Planning for the Suddenly Wealthy: Call in the SWATT Team

Coming into money can be both a blessing and a curse. Whether the client is a rookie professional athlete who just signed a multiyear, multi-million dollar contract; a young entertainer with a hit show and endorsements; the beneficiary of a trust that has terminated; a lottery winner; or the winner of a large verdict or settlement in a personal injury or divorce case, special attention from a team of professional advisors can avoid negative consequences from the windfall.

This article addresses why implementing a Sudden (or Substantial) Wealth Accumulation and Transmission Trust (SWATT) can mean the difference between the client enjoying lifelong comfort or ending up worse off financially than before the sudden wealth.