Introduction To Receiving a windfall or inheritance

?If we command our wealth, we shall be rich and free; if our wealth commands us, we are poor indeed.? Edmund Burke

Receiving an inheritance or other form of significant new wealth can cause mixed emotions, to say the least.

Why? Recipients of instant fortunes must deal with a wide variety of new and complex issues like asset management, tax strategies, estate planning, and philanthropy.
As a result, often the money is quickly squandered. Statistics show that over half of windfalls are lost in a relatively short period of time; for example, an American news agency recently reported that more than 70 per cent of lottery winners spend their fortunes within three years.

Here's the key: whether or not your money was ?easy come?, never let it be ?easy go.? Your sudden wealth is now your wealth. Protect it, make it go as far as possible, and make plans that help you truly change your life? now and for the rest of your life.

Accountants, financial advisers, and lawyers can all offer invaluable assistance to help you properly manage your new wealth. Select a team of financial and legal consultants, or a firm with a broad-based approach you can trust.

But even as you assemble your team, never forget that you're still in charge. Surrounding yourself with a team of knowledgeable consultants does not mean letting them take control of your financial future. Always be involved in every aspect of decision making.

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