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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, you should:

  • 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.
Contact our Fort Myers estate planning law firm for a complimentary consultation on strategies to help protect and preserve your assets.
Categories: Asset Protection
dorcey law firm
The Dorcey Law Firm, PLC - Fort Myers Attorney
Located at 10181 Six Mile Cypress Pkwy, Suite C, Fort Myers, FL 33966
Phone: (239) 330-6674
Local Phone: (239) 418-0169