What To Do After You Win A Huge Lottery! Video



Winning the Lottery


What are the steps youre 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 youre one of the super lucky ones to hit a huge jackpot!

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9 – Pick the Lump Sum or Annuity

Sometimes a little bit of self discipline can go a long long ways. Thats especially true for people who win the lottery. I mean, lets say you win a crap ton of money, like 200 million dollars….cue up the Dr. Evil 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, its wiser to take the annuity rather than a lump sum. Why?
Basically, its to protect yourself…….from yourself. Why do so many lottery winners go broke? Why do so many professional athletes go broke? Basically its just the fact that they spend more than they earned! The cash isnt forever. Basically, if you cant keep the same lifestyle after life-changing money, well, the annuity is probably the best option to take. It sounds like its an easy concept, live below your means, but its 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, lets be for real, the numbers dont lie. Or do what Id do, take the lump sum, and dont touch the principal and live off whatever the principal makes!

8 – Hire a Team
Mo money mo problems. Biggie wasnt lying! You definitely will want to hire a team of professionals to help you manage that money. Youll 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 its 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 lets 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 youll 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 its 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. Dont tell anyone that you won the lottery! First thing youll want to do is to set up a trust. Its a way to remain anonymous that way when people look up who won x lottery, they just see the trust..

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 upthe 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 annuityis probably the best option to take.It sounds like it’s an easy concept, live

below your means, but it’s harder than itsounds. An annuity is basically like letting the government

hold onto your winnings for a while and investit for you, without taxing the return on the

said investment. The annuity also continues AFTER you lie,

assuming you pass on to the afterlife within30 years of your winnings. So it becomes a part of your estate, and once

you die, your estate can take out a lump sumso the IRS can only tax the estate once. Of course, if you have insane self discipline

and you understand finance pretty well, thenyes, taking the lump sum makes much more sense

because, let’s be for real, the numbersdon’t lie.

Or do what I’d do, take the lump sum, and

don’t touch the principal and live off whateverthe 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 yournew 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 toknow when to say “no. ”You can simply let one person on your team

be the bad guy who decides when or when notto invest and be the one who says no. Your attorney and tax accountant will help

you set up and navigate all the legal hurdlesto protect your nest egg and minimize your

taxes, because let’s face it, who wantsto do that on their own with that type of

fortune when time is more valuable than moneyat that point?Every state has different lottery rules and

tax laws, so you’ll definitely want to talkto 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 lotof 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, theyjust see the trust.I mean think about it. Let’s say you win hundreds of millions of

dollars. Then people find out. Best case scenario, a bunch of your friends

and family start hitting you up to borrowmoney and it’s just really annoying. Worst case scenario?Shady business people constantly hound you

for to invest in their horrific business ideas.

Online scammers consistently try to cheat

you out of your money, or worse, people tryto blackmail you or even threaten to harm

your family for ransom.This all sounds crazy, but it’s all happened

before. First things first, sign the back of your

ticket. As lotto attorney Jason Kurland explains to

Vice, “technically whoever hands the ticketin is declared the winner. If you sign the back of it, you secure that

it’s yours. ”Okay, so there’s that.

Forbes contributor Robert Pagliarini, an expert

on sudden wealth, recently wrote about somethingcalled a “Claiming Trust.”This means that as the lottery winner, you

assign the ticket to a trust, which then claimsthe prize and holds it for a short period

of time. You then set up what’s called a bridge trust,

which ultimately transfers the money to you. All this may sound like a lot of headache,

but this “trust within a trust” methodshields winners from the public and other

people you don’t want to know. 6 Don’t Buy Anything…. for a while

Here’s where your self control and disciplinewill REALLY be tested.

If you win the lottery, don’t make any major

purchases that you wouldn’t normally makefor at least three months up to a year, and

that time period really varies from personto person.Really, it’s probably just best to do a

year. You gotta get used to the money, and let that

initial shock wear off. It’ll take awhile for everything to get

back to normal. But if all of the sudden you start living

this new fancy life, chock full of champagne,limos, and crazy expensive clothes and cars,

you’ll be setting yourself up for failure. I’m not even mentioning what the money can

do to your relationships, and how with a newflash lifestyle, people start to look at you

differently.

In other words, live your normal life for

a while.Keep your day job, stay in the same house,

and don’t deviate too far from your normalspending habits. Sure, maybe you’ll splurge on a nice dinner

a bit more often, but for the most part, themore you maintain your usual routine, the

better off you’ll be in the long run. 5 Pay Off Debts

If you have any debts, the first spendingyou should do with the money is to start paying

off all your debts if you have any. Credit Card bills, student loans, etc. Yep, even paying off your mortgage is smart,

unless your interest rate is ridiculouslylow and it’s lower than the return you’d

earn in some other investment.

