This blog often talks about the need for older Florida residents to plan for the future. And while those estate planning decisions are definitely necessary, what about the people who suddenly come into a great amount of wealth and don't know what to do about it? Luckily many of the decisions that need to be made are the same.

Many times we hear stories of lottery winners or children who come into a large inheritance blowing the money within a few years. One of the most paramount decisions that advisers recommend is to wait before making any large purchases. Take the time to make a plan and consult with experienced financial advisers.

Another important safeguard to take is to be wary of loaning too much money to relatives or investing in schemes that sound too good to be true. A financial adviser recommends letting the adviser play the bad guy to family members.

And perhaps most important is to begin or update the estate planning process. Make sure awards to beneficiaries are up to date. Plan for the estate tax bill that could hit your heirs. Appoint a power of attorney who is responsible enough to make financial decisions on your behalf if you become incapacitated.

There are several strategies to employ to minimize the tax burden on children and other heirs. One kind of trust is called a "credit shelter" trust, which allows a surviving spouse can draw on any interest that the trust gains. After the surviving spouse dies, the remaining assets in the trust are awarded to beneficiaries.

Source: Wall Street Journal, "Too Rich, Too Soon," Jessica Silver-Greenberg, Feb. 25, 2012