply to Where do you bank if you have a high net worth?

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[quote=Anonymous][quote=Anonymous]We have a [b]very high[/b] net worth and we are fine banking with Bask and Fidelity. As in…our NW grows by $250K per month through passive income and active investments alone. DH and I are both tech savvy, online influencers.

Not sure about all these other losers leaning on trusts, attorneys, and financial advisors. Seems like a foolish move for the older and less intelligent generations…we possess the technical ability and business acumen necessary to successfully invest and manage our own assets. 
[/quote]

it turns out that if you want to transfer a lot of money from overseas AND avoid a boatload of taxes AND make sure that your cherished scions future spouse doesn't get to siphon it off for their own ends, trusts are the way to go. Your method may work great for you and your spouse for as long as you are in accord, but keep in mind you can only successfully manage the money for as long as you are mentally competent. What's your plan if you end up in a coma after a car accident for a few years? What's your plan if your tech savvy influencer husband decides what he really needs to upgrade his spouse to a younger model 5 years from now? How are you protecting your kids from getting completely cut out by a future stepmother and her babies if you happen to die next year?[/quote]

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