Lottery Lawyer’s advices for jackpot winner. Part 1
You think if you won the lottery, now you’ll never have to worry about money?
Believe me, it’s not true.
It’s good if you know how to spend money and know how to distribute it. In this case, you have enough money for a long time, and your children in the future will not have financial problems. But when you get your jackpot, immediately appear many vultures, which are often able to pull out your money. So part after part from your winnings will stay a couple of dollars. This is only part of the problem when a person spends money on other investments and requests. In most cases, winners squander a fortune on their own hobbies and entertainment.
A spokesman from the lottery in New York gives a couple of valuable tips. Once you have learned that became the proud owner of a ticket to the jackpot are not in a hurry to call family and friends. Immediately sign your ticket on the back. Thus, it will be fixed only for you and you can get money by presenting your documents. Otherwise, the ticket can steal, and if it is unsigned, it will be able to cash by anyone. Do not waste your opportunity.
Here you can read some rules not to have risks with your winnings. There many useful information about how to save your money or to make right investments.
1.If the rules allow by the lottery, try to remain like anonymous winner.
This is the correct rule, because it actually saves you money. When a lot of people know about your victory, they will try to ask you for money. It can be your friends, old friends, or organizations which want you to put them the money. For you are not being disturbed, check immediately whether you can remain anonymous when you win.
Some lotteries require winners to organize and have participation in the conference. Thus about the winner knows the whole country, because there involved television and the press. Other lottery leave this decision to the winner if he does not want the publicity, it is not an obligation. One of the advisers said that he has the winner which had an agreement with the lottery. In the agreement was stated that the lottery is not entitled to disclose his personal data, even the name.
Rules of the lottery have a special item. If you win the jackpot, you have 180 days to formally withdraw your money. Date registers on lottery tickets and since winning the time begins.
2. Carefully review the tax conditions.
Do it before you wish to cash a lottery ticket. You always have a choice; you can receive the money in installments. These 30 payments are for over 29 years. If you want to get all the money at once, then you need to pay the full amount of tax, as a financial planner says the state lottery. People often receive the money in installments, if they are afraid to spend it too quickly. In this case, it’s convenient, you get a small amount on a regular basis, so you can carefully plan its next to make money. But such payment has its drawbacks. Within a few years, your prize will be divided into small amounts. It may not be enough to pay for housing and to invest money in a profitable business.
There is another drawback. The amount that you divide into several payments has tax every receipt of money. If you die, your family will have to pay their own needs. In this case, you do not have time to take your money and not be able to provide a decent life for your children. To avoid this, people buy insurance; in the event of their death it covered taxes on payments of the remaining amounts.
So you can think about all the details and decide how you want to receive your winnings you and you have time. Terms lottery give winner 60 days to make a decision. At this time, the lottery provides you with a consultant to consult what type of payment is best.
3. Try not to change your life in too drastic changes.
The first few months after winning the lottery, people often make these drastic changes. They buy a home in another country, dismissed from their jobs. More immediately want to buy a luxury car and build a huge villa with a swimming pool. When you take your winnings, divide the money to properly distribute them for over several years.
Financial planner from California advises not to do large purchases in the first months. If you want to buy are new house in another area, do not rush with such a decision. To begin with there rent housing and then you take the right decision. If you urgently need a car, do not rush to buy luxury, budget car purchase.
4. Pay all your debts and loans.
The best value for money is considered payment of accounts and closure of all debts. No matter what it is a duty; even it’s a mortgage or other debt. In our time, the yield is not too high, and people are looking for ways to compromise so as not to need the necessary things. You can not be sure of rise or fall of the dollar, so the return debts and be quiet.