Accountants Share Tips for Powerball Winner

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What would you do if one of your clients won the lottery? We asked several accountants to weigh in with their advice for the lucky Powerball winner, and the tips we received are useful for anyone who receives a windfall, whether it's a lottery win, an inheritance, a big bonus on the job, or a killing in the stock market. The accountant's office should be the first stop on the way to the bank, and these tips will help you position your clients to protect and deal with their windfall responsibly, both in the short term and for years to come.




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Before you offer any advice, ask the client what he wants to do with HIS money. Ask questions. Suggest issues for his consideration. Then devise several plans that have the best chance for accomplishing his desires. Make sure the plans are flexible to facilitate changes. Plans must address budgets, taxes, investments, and appropriate asset protection strategies.