Estate Planning And Managing Unexpected Wealth Is Important
White Plains, NY (Law Firm Newswire) September 12, 2013 – Sudden wealth may be a six-figure sum for some estates, or may be a five-figure amount.
What every amount of sudden wealth has in common is that it is a “windfall” of sorts, separate from the expected financial shifts and therefore outside the recipient’s financial comfort zone.
It is one of those scenarios that so many people play around with: what they would do if an unexpected windfall appeared in their life, a large sum of money came their way due to an inheritance, contract, business sale, lawsuit, lottery win, stock options sale or divorce settlement? While it can be entertaining to imagine, the truth is, few people are prepared to successfully manage large, unexpected sums of money.
When an individual works over the years to accumulate wealth, there is a financial growth process at work; he or she learns incrementally how to manage the issues that arise. The problem with a large financial windfall is that many people are out of their element and may not know how to successfully manage those funds. Approximately 70 percent of people who come into sudden wealth lose those funds within several years due to poor financial management.
Estate planning lawyers are typically one of the safest professionals to contact following a financial windfall. Estate planning attorneys do not get paid a percentage of the financial sum, nor are they compensated other than by their standard legal fees. Their one goal is to secure the safety of the financial estate of their client and inform them on how to best plan for their future.
The best way to approach any unexpected wealth is with a long-term strategy. An experienced estate planning attorney can map out a number of financially sound options for protecting that windfall from estate taxes, probate, unscrupulous investors and dependents. An estate planning attorney can also help ensure that gains from the unexpected wealth are sustained in years to come to pass on to heirs. There are a number of estate planning tools which can help secure a large sum of money now and for the future.
New York Contact:
Maria M. Brill
Littman Krooks LLP
New York City Office
655 Third Avenue, 20th Floor
New York, New York 10017
(212) 490-2020 Phone
399 Knollwood Road
White Plains, New York 10603
(914) 684-2100 Phone
300 Westage Business Center Drive, Suite 400
Fishkill, NY 12524
(845) 896-1106 Phone
- Emergency Rooms and the Elderly Patient
Emergency rooms are designed for fast treatment of serious or life-threatening conditions. Elderly patients suffering from chronic illnesses may not always be able to convey important medical information to treating professionals. This is particularly true of those suffering from Alzheimer’s disease or dementia. Additionally, elderly patients may not be able to properly communicate information about [...]
- Glossary of New York Estate Administration Terms
If you are preparing your will, or if you have been named as executor in a will, you may be encountering some unfamiliar terminology. It is important to know the meaning of the terms used in the administration of estates, so that you can begin to understand how wills are probated and what the responsibilities [...]
- National Financial Literacy Month: Six Steps Toward Successful Estate Planning
In support of National Financial Literacy Month (April) and National Estate Planning Awareness Week (3rd week in October), the following estate planning article contains a very important message: Estate planning is a financial process that can protect you and your family and is a very important component of your overall financial planning. Now is the [...]