Estate Planning Is Your Best Protection Against A Late In Life Windfall

Florida has had a lottery for years; if you remember when it didn’t, you are officially old. The arguments about a statewide lottery legalizing vices now sound quaint. Cannabis is at least somewhat legal not only in Florida but also in many less free-spirited states. No one can argue that Floridians would be in a better financial position if the Hard Rock Casino, with its guitar neck towering over the suburban sprawl of Broward County, were still a one-room bingo hall where the clientele consisted largely of busloads of assisted living residents. The issue is not how the lottery harms society, but rather the financial harm it causes the people who buy tickets. The chances of winning enough money to break even are infinitesimal. Journalists in the snarky 90s used to call it a tax on stupidity, but those who look at it as a tax on poverty. People who buy lottery tickets are buying hope. You wouldn’t think to buy them if they could count on a hefty paycheck coming from their employment income. Seniors on a fixed income are a frequent sight among the people scratching off lottery tickets at the gas station. In other words, most people who play the lottery have never been rich. What if one of the lottery tickets you bought during the daily walk to the gas station every day since you retired turned out to be a winner? A sudden improvement to your financial situation can be as calamitous as a sudden loss of financial stability. If you got an unexpected windfall after retirement, contact a Tampa estate planning lawyer.

Retirement Finances Are Complicated Enough, Even When You Don’t Have Any Money

Unless you have lived such a charmed life that you had enough leisure time to think about buying long-term care insurance in your 50s and enough money to pay the premiums, then retirement planning is mostly about making peace with the fact that you will never again be able to afford an impulse purchase. Occasionally, though, people get a sudden influx of wealth late in life. It most often comes as an inheritance from a relative who lived modestly and was not especially warm toward the beneficiary, so that the beneficiary did not know how much money the testator had and did not expect the testator to leave much of it to the beneficiary. The money can also come in the form of legal settlements or, occasionally, lottery winnings.

If you get a substantial amount of money after you retire, you should meet with a lawyer immediately. Your lawyer can help you prepare for the associated tax obligations, revise your plans for long-term care, and update your will to reflect the newly acquired assets.

Contact David Toback About Making Wise Decisions About Your Newfound Fortune

A Central Florida probate lawyer can help you update your estate plan if you have unexpectedly acquired money.  Contact David Toback in Tampa, Florida to set up a consultation.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0736/Sections/0736.1106.html