If you receive a substantial jackpot through a lottery which will be part of the massive transfer of wealth from baby boomers to future generations in the coming decades, one of the most important things you can do is equip yourself with a team of experts.
These situations are not as simple as cashing your check or ticket, purchasing your dream home and going on vacation. It’s important that you understand the various implications, tax and otherwise, of your new fortune. A team of experts can help you to understand the various impacts and how your wealth management goals might need to be updated.
Your team should include a tax advisor, an estate planning attorney, and possibly a financial planner to assist you with the many different issues you’ll now need to confront.
Some of these important aspects of managing your wealth including estate planning, tax planning, managing your investments and thinking ahead for insurance. Remember that when you receive a substantial inheritance or are lucky enough to win a lottery, you are the only one who can outline how this will influence your future. You’ve probably heard the stories from far too many people who have made mistakes and their loved ones have paid the consequences for it later.
Asset protection planning is another worthwhile conversation to have after coming into an inheritance or lottery winning.
You can help to avoid these catastrophic situations by scheduling a consultation with an estate planning attorney who is familiar with the many different ways that money like this can change your life. Schedule a consultation with an estate planning lawyer to learn more about how to avoid these issues with comprehensive planning.