WBEN asked the advice of a local financial adviser what advice he'd offer to people who are suddenly dealing with larger sums of money.
Sit down with a financial adviser, a certified-public accountant (CPA), or even an estate-planning attorney and develop a plan, says Greg Merkle, a financial adviser with FSC Securities.
"The first thing you do is not go spend it, but sit down with qualified people before you touch it [the money] and decide whether you want the money ... some of it taxable, tax-deferred, or even possibly tax free," he says.
Merkle recommends seeking the help, no matter what the financial situation had been before the extra money.
"Even if were somebody that had some type of a plan, you still sit down because it's money that hasn't been part of the original plan, but once the plan changes, possibly the goal could also change," Merkle says.
He says plan could involve an immediate annuity to supplement an individual's income, and possibly putting it in a plan to guarantee children or grandchildren some income at their retirement.