» Estate Planning And Managing Unexpected Wealth  Is Important

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.

New York Elder Law and Estate Planning Attorney Bernard Krooks

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
(914) 684-2100
mbrill@littmankrooks.com

New York City Office
655 Third Avenue, 20th Floor
New York, New York 10017
(212) 490-2020 Phone

Westchester Office
399 Knollwood Road
White Plains, New York 10603
(914) 684-2100 Phone

Dutchess Office
300 Westage Business Center Drive, Suite 400
Fishkill, NY 12524
(845) 896-1106 Phone

  • Which is Better: Guardianship or Power of Attorney?
    By: Bernard A. Krooks, Esq., Certified Elder Law Attorney Here’s a question we get asked a lot: “which is better for me to get for my mother — a guardianship or a power of attorney?” The question itself is misleading, and our answer almost never satisfies. The problem is simple: if your aging parent needs […]
  • Making Changes to Medicare Part D Coverage
    Medicare open enrollment is October 15 through December 7.  During this time, Medicare beneficiaries can make changes to their Medicare Part D coverage. Reviewing one’s options can ensure optimal coverage of prescription medications. The key factors to review during open enrollment are: Premiums – Some Medicare Part D plans will see a substantial increase in […]
  • Guest Blog: Palliative Care and Palliative Care Laws in New York: What Patients Should Know
    Our guest blogger this week is David C. Leven, JD, Executive Director, Compassion & Choices of New York Palliative care can help improve your quality of life. You should know what palliative care is and how two New York State laws effective in 2011can help you learn about your palliative care options and receive timely […]

See other news sources publishing this article. BETA | Tags: , , , , ,



Get headlines from Law Firm Newswire sent right to your inbox.

* indicates required