Winning the lottery is a life-changing event, but for two Wisconsin friends, it was also an opportunity to honor a decades-old promise. Thomas Cook and Joseph Feeney made a simple handshake agreement nearly 30 years ago that if either of them ever won the Powerball jackpot, they would split the winnings.

When Cook purchased a ticket that turned out to be worth $22 million, he didn’t hesitate to make good on that promise. After verifying the win with his wife, he called Feeney, who initially thought his friend was joking. But true to his word, Cook divided the prize, giving Feeney his share.

The pair chose the lump sum cash option, which came to about $16.7 million before taxes. After federal and state taxes, each friend took home roughly $5.7 million. Cook decided to retire from his job, joining Feeney, who had already retired from the fire department.

Rather than spending lavishly, both men expressed that their focus would be on enjoying time with family, traveling, and living comfortably. Their story is more than just about luck; it’s about trust, integrity, and following through on promises made long ago.

Estate Planning Lessons from an Unexpected Windfall

While most of us won’t win a multi-million-dollar jackpot, sudden financial gains, whether from an inheritance, business sale, or lottery win, can raise important questions about how to manage newfound wealth. This story reminds us of the value of having a plan in place before unexpected events occur.

For instance, a large windfall can impact tax obligations, retirement plans, and even family dynamics. Without proper estate planning, sudden wealth can become a source of stress instead of security. A Living Trust or updated Will can help ensure that assets are protected, distributed according to your wishes, and shielded from unnecessary legal complications.

Written agreements and clear documentation can help prevent any misunderstandings or disputes.

Key Takeaway

Whether your assets come from years of work, family inheritance, or sheer luck, having a comprehensive estate plan is essential. It ensures your wishes are carried out, reduces the burden on loved ones, and helps you make the most of your financial good fortune.

Ready to create or update your estate plan? The Estate Planning & Legacy Law Center can help you protect what matters most. Contact us today to schedule your consultation!