Many of us like to fantasize about winning the lottery. We muse with our friends about how we might spend the money, and we dream about never wanting for anything ever again.
The odds are against us, of course, at least as far as the lottery goes. But that doesn’t mean – at some point in our lives perhaps – we won’t actually come into a major amount of cash, usually in the form of an inheritance, or perhaps through the settlement of a legal claim.
Planning before receiving such a windfall is critical, if you want to keep it and have it provide for you for the rest of your life and for your loved one’s after you are gone.
Most people who receive a windfall lose it almost as quickly as they receive it.
If you see a windfall coming your way, make these plans:
- Consider putting any large windfall you receive into an asset protection trust, first and foremost. You may even want to consider appointing a co-trustee to govern the trust alongside you so you can honestly tell friends and family that you do not have unrestricted control to your assets when they come asking for handouts.
- Hire an advisor you trust to help you invest the assets you receive in a manner that is aligned with your values and will support you to use the windfall to support the long-term life you desire; if you need recommendations to a trusted investment advisor, contact us.
- Get all of your own estate planning documents updated, including your Will, Revocable Living Trust, Health Care Directives and Power of Attorney, plus establish a relationship with a personal lawyer so if and when anything happens to you, your family will be supported to stay out of court and out of conflict.
If you anticipate receiving a windfall and need legal assistance, or if you’d like to ensure your family stays out of court and out of conflict if and when something happens to you , schedule a Family Wealth Planning Session,™ during which we can review your wishes. Normally, a Family Wealth Planning Session™ is $750, but when you mention this article and are one of the first three families to book an appointment this month, we’ll waive that fee.
As a Personal Family Lawyer®, I can further advise you on all your options and make things as easy as possible for your family during a Family Wealth Planning Session. If you would like to have a talk about estate planning for your family, call our office today to schedule a time for us to sit down and talk.
To your family’s health, wealth and happiness!
P.S. Want to get started on the most important planning you’ll ever do for your family?
Give our office a call at (978) 263-6900 to get started. You’ll be so glad you did.
David Feakes is the owner of The Parents Estate Planning Law Firm, PC – a law firm for families in the Acton, Massachusetts area. David helps parents protect the people they love the most. If you would like to receive David’s exclusive, free report, “Six Major Mistakes To Avoid When Choosing An Estate Planning Attorney,” you can get it right here.
Photo Courtesy Wall Street Survivor