Published: 12:01, 06 April 2014 |
Updated: 09:05, 07 April 2014
But one Canterbury solicitor will be better equipped than most if her numbers ever come up.
Because Alexandra Gordon, who recently joined Furley Page in Canterbury, also sits on the advisory panel of Lotto and Euromillions operator Camelot and provides specialist advice on estate planning, including with regards to inheritance tax and wills, for lottery winners.
The 28-year-old law graduate from the University of Kent regularly advises winners and says many are still in a state of shock when she meets them.
She said: “Many just cannot believe what’s happened to them and haven’t spent a penny yet.
“Camelot offers the service, which includes financial advice, to those who win over £500,000. Many winners I have seen have been retired or approaching retirement.
“For people who have had modest incomes and even scrimped and saved all their lives, to suddenly have such a large amount of money is quite a shock.
“There are always those who will go out and buy their dream sports car straight away, but my job is to let them know all the implications of having that money.
“It is very important they understand inheritance tax rules and what could happen to their fortune if they die without leaving a will.
“For example, a single man who wins £3 million could end up paying £1 million in inheritance tax if he died.
“There are also significant tax implications to simply giving money away. Many people are quite shocked when you tell them, because they had no idea.”
“There are always those who will go out and buy their dream sports car straight away, but my job is to let them know all the implications of having that money" - Alexandra Gordon
Ms Gordon is a member of the Society of Trust and Estate Practitioners, and holds an advanced certificate in will preparation. She is is also studying to become a chartered tax adviser.
Harvey Barrett, partner and head of private client, trusts and estates for Furley Page, said: “Alexandra has an excellent understanding of the issues that clients face, and can guide them through what can often be a daunting and stressful time.
“We’re noticing higher demand for expert advice on planning for care, for example, which can be incredibly complicated.
"We’re also getting some clients who are going through their second or even third divorce, which makes tax planning and protecting assets even more challenging.”
Alexandra is also a legal adviser for the Kent Law Clinic, and mentors law students at the University of Kent.
She lives in Herne Bay with her husband, Robert, and is a keen netball player and committee member of the Canterbury and District Netball League.
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