Key Takeaways:

  • When managing a financial windfall, it's important to focus on your goals and hire professionals to help you create a plan for achieving them.
  • Goals should include more than just paying off debts, and you should also consider investing and saving.
  • Professionals such as a CPA or tax advisor, financial planner, and estate planning attorney can provide valuable assistance in managing a financial windfall.

hen it comes to managing a financial windfall, focus on your goals and hire professionals to help you create a plan for achieving them.

Your financial windfall is likely to have come as the result of an accident or illness. If this is the case, then there's no time like the present to start working on your plans for using it wisely.

Your goals should be more than just paying off debts, as you'll also want to invest and save.

Although it's tempting to think that all your financial problems will be solved once you've paid off your debts, the reality is that you'll also want to invest and save. If this sounds like too much to handle on your own, don't worry—you can hire professionals who will help you create a plan for managing the windfall.

You will also want to be clear about what goals are most important for you in the long-term.

For example, if investing is more important than paying down debt or saving money, then hiring an investment advisor would make sense. It's always best to have a goal in mind before making decisions with such a large sum of money at stake!

Here are some professionals you might consider working with and how they could potentially help:

  • CPA or tax advisor. To help protect your new assets and create a tax strategy for the present year and years to come.
  • Financial planner. To create a plan to pay down debts, invest your assets and save for you and your family’s future.
  • Estate planning attorney. To create an estate plan that considers your windfall assets.

Also consider what you’ll do with money after you're gone.

Estate planning is an important part of managing a financial windfall. A lawyer can help you plan for the future, determine how to distribute your assets and pay taxes.

A good place to start is by looking at what will happen if you pass away unexpectedly or become incapacitated. If you don't have a will, someone else will make decisions about what happens to your assets — and those decisions may not match up with how you want things handled. If this happens, there could be costly legal fees associated with fighting over who gets what assets or where they go after death.

Remember that wealth is a gift, and one you should use wisely.

Start by setting goals for yourself, whether it’s paying off your debt or investing in real estate. Then take the time to find a professional who will help you create a plan for achieving those goals.

Jul 27, 2022
Financial Planning