investment for lottery winner
hello, i have a family member that just won a sizable lottery prize, approx. 1 million dollars. where does one start in regards to investing. does this require a accountant and a attorney. any advice would be appreciated
Terry Says
Yes, your family should have both a tax accountant and an attorney who is knowledgeable about estate planning (regardless of age of eh recipient) — preferably BEFORE claiming the money!
And your family friend should immediately hide from everyone who has a hand out for some of that cash by saying: “The money is in the hands of my attorney and CPA, and I can’t give any of it away now because of tax issues!!”
Another way to get started dealing with this issue would be to find a Certified Financial Planner who is NOT TRYING TO SELL YOU SOMETHING!! YOu can find a FIDUCIARY, fee-only planner at www.Wealthramp.com. They can guide your family member through tax issues and titling issues.
