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What if you win the lottery?

Okay, that may be a long shot. But you could receive an unexpected inheritance, a personal injury settlement or choose to take a one time lump payment from your pension.

Making it last, making it enrich your life throughout your life instead of being a short-lived bump to your bank account, takes a team. You may have a close friend whom you trust to run your ideas by. Following your dreams and helping others follow theirs is great – if you do so prudently.

Moving into a new tax bracket is a little like moving into a new house. For the first year, nothing much should be done. Capital should be preserved; no walls should be knocked down. After you have lived in this higher tax bracket, in this new-to-you house for a year, you will have had a chance to see how the light falls through the bedroom window, how the stairs creak, how bulbs you did not know had been planted burst forth in the spring. Then you will be able to make a better-informed plan.

To make this plan, and to carry it out, you need a team. You may have a CPA to help you with taxes. If you do not have a CFP, now is the time to hire one, preferably someone who works for a Registered Investment Adviser (RIA). You may also need an estate planning attorney who practices elder law to help you set up checks and balances to protect yourself from predators….who will certainly stiff you out.



Elder law attorney, Terry Garrett, CELA, is a member of the National Academy of Elder Law Attorneys and is an Approved Guardianship Attorney. She assists people in elder law, estate and special needs planning, guardianship and settling estates. She graduated with honors from Cornell University. She was on the Dean’s List at Wharton Business School. She earned her J.D. at Columbia Law School, receiving the Parker Award and a Mellon Fellowship.

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