5 Tips for Protecting a Financial Windfall

6:54 pm Asset Protection, Estate Planning

raining money 150x150 5 Tips for Protecting a Financial Windfall Just about everyone dreams of winning the lottery; however, most of us who come by a financial windfall do so because of an inheritance.  There are a number of asset protection and estate planning strategies to employ to help you protect your inheritance or any large sum of money that you come by, unexpectedly or not.

Here are 5 tips to help you protect a windfall:

  • 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.

If you need some help in protecting your financial gains, contact our Orange County law firm.

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