Depending on the complexity of your situation, you could be well served by a financial advisor. No, I am in no way related to any, but I will be hiring one myself. They can help you with tax planning as well as setting up and managing your investments. There are 2 kinds: fiduciary and non-fiduciary.
A fiduciary financial advisor has a legal obligation to put your best interests above their own. They’re not allowed to collect commissions from the sale of any
investment and typically operate on a fee-based system, one where
clients pay a flat fee (monthly, annually) for their services. Any fees
charged are paid separately and not taken out of your investment
balances or trade proceeds.
A non-fiduciary financial advisor usually works for institutions that incentivize them (via
commissions) for selling particular investment products. They’re only
held to the standard that investments be “suitable” for your needs and
not necessarily the lowest cost or best match. This isn’t a red flag,
but it does mean that you need to ask how fees and commissions could
impact your portfolio earnings over time.
Visit with several of them and decide which one is a best fit for you. They should not tell you what to do, but explain the options to you, like a teacher, and they will advise you based on your goals.
An advisor can show you ways to shelter money for retirement.
Strongly suggest you at least talk to a few like ILTS said.
You’re going to have to pay tax, and with the changes coming from the current administration it can get worse. But remember, all those peeps in Congress on both sides of the isle are making millions and are writing as small checks to the IRS as possible. Same with wealthy businessmen. And they are probably all using a professional to help them or more likely even paying someone to manage everything completely.
I feel after this first year I may be able to self manage for the most part if someone helps make a road map for me. I’ve done a few years of a small business and a couple decades of house mortgages and sales without paying anything more than H&R Block online tax processing. But as this first year will be completely new territory and things I’ve never had to consider before I want a guide to help make that road map. And going forward if I am spending a few hundred to a couple thousand a year to navigate changes and avoid mistakes I’m ok with that.
Look at this similar to a lottery winner getting a one-time cash settlement. There are a lot of professionals out there that have helped people in those situations make good decisions to secure their life-changing winnings and make it work for them. Those same firms may be good starting points for this as well.
I am NOT looking to hire ANYONE to actually manage my money. There will never be a check written against my funds that does not have my signature on the bottom. But if I can pay someone $5k to save me $50k in taxes (just throwing out example numbers) buy telling me some ideas for certain investments or what mark to cross on charitable donations, or something to avoid doing, etc. then I’m good with that.