Protecting Your Newfound Wealth: Advice from an Expert

Key Points:

– Andrew Stoltmann, an experienced attorney, offers insights on how to protect your wealth after winning the lottery or making a significant investment.
– Stoltmann highlights the importance of seeking professional advice and assembling a team of experts to guide you through financial decisions.
– He emphasizes the significance of creating a trust to protect your assets and maintain privacy.
– Stoltmann advises winners to avoid making impulsive decisions or extravagant purchases right after winning, as it may lead to financial pitfalls.
– He suggests setting short- and long-term financial goals and creating a comprehensive plan to ensure the longevity of the newfound wealth.

Hot take:

Winning the lottery or making a significant investment is an exhilarating experience, but it can also be overwhelming. Luckily, Andrew Stoltmann, an attorney well-versed in handling wealthy clients, provides valuable advice on how to protect and grow your newfound wealth. From assembling a team of experts to setting financial goals, his insights are a helpful reminder to make wise decisions and plan for the long term. So, if you ever find yourself lucky enough to strike it rich, remember Stoltmann’s tips and enjoy your newfound wealth responsibly!

Original article: https://www.cnbc.com/select/lottery-winners-lump-sum-or-installments/