Posts Tagged ‘Sudden Wealth Advisor’

Dear Florida Powerball lottery winner, congratulations on your win! You beat the odds (1 in 175.2 million) and have the distinct honor of being the largest single lottery winner in U.S. history. As someone who has developed a national reputation for working with sudden wealth recipients – or as a client recently remarked a “lottery…

Think twice before creating a UTMA account. Custodial investment accounts permitted under the Uniform Transfers to Minors Act (UTMA) allow families to gift assets to a child without having to set up a trust. In addition to that convenience, a UTMA can offer a distinct tax advantage to parents. While such perks are nice in…

There is a very interesting article in this week’s New Yorker magazine about Markus “Notch” Persson, his rise to fame as the creator of the Minecraft video game, and how he is handling his sudden wealth. Here’s one of his comments: “The money is a strange one,” he says. “I’m slowly getting used to it,…

Imagine this . . . your co-worker comes by your office and tells you everyone is putting in $20 to play this week’s big lottery. You think about it, but then consider your odds of winning and tell your colleague, “No thanks.” To your shock and amazement, the next day your co-workers win $1 million.…

If you are expecting an inheritance of money or will come into large amounts of money soon, you may be wondering what you should do with this sudden wealth. There are countless examples of how people have squandered their money, but I recently came across one individual who seems to have a good plan. Him…

Should you make a minor child the primary beneficiary of your IRA? Are there any caveats to that choice? IRA owners frequently name young children as contingent beneficiaries of their accounts, but designating someone younger than 18 as the primary beneficiary of IRA assets invites a number of questions. Will you exploit the stretch IRA…

Here’s a simple financial question: who is the beneficiary of your IRA? How about your 401(k), life insurance policy, or annuity? You may be able to answer such a question quickly and easily. Or you may be saying, “You know … I’m not totally sure.” Whatever your answer, it is smart to periodically review your…

If your loved ones have invested, saved or insured themselves to any degree, you may be named as a beneficiary to one or more of their accounts, policies or assets in the event of their deaths. While we all hope “that day” never comes, we do need to know what to do financially if and…

Do bad money habits constrain your financial progress? Many people fall into the same financial behavior patterns year after year. If you sometimes succumb to these financial tendencies, the New Year is as good an occasion as any to alter your behavior. #1: Lending money to family & friends. You may know someone who has…

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