What to do if you win the lottery

0 votes
asked Apr 20, 2020 in 3D Segmentation by freemexy (47,810 points)

Chances are 1 in almost 175,000,000 for winning the Powerball, which is about 60,000 times less likely than being struck by lightning in your lifetime. Nor is playing the lottery a sound financial plan. Most of us, however, have probably taken a moment to daydream about what we'd do with a spare $100 million. In reality, if you did get very, very lucky, financial experts (and former winners) have some advice for what to do when you win the lottery.Get more news about 菲律宾彩票包网平台,you can vist loto98.com

Before turning in the winning ticket
Secure your ticket. Make several copies of both sides to show your new lawyer and/or accountant (see below), and then lock the actual ticket away in a bank safe deposit box or a secure personal safe. Once you have a team of advisors in place, have them look over the rules and contract before you sign the original ticket—in some cases, signing your ticket might prevent you from creating a blind trust later.
Take a deep breath and take your time. You have a set amount of time to turn in your ticket, so don't run off to the lottery office first thing the next morning. Let yourself calm down, and then set to work carefully forming your team and plans before you contact the lottery officials.
Protect your privacy. As tempting as it may be to shout it from the rooftops and throw a huge "I won the lottery!" party, keep it as much to yourself as possible, especially before turning in your ticket. Some lotteries will require you to make your name public, give interviews, or show up at a press conference. If so, be sure to change your phone number and set up a new P.O. box beforehand to avoid being inundated with requests. You may also consider forming a blind trust through your attorney to anonymously receive the money, keeping your name out of the spotlight.
Put together a crack team. You're going to need a lawyer, accountant, and financial advisor who have experience with large financial windfalls—finding them should be one of your first steps before you claim your money.
Make a general plan. Before you start forming specific financial plans with your advisors, step back and think big-picture about what you want from this money. Write down your personal, financial, lifestyle, family, and charity goals, and return to that plan later to help keep things on the right track for the long run.
Lump sum or annuities? One of the first decisions you and your team will have to make is whether to take your winnings in one lump sum (usually around 60% of the total value) or have it paid out to you annually over a period of time . Long-term investments take financial wisdom and restraint, but with careful planning, you may be able to grow your lump-sum winnings larger than the future annuity payments would have been. However, if you need some structural help to keep from overspending too quickly, an annual payout is a solid, responsible way to make sure you'll continue to have income through most of your adult life.
Plan for beyond. Sadly, winning the lottery is unlikely to also make you immortal. Work with your team right away to sort out your estate planning, including your will, so your family is taken care of if something happens to you.

Please log in or register to answer this question.

Welcome to Bioimagingcore Q&A, where you can ask questions and receive answers from other members of the community.
...