jlldrs Posted April 6, 2010 Report Share Posted April 6, 2010 Many people on this forum are new to investing in anything period. Some of you have been involved in investing in foreign currency, gold, stocks, bonds, etc. for a long time. Some people are savy when it comes to investments and some are not.The purpose to this thread is simply for anyone to give advice to some of the new investors on what to do after or even prior to the RV occurring. My thoughts are that everyone wants to save as much from taxes as possible.What are some steps that we should be taking right now: Talk to an accountant? Talk to a tax attorney? Get setup with a good broker? How do you go about talking to a tax attorney about an investment like this? What are some questions we should be asking these professionals?I, myself have got an accountant and a broker already. Is a tax attorney needed?I believe that Adam will really help out the VIPs on the forum, but for everyone else that has no clue on where to get started post RV any and all advice is welcome. Link to comment Share on other sites More sharing options...
FDyer Posted April 6, 2010 Report Share Posted April 6, 2010 IMO, if this thing RVs and people will have a few to several million dollars, you need a whole TEAM of advisors. Tax attorney, accountant, financial planner, estate planner...and more. We will need specialists in all different areas. Link to comment Share on other sites More sharing options...
karen Posted April 6, 2010 Report Share Posted April 6, 2010 yes i will need help and plan to seek a tax lawyer before i cash in , i seriously doubt anyone would give a common low middle class working for a living person like me any sliver of respect before the rv..... but post rv i'm sure they will be bidding for my business.... Link to comment Share on other sites More sharing options...
Munsch Posted April 6, 2010 Report Share Posted April 6, 2010 yes i will need help and plan to seek a tax lawyer before i cash in , i seriously doubt anyone would give a common low middle class working for a living person like me any sliver of respect before the rv..... but post rv i'm sure they will be bidding for my business....I 2nd that. Link to comment Share on other sites More sharing options...
swlsal Posted April 6, 2010 Report Share Posted April 6, 2010 Yes, any advice is a helpful and people can pick thru it to see what applies to them the best. Link to comment Share on other sites More sharing options...
riversidetoursandtravel Posted April 6, 2010 Report Share Posted April 6, 2010 Most Tax Attorneys and Accounts will give a free consult and do not forget the most inportant team member a Travel Agent. Link to comment Share on other sites More sharing options...
mikemd115 Posted April 6, 2010 Report Share Posted April 6, 2010 Riverside that is the best piece of advice I have heard yet! Your name just went on the list! Link to comment Share on other sites More sharing options...
cyaspai Posted April 6, 2010 Report Share Posted April 6, 2010 Lol I second that! Link to comment Share on other sites More sharing options...
papawhip Posted April 6, 2010 Report Share Posted April 6, 2010 Any guidance from members would be a great help. Not sure who I will tell first (tax advisor, broker, attorney, banker, travel agent, or wife ). Never had this problem before. Link to comment Share on other sites More sharing options...
Boscosmom Posted April 6, 2010 Report Share Posted April 6, 2010 Any guidance from members would be a great help. Not sure who I will tell first (tax advisor, broker, attorney, banker, travel agent, or wife ). Never had this problem before.Might be advisable to tell your wife first. Link to comment Share on other sites More sharing options...
mdddek6 Posted April 6, 2010 Report Share Posted April 6, 2010 Pay your taxes first then the rest is clock work. Link to comment Share on other sites More sharing options...
caz1158 Posted April 6, 2010 Report Share Posted April 6, 2010 papawhip-ummmm maybe exwife Link to comment Share on other sites More sharing options...
papawhip Posted April 6, 2010 Report Share Posted April 6, 2010 Okay your probably right!! She'll probably be cheaper than a lawyer anyways (as long as she doesn't take off). Link to comment Share on other sites More sharing options...
puppylove Posted April 6, 2010 Report Share Posted April 6, 2010 jlldrs, I agree once these dinar rv, we will be sought after. You are ahead of me as far as having "people" in place. I have neither an accountant or a broker...never needed them. I am sure after more people read your thread they will advise you to join VIP because my understanding is that Adam will be helping that group with post rv issues. Fdyer, some people may only have 1,000,000 dinar in hand if they rv at 1to 1 that only $1,000,000 USD ( i know only 1mill:) ) but after taxes fees etc you would only be left with 600,000 more or less depending if you were long or short term investor. $600,000 is a lot of money but definitely manageable on your own... I think??!! But I am more than happy to see what people come up with as far as to what info people have as to investing,tax help etc after the rv or better yet before the rv. Link to comment Share on other sites More sharing options...
