What to do if you win the lottery?
Running Point and its chief investment officer, Michael Ashley Schulman, CFA, were quoted by Insurance NewsNet in an article—by Doug Bailey, “Financial advisors weigh in: What to do if you win the $1 billion lottery”—regarding what you should do first if you win the Mega Millions lottery: a happy thought indeed. The article was also picked up by BusinessNews.
Quoted article excerpts are below:
“Don’t rush to claim the prize,” says Michael Ashley Schulman, CFA, chief investment officer for a multifamily wealth management office in Southern California. “But do check how much time you have to claim it.”
“You want to make it as difficult as possible for unwanted people to come out of the woodwork and find you,” he said.
Schulman advises taking some time to plan what you want and determine priorities.
“Maybe take a little vacation before making huge decisions,” he said. “Lean on your professional financial advisor or multifamily office for guidance and to handle outside requests.”
Before claiming your prize, he advises hiring or speaking with reputable professionals that can help and guide you such as a financial advisor who is a fiduciary that puts your interest first, an estate planning attorney for wills and trusts, a CPA to advise on accounting, or a multifamily office that combines and coordinates all those services under one roof.
Disclosure: The opinions expressed are those of Running Point Capital Advisors, LLC (Running Point) and are subject to change without notice. The opinions referenced are as of the date of publication, may be modified due to changes in the market or economic conditions, and may not necessarily come to pass. Forward-looking statements cannot be guaranteed. Running Point is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Running Point’s investment advisory services and fees can be found in its Form ADV Part 2, which is available upon request. RP-22-47
