It is a well-documented fact that many people who suddenly become wealthy often lose that wealth almost as fast as they got it.

As Private Wealth points out in “The Downside Of Sudden Wealth,” the syndrome is not just due to quickly becoming wealthy. The syndrome refers to the common problem of people who become rich suddenly ending up with less wealth than they previously had.

There are several reasons for this phenomenon. The biggest, however, is that people who become suddenly wealthy do not always have the knowledge to handle their finances in a way that ensures there is always enough money coming in to cover obligations. For example, they might overextend on credit card or mortgage debt and not have the resources to service the debts when they have spent all of the money they received.

Knowing about sudden wealth syndrome is important if you are planning to leave a large inheritance to someone who has never before been wealthy. An estate planning attorney can help you to structure the inheritance in a way that makes the problems with sudden wealth less likely to occur.

Do You Need To Speak With An Attorney About Estate Planning?

If you need to speak with an experienced estate planning lawyer please contact us online or call us directly at 800.756.5596 to first register for one of our free, informative seminars. Your attendance will qualify you for a special discount for our estate planning services should you decide to make a free appointment at the conclusion of the seminar and choose to proceed with us. We proudly serve clients throughout California with offices in Torrance, Newport Beach, Orange, Woodland Hills and Pasadena.

Philip J. Kavesh
Nationally recognized attorney helping clients with customized estate planning guidance for over 40 years.
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