People who are lucky enough to win the lottery don’t always know what to do afterwards. Previous lotto winners and numerous experts say one of the first things you should do is hire a team of professionals. Lawyers, tax planners and financial advisors are a few of the people you’ll want on your team. Here are some things these professionals can help you with.
Financial Advisors
According to an article written by Timothea Xi for thenest.com, “Financial planners are the workhorses of your team, the ones who’ll actually invest your money. These are the ones who recommend different investment vehicles and manage your portfolio.” These are the people who are going to help make your money work for you. They will put your cash in the investments they need to go so that you’ll truly be set up for the rest of your life. Make sure you research the right advisor for you. Check out ratings and reviews online. Hire someone who manages your money in a way that makes you feel comfortable.
Accountant
If you don’t have experience managing hundreds of thousands of dollars, you might want to hire an accountant. Timothea Xi writes, “A Certified Public Accountant is an invaluable addition to your team in the handling of your new cash. More specifically, she can take you through the tax implications of the lump sum or annuity payout options so that you can make a more informed decision on which to choose. Lottery winners have the choice of receiving one-time or sequential payments over time, which could have specific tax consequences.” You don’t want to mess around with taxes and other financial responsibilities that come with large influxes of cash. An accountant will be able to tell you how much money you can take each year to live off of if you choose to do so. They will also be able to assist you with paying your taxes and any other fees that you may need to pay.
Attorney
If you happen to win the lottery in your lifetime, hiring a lawyer is something you should seriously consider. Timothea Xi writes, “Entering the realm of new money can be an overwhelming experience for lottery winner. With the stress of fending off long-lost relatives and getting your taxes squared away, a lawyer or several may be, at the very least, a reassurance to you.” An attorney can help you in a number of different ways from taxes to estate planning.
Being the owner of a large sum of money can be incredibly overwhelming. In order to handle your funds in the smartest and most responsible way possible, hire professionals. You may find that you don’t need so many people to help you manage your money. Hire according to your comfort level. No matter how many people you decide to employ, they will be able to help you get your finances on the right track.