wilecoyote Posted April 6, 2010 Report Share Posted April 6, 2010 yes i will need help and plan to seek a tax lawyer before i cash in , i seriously doubt anyone would give a common low middle class working for a living person like me any sliver of respect before the rv..... but post rv i'm sure they will be bidding for my business....Just a thought here:it may not be wise to completely tip your hand (amount at exchange in your pocket) to the professionals that may, and can charge rates and or fees based on what is in your pocket resulting in a greater amount going into their pocket from yours. In other words, as example, at exchange, you pocket 2 mill$, I might suggest you could indicate a lesser value, say, 1 mil $, the fee or rate or % charged may be lessened based on the value, and the you can go from there and apply the same lessons and advice learned for the remainder. My tax attorney is a good friend who also purchased dinar on a lesser scale that I have but he is the one that gave me that advice should I choose to go elsewhere other than use him. Same goes for CPA. You do however, need to interview you prospective financial guide(s) prior to, to determine what fees will be and what they are based on before letting any cat out of the bag.Also, shop around and interview, you want someone that has knowlege in the ivestment you have especially a tax specialist that keeps up with the changes in tax law, and can determine where your investment is in the scheme of things. As an example, I have read on this site from people that say (from their CPA or other) it is this type of "gain", is not a gain, no tax required, treated as regular income, etc. To keep you out of a bind, they and you need to be sure how to classify it and treat it accordingly. Link to comment Share on other sites More sharing options...
wilecoyote Posted April 6, 2010 Report Share Posted April 6, 2010 Any guidance from members would be a great help. Not sure who I will tell first (tax advisor, broker, attorney, banker, travel agent, or wife ). Never had this problem before.wife first. Link to comment Share on other sites More sharing options...
Maynard57 Posted April 6, 2010 Report Share Posted April 6, 2010 Most Tax Attorneys and Accounts will give a free consult and do not forget the most inportant team member a Travel Agent.Here, here! Go there, there!!! And plenty of suntan lotion. Maynard Link to comment Share on other sites More sharing options...
dvatten Posted April 7, 2010 Report Share Posted April 7, 2010 Definately see professionals - depending on age - how much you have - what the rate comes out at - how much you owe - too many variables Link to comment Share on other sites More sharing options...
wckdinar Posted April 7, 2010 Report Share Posted April 7, 2010 Too bad, most people with a lot of money suddenly will act like those who win the lottery....But, thats OK, cause any car dealer woould like to sell 19 BMWs at one time...Good luck to all... Link to comment Share on other sites More sharing options...
Ana214ej Posted April 7, 2010 Report Share Posted April 7, 2010 I see that there will be a whole slew of advisors needed. Can anyone tell me what kind of broker will be needed? Is it recommended to start an LLC or a Corporate bank account for tax purposes? I am new to this and have many questions... Any additional advice would be helpful. Link to comment Share on other sites More sharing options...
puppylove Posted April 7, 2010 Report Share Posted April 7, 2010 I suck at all this financial stuff and I love to procrastinate. As I stated earlier ...no financial people in my life right now, any one know of a trustworthy honest person/people in the San Francisco bay area?? Link to comment Share on other sites More sharing options...
SuperFlyJr Posted April 7, 2010 Report Share Posted April 7, 2010 I see that there will be a whole slew of advisors needed. Can anyone tell me what kind of broker will be needed? Is it recommended to start an LLC or a Corporate bank account for tax purposes? I am new to this and have many questions... Any additional advice would be helpful.This has been a question of mine as well. Someone said to pay your taxes first but I think by hiring professionals we can greatly limit our tax liability. I've looked a bit into the LLC arena regarding starting up a non-profit charitable foundation for a portion of the money (assuming a large RV) as that portion will be completely tax-free if redeemed by a non-profit organization. It's the remainder that I keep for personal use that I'd like to know how to handle so as to minimize taxes and maximize future returns.Perhaps I should start talking to a few people in generalities, assuming they'll give me a free consultation... Link to comment Share on other sites More sharing options...
inmemoryofrob Posted April 7, 2010 Report Share Posted April 7, 2010 Might be advisable to tell your wife first. --BoscosmomRead more: http://dinarvets.com/forums/showthread.php?17054-Advice-for-Post-RV#ixzz0kNmNUvyvHow should I tell Jason? Wrapped in Saran Wrap??? He'd never hear the words coming outta my mouth! lol Link to comment Share on other sites More sharing options...
Linda Posted April 7, 2010 Report Share Posted April 7, 2010 wife first would be a good suggestion...if momma ain't happy ain't nobody happy.....womans wisdom....heeheehee Link to comment Share on other sites More sharing options...
HopefulTxn Posted April 7, 2010 Report Share Posted April 7, 2010 Might be advisable to tell your wife first.Just make sure to get your will in order first and that it all goes to charity in case of a questionable circumstance of death. Link to comment Share on other sites More sharing options...
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