What to Do If You Win the Lottery?

Winning the lottery seems like you never have to worry about anything ever again, but before you can take that lavish vacation or buy your dream home, there are some very important steps you need to take.

#1- Don’t Tell Anyone

Don’t tell anyone until everything is straightened out and maybe even then keep the group of people who know small and carefully thought out.

#2- Make a Copy of the Ticket

Make a copy of the ticket and/or take a selfie with the ticket.

#3- Keep it Safe

Go to the bank and put it in a safety deposit box. The person who holds the ticket owns it. So, if you lose it or someone steals it, it’s theirs.

#4- Talk to an Estate Planning Attorney, then a Finacial Advisor

Go talk to an Estate Planning Attorney and create an estate plan. In certain states, including Ohio, you can sign a blind trust so no one knows who owns it.

With this sum of money, you need to have an accountability coach. A good financial advisor should be able to set up a budget and income plan and help you avoid certain tax issues.

*You only have 180 days to claim your prize!

#5- How Do You Want to Claim?

Then you need to figure out how you want to claim your money. Do you want the lump sum, or do you want the annuity over time? This should depend on how good you are with money. If you are great with money, go for the lump sum. If you are not great with money, the annuity will help your money last longer.

The annuity prize amount gets paid out over 26 or 29 years, depending on which one we’re talking about.

#6- Set a Budget

Even though you’re richer than you ever thought imaginable, you still need a budget!

Learn More About Financial Planning

If you hit the lottery or you’re just dreaming big and found yourself here, our team is here to help! Kevin Walker is licensed in all 50 states to give financial advice. Contact us today to learn more about financial planning for all aspects of your life!

Why Choose Great Lakes for Estate Planning Help?

With our cumulative years of experience as financial advisors, we have worked with many Estate Planning Attorneys. While working with us on your retirement plan, we can refer you to many great local Estate Planning Attorneys so you can secure your savings and help prevent any headaches for your loved ones.