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Advising the Client With Sudden Wealth  


Author:  Jeffrey A. Zaluda.; Benjamin N. Feder.


Source: Volume 22, Number 04, Summer 2005 , pp.323-332(10)




Journal of Taxation of Investments

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Abstract: 

Congratulations, you got it. If you just sold your business, received a substantial inheritance, or obtained a hefty legal settlement, you are now in a position envied by millions of Americans. Regardless if your wealth is a newfound friend or an old pal, any of the above events is likely to create certain impulses. Should you buy a second home in Scottsdale? What about a new BMW? Or perhaps large diamonds are what make you smile? Ostentatious splurges may not be your thing, but there will certainly be some indulgences. Go ahead, enjoy your toys. The amount of money you have can certainly withstand a few rounds at the buffet of luxury goods and services. However, once you get past these fanciful urges, what do you do then? This money needs to last you a long time, and the lifestyle you want to maintain must be protecte. How do you accomplish your goals? This article will focus on what are likely to be the client’s objectives and what he should be thinking about, such as how he feels about all this money and what advisors does he need, how does he safeguard his assets (asset protection) and what does he do to ensure his long-lasting comfort and care.

Keywords: 

Affiliations:  1: Horwood Marcus & Berk Chartered; 2: Horwood Marcus & Berk Chartered.

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