I might be getting a large sum of money do i need a lawyer or someone to help me with this so it doesn't go to bills,taxes,etc..

Asked 11 months ago - Columbus, GA

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

Attorney answers (6)

  1. Isai Bismark Cortez

    Contributor Level 9

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    Best Answer
    chosen by asker

    Answered . 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
    - CPA
    - 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... more
  2. Scott Benjamin Riddle

    Pro

    Contributor Level 19

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    Answered . 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.

  3. Dana P. Shaffner

    Contributor Level 13

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    Answered . 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 !

  4. Samuel Solomon Bruner

    Pro

    Contributor Level 11

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    Answered . 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.

  5. Scott J. Klosinski

    Contributor Level 8

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    Answered . 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.

  6. James P. Frederick

    Contributor Level 20

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    Answered . 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!

    James Frederick

    ***Please be sure to mark if you find the answer "helpful" or a "best" answer. Thank you! I hope this helps. ******... more

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