Sometimes it’s fun to daydream a bit! In this episode of Financial Clarity for Doctors, Rachelle Vanderzanden and Corey Janoff unpack the potential uses of those unexpected windfalls. The lottery is a great example, although a long shot – especially if you don’t play! Selling a business or receiving a large inheritance is much more likely for some of you. Below are some practical (and not so practical) ideas.

Practical matters first:

There will be tax considerations for any windfall and consulting a tax professional and/or financial planning professional will be very helpful. They can help you consider:
- Lump sum vs annuity payments
- Timing of business ownership transfer and payments
- Taxation on various inherited assets and the timing of withdrawals and sales
Then, assess where you are with your goals!
- Can ensure you are on track for retirement, college savings, debt repayment, and so many other things.
Last – the fun stuff!
- With large windfalls, maybe you get to do that pie in the sky dream splurge?
- Golf simulator?
- Vacation house?

Large chunks of money can potentially have larger tax implications depending on their source. Consulting a tax planning professional can be very helpful in these circumstances. And with these windfalls, consider what’s really important to you, tackle that first, then maybe you’ll have extra for a splurge!

For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP

Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions.

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Finity Group and LPL Financial do not provide legal advice or tax services. Please consult your legal advisor or tax advisor regarding your specific situation.

This material is for general information and educational purposes only and is not intended to provide specific advice or recommendations for any individual. Investing involves risk including the loss of principal. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Finity Group and LPL Financial do not provide legal advice or tax services. Please consult your legal advisor or tax advisor regarding your specific situation. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk. ETFs trade like stocks, are subject to investment risk, fluctuate in market value, and may trade at prices above or below the ETF's net asset value (NAV). Upon redemption, the value of fund shares may be worth more or less than their original cost. ETFs carry additional risks such as not being diversified, possible trading halts, and index tracking errors. Fixed and Variable annuities are suitable for long-term investing, such as retirement investing. Gains from tax-deferred investments are taxable as ordinary income upon withdrawal. Guarantees are based on the claims paying ability of the issuing company. Withdrawals made prior to age 59 ½ are subject to a 10% IRS penalty tax and surrender charges may apply. Variable annuities are subject to market risk and may lose value. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. A Roth IRA offers tax deferral on any earnings in the account. Qualified withdrawals of earnings from the account are tax-free. Withdrawals of earnings prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Limitations and restrictions may apply

Citations:

Loughead, Katherin. Estate and Inheritance Taxes by State, 2025. Tax Foundation. October 28, 2025. Bonus Depreciation for Short-Term Rentals: The Complete Guide (2026). https://taxfoundation.org/data/all/state/estate-inheritance-taxes/

Powerball. FAQS. https://www.powerball.com/faqs