What to Do After Winning the Lottery
Imagine winning the $590.5 Powerball jackpot. What would you do next? The first thing any serious winner should do is sign the ticket, next they should phone a lawyer and an accountant.
Recently the Associated Press asked over 20 financial advisers how winners should proceed.
They all advised assembling a team of advisers as a first step.
Stuart Goldberg, a Tallahassee based estate and tax lawyer said, “You don’t need a financial planner immediately, because you don’t have the check in your hand. You need the lawyer before you need the financial planner because you’ve got to get all the necessary legal work done as quickly as possible.”
The legal work involved can include setting up trust funds, updating wills, receiving advice on how to claim the money and working out if anyone else may be entitled to a share.
The vice president of investments for The 360 Wealth Management Group of Raymond James in Tampa agrees that a lawyer should be the first move and be present for any talks with financial planners.
So if you’re lucky enough to win the next big jackpot, be sure to get on the phone to a lawyer as soon as possible.