Viewing entries in
Money

What to Do After You Win Big

What to Do After You Win Big

In my 25 years of law practice, I have been called 3 times to assist a client who has won more than a million dollars in the lottery.  What I have found is that decisions made in the first couple of days after winning will determine just how lucky that winning ticket really was.  Even more frequently, we handle estate settlements where beneficiaries are, for the first time in their lives, put in the position of managing a large sum of money.  The same principles apply.

A panel of experts created this list of 20 steps to take should your number get called.

Step 1: Try to keep quiet. Don't tell anyone you have won until you actually have the money. However large the sum, your life is going to change pretty drastically, and it takes a while for your newly minted circumstances to sink in. So relax, take a deep breath, and don't blabber. You want to keep your privacy for as long as possible.

Read More

Longevity Insurance

Longevity Insurance

Too many retirees are outliving their retirement accounts.  Consequently, the insurance industry has created a possible solution.  This product is called market called “longevity insurance” or, more accurately, a longevity annuity.  You see, this is really just a new name for an old concept, the deferred annuity.

Unlike most annuities, which are purchased with a lump sum and begin paying out soon afterward, these policies typically don’t begin paying anything until some 10 or 20 years after you buy them.  Sales of these annuities were up 35% last year from a year earlier.

Read More