Winner’s Curse: The Necessity of Estate Planning for Texas Lottery Winners
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Discusses the factors that affects estate planning for Texas lottery winners. Addresses certain tools to accomplish general lifetime objectives such as retirement income, income for disability, and ease of estate management in the case of incapacity. Also discusses how the recently passed American Taxpayer Relief Act of 2012 affects estate planning for these winners. Then examines the trusts and any tax concerns that winners should consider at the estate planning stage. Finally, makes a general recommendation that will optimally protect and preserve the wealth of the winners.