Here for YOU Today and There for your FAMILY Tomorrow

Black Friday - Navigating Sudden Wealth Successfully

11/25/2016

Thanksgiving

I hope everyone had a nice Thanksgiving. While most of you are out shopping and spending money on, some of you may have come into a large sum of money unexpectedly. For example, the overnight success of an amateur novelist who is suddenly flush with a huge amount of cash can leave the person ecstatic and overwhelmed at the same time. According to The Wall Street Journal in “How to Help the Suddenly Wealthy,” people who are not accustomed to dealing with large sums of money may find themselves confused and anxious. What should they do with the money? How can they protect themselves from old habits or predatory family members? The first step should be to speak with an estate planning attorney like Daniel T. Fleischer at 954-888-1747.

Many of these overnight success stories have an instant and significant need for planning. One of the first things that an experienced estate planning attorney will do is discuss the person’s goals. Once this is known, a sound strategy for wealth management can be crafted.

Many folks who are used to living from paycheck to paycheck don’t think about important defensive planning strategies such as purchasing life insurance, disability insurance, or estate planning. Many haven’t started saving for retirement or for their children’s college education.

It can be overwhelming for a person to receive a sudden large infusion of cash. Many want to allocate their funds wisely, but frequently don’t know where to start. With the help of an experienced attorney, they can prioritize what’s most important to them and apply thoughtful tactics to achieve those goals.

This kind of sudden wealth requires a completely different way of thinking about money and how they perceive the source of their success. If they are suddenly at the helm of a multi-million dollar company, they need to shift gears into a CEO mindset. They also need to understand that a one-time occurrence may not happen again, and they need to protect their sudden wealth so that it does not dissipate.

Do you live in Miami-Dade, Broward, or Palm Beach counties in Florida? Laws are constantly changing-- has your estate plan been reviewed in the last 2-3 years? Call me (954-888-1747) right away for peace of mind. I can help!

  • My practice is exclusively estate planning and probate,
  • I have prepared numerous estate plans in 16 years of practice,
  • I have administered estates and trusts through Probate all over Florida,
  • I am a Certified Financial Planner Professional™, and
  • I am here for YOU today and there for your FAMILY tomorrow.

Reference: The Wall Street Journal (November 3, 2016) “How to Help the Suddenly Wealthy”

Testimonials
★★★★★
Why would we recommend D.T.F.? Several Reasons: Your ability to explain complex estate problems, clearly and patiently; your total lack of arrogance and pretense; a strong feeling that you are motivated by what you perceive is best for your client, rather than what would generate the largest legal fees; finally, and importantly, you are a lovely guy. A.C.
★★★★★

Two words cannot sum up the entire process of creating my “trust.” I enjoyed your attention to detail, your patience of explaining terms and conditions until I understood, also giving me copies to read and understand. Thank you for your suggestions on what was best for “me” but still allowing me to make my choice. Most of all, thank you for thinking of “me.” Wells Fargo said “you were the best” I cannot deny that. Again thank you very much for everything. Anna is an asset or a compliment to the firm. She is warm and very caring. It was great doing business. Thank you.

P.M.