There are several groups that run the danger of financial devastation as a result of new and sudden found wealth. Lottery winners, those that take their retirement benefits in a single lump sum, and recipients of large settlements are at the top of the list. Next in line are those that sell appreciated assets such as real-estate holdings or a business. These events may result in large sums of cash paid to the recipient that subsequently could, and often times does, lead to dramatic lifestyle changes. Sometimes the changes are “all good” but oftentimes, they can bring less than desirable outcomes. Poor money management or over-spending, lack of understanding the implications of certain money related decisions, family, friends and new acquaintances that make requests for money are just a few of the wolves at the door ( 3 Little Pigs story reference!).
Proper advice, designs, and planning strategies are critical for the long term success of a new and sudden found wealth recipient’s lifestyle. Finding the right advisor or team of advisors is critical. ELANA Financial & Settlement Architects™ specializes in combining time tested planning practices, blended with individual and customized tools and techniques, creating the best possible solution mix for our valued clients.
Find our how the ELANA Elite Level 5 Planning™ Process can make your New Found Wealth provide peace of mind and security for both you and your heirs.