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Comment by Scubabear68 | Hacker News Reader

I have often wondered how celebrities and other “rich” people dealt with cash assets, this is interesting in the unlikely event I ever strike it rich.

The flip side of the coin is how do rich people select accountants and wealth managers that they can trust? I have heard so many horror shows of celebrities getting ripped off by their accountants. It seems to happen even more to poor people who suddenly become rich - lottery winners seem unable to hang onto the cash. And the Murdaugh murder trial revealed networks of lawyers and fiduciaries playing fast and lose with client money (one example was a trust manager loaning Murdaugh huge amounts of cash from a trust for two minors who mom was killed in an accident, and the girls got a multi million judgement).

Are there trust networks? Or word of mouth and luck?

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If you get set up with a good legal firm they'll point you in the right direction. A lot of people who get ripped off got tied up in some shady dealings but a good attorney will not only have connections, they'll keep you with people who pass the sniff test.

This makes sense. What sort of law? And how does one get set up with them?

Firms will often handle a range of issues, for example estate, trust, and real estate law (along with other things), which would be the people with the connections you're looking for. It also helps if you have a legal problem that needs dealing with. Go in for setting up a will or a trust and ask for some help finding somebody you can trust to help you manage that stuff (CPA, accountant, bank, broker, etc).

Be prepared to leave a good impression though. Nobody wants to share connections if you make them look bad.

it's called probate law - wills, trusts, estates, special tax situations, etc. also if you go with a name brand wealth management firm (goldman, morgan stanley, etc.) it's less likely to be stolen from you, but not impossible.

> If you get set up with a good legal firm

Ok but that only kicks the can down the road. How do you get set up with a good legal firm? :)

Ask around and do internet research. Firms will usually have bios for their partners on their websites which will give you an idea of their caliber. Find the firm that has partners with SCOTUS cases under their belt (preferably winning them), or winning cases for 9 or 10 digit estates. They may cost >=$1000/hour but their skills and network are priceless when you need them.

You don't need a connection to get a foot in the door with them but it doesn't hurt.

Why not just apply this same logic to finding a good accountant?

They don't have the connections.

It’s pretty easy. You can use brokered CDs, etc.

Finding good people is difficult. Like anything else, you need internal controls. Unaffiliated attorneys and accountants who have an interest in asking awkward questions.

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