What to do first if you win the lotto
Protect your privacy and identity.
If you are take the.5 billion prize in a 930 million lump sum, and are unable to decide between now and year-end which charities to support, it may play blackjack free game be worth considering a donor-advised fund.You may be wealthy; however, you will need something to keep you busy and keep you from spending all of your newfound riches.All lottery winnings are considered taxable income in the United States, regardless of whether they are received as a lump sum or in multiple annual payments.Question What's kind of fee would an attorney to charge a wealthy lottery winner?You don't need to get into Harvard.Each lawyer sets his/her own fees.Kirsh, a financial planner in New York.Another issue to consider is whether taking an annuity will leave your family without the cash they need to pay estate tax if you die before the 30-year period is up, Kirsh says.Make a publicity plan.As it turns out, there are lawyers who specialize in the niche field of advising instant millionaires on how not to blow their windfalls.
This means theyre almost guaranteed to give you a return on what you invest.
If you had developed reasonable spending habits and make no changes on your lucky day, you will continue to have plenty of money for emergencies.
Question Where do I validate the legitimacy of an accountant or financial planner?If you want to be eligible for those tax benefits, the donation must be made in your name, not in someone elses.That person can also play the "bad guy declining requests from people or organizations for gifts that you don't want to make.You will want to do this before spending any money.And in case you cant, as a last resort wear dark glasses, change your dress style and use a disguise in every publicity photo.You may not earn as much back as with a riskier investment, but youll be able to breathe easy knowing you probably wont lose anything either.Just tell the lottery where you want the money sent.No one ever regretted having saved money in the long run.
In effect, the team you put together will function as your board of directors, Ely says.
Community Q A Search Add New Question Question What is the normal fee for a accountant or legal adviser to help set up a trust?