What are the steps you’re supposed to take once you win the lottery?! I mean, everyone knows about getting someone who knows about money, but who EXACTLY are you supposed to get, and who else should be on your team?! Find out about all the proper steps you should be taking in case you’re one of the super lucky ones to hit a huge jackpot!
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Here are the steps to take after you win a huge lottery!
9 - Pick the Lump Sum or Annuity
Sometimes a little bit of self discipline can go a long long ways. That’s especially true for people who win the lottery. I mean, let’s say you win a crap ton of money, like 200 million dollars. Cue up the Dr. Evil laugh! But seriously, that qualifies as a life changing event. And while it would be tempting to cash the winning ticket for for 200 million dollars, well considerably less once the government takes their cut. Depending on who you are, it’s wiser to take the annuity rather than a lump sum. Why?
Basically, it’s to protect yourself…….from yourself. Why do so many lottery winners go broke? Why do so many professional athletes go broke? Basically it’s just the fact that they spend more than they earned! The cash isn’t forever. Basically, if you can’t keep the same lifestyle after life-changing money, well, the annuity is probably the best option to take. It sounds like it’s an easy concept, live below your means, but it’s harder than it sounds. An annuity is basically like letting the government hold onto your winnings for a while and invest it for you, without taxing the return on the said investment. The annuity also continues AFTER you lie, assuming you pass on to the afterlife within 30 years of your winnings. So it becomes a part of your estate, and once you die, your estate can take out a lump sum so the IRS can only tax the estate once.
Of course, if you have insane self-discipline and you understand finance pretty well, then yes, taking the lump sum makes much more sense because, let’s be for real, the numbers don’t lie. Or do what I’d do, take the lump sum, and don’t touch the principal and live off whatever the principal makes!
8 - Hire a Team
Mo money mo problems. Biggie wasn’t lying! You definitely will want to hire a team of professionals to help you manage that money. You’ll basically want an accountant, a fiduciary, and an attorney.
A fiduciary is obligated to give you objective advice about how to go about managing your new fortune. They can also be the “bad guy” along with your attorney. As Jason Kurland, an attorney who specializes in helping lotto winners explained to Vice News, people will come out of the woodwork to give all sorts of quote, “great investments” for you. A series of bad investments can drain your winnings pretty quickly and it’s hard to know when to say “no.” You can simply let one person on your team be the bad guy who decides when or when not to invest and be the one who says no.
Your attorney and tax accountant will help you set up and navigate all the legal hurdles to protect your nest egg and minimize your taxes, because let’s face it, who wants to do that on their own with that type of fortune when time is more valuable than money at that point? Every state has different lottery rules and tax laws, so you’ll definitely want to talk to someone who can specifically analyze your situation and give you the best advice possible. Hire that team, and make sure it’s not just your uncle Ted without any qualifications!
7 - Stay Anonymous
The easiest way to save yourself from a lot of trouble after winning a giant lottery is to stay as anonymous as possible. Don’t tell anyone that you won the lottery! First thing you’ll want to do is to set up a trust. It’s a way to remain anonymous that way when people look up who won x lottery, they just see the trust.
25 июн 2024
