To Do List What Should I Do If I Receive a Large Sum of Money?				> Back to Article
		Here's a quick list of items you should make sure to address when dealing with your question or concern.

			Take a Deep Breath. Yes, you feel rich right now, but taxes can cut into that amount considerably. Don't take any rash steps until you've surveyed all your needs and options.
			Cover Short-term Needs. Use your good fortune to set up an emergency fund of up to six months' expenses and to pay off debts. Perhaps put aside additional amounts for short-term goals, such as a down payment on a house.
			Pay All Taxes. Retain a tax specialist to keep you on good terms with the Internal Revenue Service.
			Set Future Goals. You want this money to last you a long time, so it's essential to plan your investments carefully to meet future goals and anticipate expenses. A financial planner can be a big help with this often complex task of coming up with a financial game plan.
			Establish an Estate Plan. If you didn't have an estate plan before, now is a good time to consider how your assets will be distributed upon your death. If you already have one in place, your improved circumstances may call for a change in the provisions.

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