If you win the lottery jackpot, here are 5 things to do ASAP
If you win tonight’s $750 Million Powerball Jackpot (the 6th largest in history), or Friday’s $560 Million Mega Millions ($1.3 Billion combined), here are 5 things to do ASAP:
1) NEVER sign the ticket until you get up a trust to protect your assets, and confirm that you can accept the millions anonymously (only 16 states allow this)
2) Hire these 7 professionals:
• Tax Attorney
• Financial advisor
• Estate planning attorney
• Personal assistant
Here is why you NEED each:
Essential to provide legal advice & protect your interests.
They will help you understand the fine print & navigate any legal issues with your win.
They can also assist with setting up trusts, maintaining privacy, and providing advice on legal obligations.
With a large amount of wealth comes the potential for threats to your personal safety.
You might be a target of crime or scams.
A security professional or firm can help protect you, your family, and your assets.
The amount of money you’ve won will likely have significant implications for your finances.
An accountant can help you manage these funds, making sure your money is in the right places and helping you understand the potential impact of your financial decisions.
2d) Tax Attorney:
Taxes on lottery winnings can be incredibly complicated and vary widely depending on where you live.
A tax attorney can help you navigate these complexities and ensure you are abiding by all relevant laws, potentially saving you significant amounts of money.
2e) Financial Advisor:
A financial advisor can provide advice on how to invest and grow your wealth.
They can help you develop a long-term financial plan, navigate the complexities of investing, and manage your money effectively.
2f) Estate Planning Attorney:
An estate planning attorney can help you plan for the future.
This includes creating a will, setting up trusts, planning for estate taxes, and making decisions about the distribution of your assets in the event of your death.
2g) A personal assistant:
A personal assistant can help you with your day-to-day tasks.
They can help manage many aspects of your life — from scheduling appointments, running errands, travel arrangements to restaurant bookings, event planning, and personal shopping.
3) Make copies of the ticket (and hide it somewhere safe)
Make both digital & print copies of the ticket (on both sides)
Protect the ticket somewhere safe in case you lose the original
Keep digital copies of the ticket in encrypted cloud storage and an external drive
4) NEVER tell anyone so you don’t become a victim of robbery, extortion, or death
5) Do these 3 things to go private (because 70% of lottery winners end up broke and 33% declare bankruptcy)
• Delete social media
• Change your address
• Get a new phone number and e-mail address
A) 12 states allow you to remain anonymous:
• North Dakota
• New Jersey
• South Carolina
Colorado, Connecticut, Massachusetts, and Vermont, allow you to claim through a trust.
B) The 3 most common Powerball numbers for the red Powerball in the last 7 years are:
• 45 times: #24
• 42 times: #18
• 36 times: #4
C) The 5 most common main numbers to be drawn on the 5 white balls for the past 7 years are:
• 78 times: #61
• 77 times: #32
• 73 times: #63
• 73 times: #21
• 72 times: #69
D) The top 5 biggest US lottery jackpots are:
• $1.9 billion Nov. 5, 2022
• $1.6 billion Jan. 13, 2016
• $1.5 billion Oct. 23, 2018
• $1.3 billion July 29, 2022
• $1.0 billion Jan. 22, 2021
When you win, what’s the first thing you’re doing?
If you enjoyed reading this, follow me here on Medium and like/ clap for this article! Connect with me on all social media platforms:
FREE Weekly Newsletter: TheFinanceNewsletter.com
Facebook Page: Facebook.com/FluentInFinance
Facebook Group: Facebook.com/Groups/FinanceTalk
Reddit Community: r/FluentInFinance