What To Do If You Win The Lottery
By now everyone in the country has heard of the massive jackpot associated with this week’s Powerball drawing. It comes to no surprise that every lottery outlet in the states that sell Powerball have seen more and more people than ever. Castle Law Office wanted to make sure you know what to do if you are the lucky person that wins and becomes an instant billionaire.
Sign Your Ticket
Lottery tickets are like cash. The possessor is the owner.
Lottery Office Pool
If you are doing an office pool make sure everyone involved has a copy. Make a game plan on what you will do if you win as an office.
Get a Tax Attorney
Getting a tax attorney provides protection on what happens with the money and draws up legal documents on where the money will be divided.
Get a Financial Advisor
You can never be too organized when it comes to finances. If you win that kind of money people will take notice and it is best to make sure that you have a good grip on where it is and what you can do with it.
Other than your spouse, do not tell anyone. If you are in an office pool try to keep everyone quiet. Your life will change and you cannot anticipate how people are going to act. Keep a tight lid on your winnings.
Learn the Word No
It will be obvious that if you win the big jackpot you will have all kinds of people that claim to be your cousin or best friend. Tell them no. People that you are close to will always be close to you and you may decide to do something for them, but if they are an acquaintance make sure to use your best judgement.
Who Do You Trust
Write out a list of people you trust. This list will be fairly short. These are the people that you will consider sharing some of your jackpot with. If they are not on your trust list refer to the step called Learn the Word No.
Don’t Claim Your Ticket Immediately
You have 180 days to claim your prize. If you live in Kansas you can remain anonymous. Missouri requires you to come forward. Take as much of the 180 days as you can to get all your affairs in order with tax attorneys and accountants.
Be smart with your money. Invest it. Let’s face it you are rich. You won’t need to invest aggressively. Be smart and use very low risk investment strategies. Even though, these areas don’t provide the biggest interest rate, you won’t lose money on your investments. Using very conservative investments such as bonds, Mutual Funds, Savings Account, or CD’s.
In the end it’s your money if you are the winner, but the last thing you want to do is end up on a website for being a broke lottery winner. Please pay close attention to these steps if you are the winner. They will only help.
If you have been facing hard times financially. Castle Law Office can help. Call us at 816-842-6200, we would love to hear your story and get to know you. You can also email us here to give yourself a financial fresh start.