Hello,
I have made $2 million with trading cryptocurrencies and I'm afraid of losing it all so I want to lock half of my money somewhere. Even if I get sick or die, I should NOT be able to withdraw that money. Is there an investment plan like this? Lock for 5 years etc?
Bank cd wouldn't work for me because you can still withdraw that money with penalty.
I have made $2 million with trading cryptocurrencies and I'm afraid of losing it all so I want to lock half of my money somewhere. Even if I get sick or die, I should NOT be able to withdraw that money. Is there an investment plan like this? Lock for 5 years etc?
Bank cd wouldn't work for me because you can still withdraw that money with penalty.
You need to set up an irrevocable trust. This is a trust with terms that can never be changed by the grantor (you). You can establish provisions like "beneficiary cannot withdraw any funds for 5 years" and the trustee will be legally obligated to lock the trust away so you can't access the funds. You could specify the funds be invested in conservative mutual funds, CDs, things like that. After 5 years, the trustee would grant you access.
You could even set up a series of irrevocable trusts. They could unlock one at a time every 5 years (or whatever period you want) so you could plan for the coming decades without worrying about squandering the money.
Just keep in mind, dollars aren't a great long term store of value.
