You've recently inherited money, or won a lottery or cashed stock options. You're in that enviable position of "having it made". But now what? There are serious tax consequences when you have a windfall such as lottery winnings. Making the wrong choices could result in much of your fortune going to the government. So while you celebrate your newfound fortune, take the time to do some financial planning so you can keep as much of it as possible. Regardless of the source of your windfall, you may want to take some simple steps to help insure long term financial security. Consult with a Certified Public Accountant to get tax advice and determine the immediate tax consequences of your windfall. You may also want to consult with your attorney since your estate planning will need to be updated. Be prepared for requests and solicitations from friends, family and strangers and beware of con artists. Tell everyone you are considering a variety of options and make no immediate promises. Make a wish list of everything you'd like to buy - a dream vacation, new car or second home. Then put it away for a month to allow yourself time to deal with the tax consequences of your new found wealth and avoid making impulsive choices. Heavy spending up front without much thought could wipe out your fortune quickly. Selecting a financial planner you can trust is one of the most important steps in managing your financial windfall. Your insurance and investment needs have changed. If you invest your windfall without good advice you could lose much of it to taxes with little to show for your good luck a few years from now. Following are some financial tools to help you better understand your cash flow options: Unlike many other financial product providers that may approach you at this time, we are focused not on selling you a specific product or service, but helping you preserve as much of your current windfall and grow it to meet your financial goals over time. Harborstone's Financial Advisors can help you choose the right investment and insurance products to meet your new needs and introduce you to resources that may help you better manage your newfound wealth. We can help you build a financial plan that could include tax-advantaged products such as annuities, customized investment management and a review of your insurance needs. To schedule a complimentary appointment with a Harborstone Financial Advisor, call (253) 589-8396 today.What To Consider
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