|By Kathleen Lynn, The Record (Hackensack, N.J.)|
"This money is going to be a burden; it'll be a great blessing, but it's going to have weight that comes with it," said
Graf and other financial advisers interviewed on Tuesday said that Quezada, 44, should take his time to research and put together a team of trustworthy professionals — including an estate lawyer, accountant and wealth manager — to help him handle his stunning windfall.
"He's got to go with someone he trusts. He's got to go with someone who has a reputation and has been around a long time," said
She and the others said Quezada should interview a number of people and ask how these professionals are paid — for example, does a money manager take a percentage of the assets being managed, or commissions on investments? The lottery does not offer any financial advice or other help for winners, said
Drucker said Quezada has decided to take a lump sum payment of
Graf said he would recommend that the Quezada family change all their cellphone numbers to protect themselves from the entreaties of everyone they know (and many they don't know).
In investing, Quezada might want to spread the money among several different financial firms. He would also be advised to allocate it among a number of investments, like stocks, bonds and real estate, advisers say. That offers protection if one financial firm fails or one type of investment falters.
And Quezada has to ask some big questions. What does he want to do with his life now that he doesn't have to work?
"Everyone has to have a purpose," Graf said. "Once you get beyond the thrill of, 'I can go golfing whenever I want,' you have to find a purpose to life."
When his jackpot was announced, Quezada, a Dominican immigrant, said he wanted to help others.
If that's the case, Graf said, he may need to get professional help in focusing his charitable intent. He can't just write checks to people because "that opens you up to being taken advantage of," Graf said.
"This amount of money could support generations and generations of individuals," Orecchio said.
"The issue there is do you take away incentive and wind up with trust fund babies?" The answer, said Orecchio, might be a charitable foundation that involves Quezada's five children in helping others.
"His world is about to change in ways he doesn't even understand yet, good and bad," Orecchio said.
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|Source:||McClatchy-Tribune Information Services|