That’s another discussion really.According to Forbes writer Deborah L Jacobs,

paying off your debt is really the best investmenta person can possibly make, and that’s something

I’d have to agree with. She said quote, “When you’ve paid down

a dollar of debt, that’s a dollar you nolonger owe. When you invest a dollar, you can’t be sure

whether it will grow or shrink. ”True!4 Make and Live on a Budget

Generally speaking, making a budget and abidingby it is a good practice to live by no matter

how much money you have. But when you suddenly win a whole bunch of

money, it can be easy to think that the moneycan just last forever, and not worry about

a budget at all.

The truth is, no matter how much money you

have, you’ll always have to manage it, andyou’ll always need to be smart with your

finances.By the way, you can totally spend some money

on yourself and friends after the initialwaiting period is over. It’s okay to take a vacation, buy a new

car, enjoy a fancy dinner now and again. The key is to figure out how you can make

the money last a lifetime, maybe more, andbasically, let the money work for you. Even with millions of dollars, it’s really

easy to light it on fire and blow througha few million in a very short time. Setting, weekly, monthly and yearly boundaries

will help you avoid the pitfalls of spendingtoo lavishly and burning through all of the

money.

Like I said earlier, the safest bet is to

not touch the principal for spending.Just think, you’ve made it this far without

spending crazy amounts of money, so why notkeep that going and save your newly acquired

fortune?3 Make the right picks

We’ve always been taught to invest our money. Let our money work for us. Let’s not forget, Warren Buffett made 99%

of his money AFTER he turned 50, because ofthe magic of compound interest on the hundreds

of millions he already made. However, you’ll want to avoid BAD investments. Now what exactly constitutes a bad investment?Hmmm, well if your friends suddenly start

coming up with new business ideas after youwin the lottery, chances are, it’s a really

bad investment.

In fact, most new businesses fail.You gotta invest your money and let your nest

egg grow, but you don’t need to swing forthe fences. Just like baseball, focus on solid contact

and you’ll hit a lot of singles and doubleswith some home runs mixed in. Matthew Goff, a Houston based financial advisor,

told Market Watch that lottery winners shoulddivest their fortunes after they set up an

annuity and pay their taxes. He recommends putting most of the money in

a short term corporate bonds. This alone can generate millions of dollars

every year.

There’s also a short term municipal bond,

that according to Goff, offers tax free incentivesand can generate additional hundreds of thousands

of dollars every year.Now I could go on and on with different ways

of investing the money, but the right investmentdepends on the investment goals of the individual. You just gotta make sure you have someone

who’s qualified helping you make the rightdecisions so you can reach your financial

goals. 2 No New Friends/Practice Saying No

If you happen to win the lottery one day,you’ll notice a very odd trend. You’ll suddenly have a lot of people who

wanna be friends with you all of a sudden. Now, it very well may be the case that they’re

drawn to your winning personality.

However, more often than not, these people

are after your money.Just don’t be their friends. CNBC reported in 2017 that lottery winners

are far more likely to file for bankruptcywithin three to five years than everyone else. One reason is that not only do new quote “friends”

appear, but existing friends and family memberstend to ask for money pretty often as well. And while it can be difficult to say “no”

you’re gonna have to get used at it. Remember that attorney Jason Kurland?Like he said.

.. let someone on your team be

the bearer of bad news. If you’re having a hard time saying no,

simply defer all of those decisions to thatperson and let them be the ones to turn your

friends down. After all, if someone only likes you for your

money, are they really your friends?And if you go broke you can’t help anyone. .

.including

yourself. 1 Set up Asset Protection Strategies

Even though I just went over practice sayingno, sometimes you’ll wanna say yes, but

just know that the times you do say yes, you’llprobably never see the money again, and just

be okay with that. Once you figure out who the most important

people to you are, and who you actually wannahelp, you’ll want to set up some sort of

long term asset protections plan. We’ve already discussed annuities and blind

trusts. But you may also wanna reconsider your will,

to ensure that whoever you picked to helpwill be able to get some of your money once

you pass on to the great beyond.

If you don’t even trust yourself, you can

set up something called an irrevocable trust,which turns control of the money over to the

trust, which shields you from outside influences.A great example of this would be an asset

protection trust, which you regain controlof years later. This insulates your money from creditors and

regulations that could adversely affect yourmoney. Here’s what’s next!. .

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