do i have to have a lawyer or someone to help with a large sum of money i might be getting i dont want to turn out like the people i see on tv that they are worse off now that they had the money then they was without it
You don't necessarily need a lawyer with a large some of money, but its not a bad idea to hire one and some professionals to make sure you manage it correctly and pay your taxes as well. You may need:
- Estate planning attorney
- Tax attorney
- Financial Advisor
Make sure you read reviews on people like this, so that they also don't take you for a ride. Good luck my friend and I hope this money bring you joy!
Isai Bismark Cortez, Esq. www.bismarktax.com Office 855-829-6055 DISCLAIMER: THE ABOVE INFORMATION IS NOT LEGAL ADVICE. THIS IS GENERAL INFORMATION AND LAWS VARY FROM STATE TO STATE. PLEASE CHECK WITH A LOCAL ATTORNEY OR CONTACT THE IRS OR STATE TAXING AUTHORITY WITH ANY QUESTIONS.
I suggest you start with the best CPA you can find, who handles these matters. Like lawyers, CPA's have different areas of expertise or experience. Then, consult with an estate planning attorney. I am not sure why you don't want the money to go to your bills.
Congratulations on your legacy ! As you have wisely observed, a legacy can be both a blessing and a curse. To manage a large legacy, many find it helpful to have relationships established with (1) a lawyer familiar with estate planning and preservation, (2) a tax advisor (either a lawyer or a CPA) to help you make sense of tax strategies and fulfill your compliance obligations, and (3) a financial advisor to help you make sensible investment decisions and assist with budgeting so what you have come into lasts and is not wasted through imprudent decisions. Good luck !
Family Law Attorney
You need a team. You need a CPA to work with an attorney. The CPA will help with your immediate needs. Your attorney will work with the CPA on long term estate planning. You may want a new will, set up a trust or trusts and work on other strategies. You can call me for a free consultation at 610-999-4502.
1 found this helpful
5 lawyers agree
I agree with all of the prior answers and particularly, Mr. Cortez's response. A team approach is best. You should have a lawyer make sure that your estate planning is in order. The CPA can take care of any tax issues resulting from your windfall, and a financial planner can make sure that you invest at least a portion of it for the future. You are extremely wise to be concerned about this. I wish you the best of luck with your future wealth!
***Please be sure to mark if you find the answer "helpful" or a "best" answer. Thank you! I hope this helps. ***************************************** LEGAL DISCLAIMER I am licensed to practice law in the State of Michigan and have offices in Wayne and Ingham Counties. My practice is focused in the areas of estate planning and probate administration. I am ethically required to state that the above answer does not create an attorney/client relationship. These responses should be considered general legal education and are intended to provide general information about the question asked. Frequently, the question does not include important facts that, if known, could significantly change the answer. Information provided on this site should not be used as a substitute for competent legal advice from a licensed attorney that practices in your state. The law changes frequently and varies from state to state. If I refer to your state's laws, you should not rely on what I say; I just did a quick Internet search and found something that looked relevant that I hoped you would find helpful. You should verify and confirm any information provided with an attorney licensed in your state. I hope you our answer helpful!
1 found this helpful
2 lawyers agree
Real Estate Attorney
It depends on the amount of money as it relates to your total net worth and income earning potential. i would suggest a good counselor at law who has an interest in only making sure you get a good financial advisor and a good accountant. From there they can direct you to other needs.
1 found this helpful
3 lawyers agree