Updated Wednesday, September 2, 2015 as of 2:25 AM ET

Planning for a Cash Windfall

When it comes to money, everybodyís just a little bit crazy. Thatís one of the reasons that Cicily Maton, founder of Aequus Wealth Management Resources, has a clinical psychologist on staff.

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Comments (1)
I would add to the list of concerns Identity Theft, and especially that which might have been in the planning by criminals just prior to the receipt of the winfall. Some winfalls, like business sales, inheritances, and ESPECIALLY realty closings are easy for criminals to anticipate and plan electronic compromising or scams. In particular, real estate development closings can even be almost precisely timed for illicit access to bank accounts because, not only is the sale publicly posted within a few days of the closing, the sales process might even be public, such as with zoning changes and the like (some development deals are contingent upon zoning and site plan approval at the county or city level and these are public proceedings enabling the criminal to exactly or almost exactly know the timing of the deposit to the recipient's account. Identity Theft insurance will not replace the money; it monitors and closes accounts that trigger access alerts. Money ceases to be the payers or escrow's responsibility upon transfer or handing over a check. Therefore, the only way I can think of to protect the deposit, is to have the client establish a new account immediately prior to the impending deposit, and make the passwords or other security features totally different from existing accounts. The follow-up should have already ben planned: Have the client make transfers from the newly funded account asap after it is funded (one transfer for investing, another for cash reserve, another for mortgage payoff, etc.). If there are better or supplemental strategies, I'd love to learn of them.
Posted by Dan G | Friday, August 22 2014 at 11:12AM ET
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