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Orange County Estate Planning Attorney Shares Strategies for Protecting a Financial Windfall

Asset Protection, Estate PlanningNo Comments

raining money 150x150 Orange County Estate Planning Attorney Shares 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 last month.

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.

A Wall Street Journal article recently noted that 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 inheritance.  A survey of financial advisers recommend that, to protect a windfall, you:

  • 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.

Let our Costa Mesa law offices help you get started by contacting us today.