To avoid the all-too-familiar pitfalls, start by building an experienced team, including an accountant, financial advisor and an attorney to protect the money and your best interests.
"Money can be a taboo subject in a lot of families, which means it rarely gets discussed," said Ajaie Albert, communications director of Lotto N Crowd, an online lottery service. As a result, many people don't"have a firm understanding of how money can work for you."
Then,"do nothing," Johnson at Windfall Advisors said."I wouldn't recommend making any major purchases or changes to their lifestyle until they come up with a financial plan."or money market account, Johnson advised.
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