As an attorney who has represented lottery jackpot winners, I am often asked whether the winners have any similar characteristics such as playing strategy, geographic location or even the time and location of where they bought their winning ticket.

I am not aware of any such similarities other than the fact that they all played of course. But speaking of similarities, you don’t have to win the lottery to have issues in dealing with life events resulting in what I call “sudden wealth”.

Examples of sudden wealth include when a person inherits money, settles a lawsuit or sells their business. How someone receives these funds, what they do with them, their personal tax situation etc are all important considerations in order to maximize the potential of such funds.

A good plan may involve a tax advisor, wealth management professional and insurance expert.

I tell people all the time, you may decide not to hire me to help with your sudden wealth opportunities but please don’t try to manage it alone. Sudden wealth is not a DIY activity!