The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants

Successfully Handling the Brass Ring

[By Staff Writers]

If you are a physician or healthcare executive who is fortunate enough to win the lottery, or receive a large inheritance, the following simple rules will help maintain your emotional stability, as well as financial health.

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· Deposit cash into a money market account in your name or into a joint account with your spouse, and limit access. If a doctor is the executor of an estate, be aware that significant tax benefits may result by freezing the estate for six months and using the alternate valuation method of size determination. Similarly, if a windfall is in the form of securities, make sure they are titled correctly.  Limit those to whom you tell about your luck.

· Hire a Registered Investment Advisor (RIA), Certified Medical Planner™, CPA or other financial fiduciary to lead your team of lawyers and insurance agents. Get tax advice immediately.

· Do not quit your job, sell your practice, or initially disrupt your life materially. 

· Maintain your normal routine.

· Limit your new expenditures and consider your lifestyle options.

· Redefine your financial plans, and continue to save and invest.

· Pay down your debt and recall that non-deductible debt costs the stated APR, while deductible debt costs less if you itemize.

· Review your insurance policies, will, estate plan or trusts.

· Avoid friends or relatives who petition you for money.

· Consider charitable interests and gifting strategies carefully.

· Exercise, stay healthy and enjoy your windfall.

Assessment

• 6 reasons smart people fall for scams
• The 10 golden rules of scam prevention
• Is there legitimate work from home?
• 6 scams aimed at the elderly
• Beware these 6 tax scams
• Beware these work-at-home scams

Now, if you won the lottery; your experiences – no matter how major or minor – are appreciated.

Conclusion

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Filed under: Financial Planning | Tagged: Financial Planning |