Strategies for Protecting a Financial Windfall
Just about everyone dreams of winning the lottery, especially in dramatic
fashion like Louise White, the 81-year-old Rhode Island woman who sent
a family member to the store for rainbow sherbet and a Powerball ticket
that turned out to be worth $366 million a few years ago.
And if you were ever to be as lucky as Ms. White, you would do well to
follow what she did next: engage an estate planning attorney before claiming
her prize in order to protect those winnings.
While a vast majority of us will not win the lottery, there is a much greater
likelihood that we will come into a financial windfall via an inheritance.
A survey of financial advisers recommends that to protect a windfall,
our Fort Myers estate planning law firm for a complimentary consultation
on strategies to help protect and preserve your assets.
- Create goals for what you want to do with your windfall before spending
any of it;
- Consult with a financial planner and/or estate planning attorney before
making any investments;
- Be sure to subtract taxes and current debts from the windfall before making
a spending plan;
- Update your estate plan and considering establishing trusts to protect assets;
- Consider donating to charity via donor-advised funds that allow you to
invest, receive a deduction and make donations on your own schedule.