3 Things To Know About Winning The Lottery Video

Winning the Lottery

Just won Powerball or Mega Millions? Kiplinger’s David Muhlbaum tells you how to manage the jackpot wisely.

you won the lottery lucky that was a long shot the chances of hitting the Powerball jackpot are about one in a hundred and seventy five million but now it’s time to get to work I don’t mean your day job you can quit that if you want but being a lottery winner that is a smart watery winner take some doing here’s some Kiplinger wisdom to keep those winnings intact along with your family friends and sanity first of all you’re probably going to be famous while some states do let you claim winnings anonymously it’s going to be a top secret to keep even if you don’t post an oversize check above your head at a press conference you’re likely to become a target for scams lawsuits and requests for handouts so you’ll want to assemble an a team of advisers you’ve got a few months before you must cash in your ticket use that time to find an estate planning lawyers certified financial planner insurance expert accountant and maybe even a private banker to coordinate them all look for professionals who have handled more money than you just won they can help you choose between collecting your winnings as a lump sum taxes or receiving disbursements over 20 years or more there are pros and cons to each the lump sum should grow with smart investing and simplify estate planning down the road on the flip side disbursements mean that even if you make mistakes and blow money early some funds will keep coming and when you’ve got the money don’t play Santa Claus yes it’s tempting to hand out cash to whoever asks but that kind of charity can wreak havoc on relationships and your bank account setting up a trust or a family foundation can simplify the giving process and sometimes cash isn’t best your advisors can help you set up donations of tax smart assets you.


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