When does DIY-er should stop DYI-ing

A few invaluable notes on the talk from Carolyn McClanahan at the Bogleheads 2024 conference.  She talks about a more holistic approach to financial planning.

  • Look into homesteading as home protection
    • 8606 - next tax return and all docs to support it
  • Stop DIY if you haven't done estate planning
    • Must have power of attorney to get good estate planning done
    • Probate issues (have beneficiaries)
    • Title the assets if you do trusts
  • Involve a planner
  • Tax planning has to be in conjunction with financial planning
  • Who should help you
    • Family members or friends
    • Create transparency with other people affected
    • Make sure surrogate is on the same page
    • Consider involving outside party
      • Advisors
        • Comprehensive fee only fiduciary (hourly, flat fee, not AUM %)
        • Find them at NAPFA, XY planning network, Garrett planning network, AC
      • Accountant, attorney coordinate with financial planner
      • Professional fiduciaries - every state is different
  • Summary - biggest danger to financial well-being is DIY a long time and not getting help when needed
  • Issues arise when you are refusing to recognize their limitations and refuses help
  • DIY is great as long as you plan for the day you can't be DIY
  • Stop DIY and get support in late 50s or early 60s - accumulation phase switch to distribution phase

References
Other popular notes

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