My wife and I (both ~30 years old) have combined annual income around $170k.
We had saved up about $400k in various investment accounts so far, which I feel quite comfortable managing. Basic index funds / some bond funds, etc. with some funny money for risky/toy investments.
Plot twist: We are about to receive 2 million dollars (after gift taxes) as a gift from family.
First of all this is pretty crazy - knew there was a chance for something like this but certainly didn't expect it now. We're very very lucky, and we know it.
I expect I could just take the same asset allocations and scale everything up, but I'm suddenly feeling like this is a totally new picture. Obviously this changes timelines for FI, especially since we could conceivably retire NOW since we are quite comfortable at very low withdrawal rate.
We talked to some fee-only financial advisors, but most of them still want have management fees if you actually invest with them, which seems silly. If they are fiduciary they are just going to be passive mutual fund investors w/ occasional rebalancing - is there something I'm missing there?
I'm thinking next steps might be talking to a tax attorney or accountant - also a bit concerned about taxes this year because it will be vastly more complicated than any year prior (for several reasons, not just the gift).
Should we get some kind of umbrella insurance policy, setup a trust (even though we don't have kids), or perhaps some other kind of legal/tax protection? These kinds of questions suddenly feel relevant.
Feeling a bit overwhelmed so for now we are just going to put it in ultra-conservative vanguard funds and proceed-as-if-normal so that we don't rush into anything.
Has anyone else dealt with this? Are there other concerns I should have that I don't?
Thanks!