Are you one of the individuals who has been absolutely lucky enough to win the lottery? One of the biggest questions after winning the lottery is, “what’s next”? Previous lotto winners and experts say one of the first things you should do is hire a team. Hire a full committed team of lawyers, tax planners, CPAs) and financial advisors. These individuals are solid examples of a few of the people you’ll want on your team. Here are some things these professionals can help you with.
If you are one of the lucky lottery winners, hiring a lawyer is something you should seriously consider as soon as possible. An attorney can help you in a number of different ways from taxes to estate planning and even other deductibles.
Financial planners are the workers who will help to ensure that your money lasts as long as possible, they will actually invest your “earned” money. These are the individuals who recommend different investments as well as manage your financial 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.
This individual is one of the most important team members, If you don’t have experience or at least advanced skills managing hundreds of thousands of dollars, you might want to hire an accountant. A (CPA) Certified Public Accountant is an invaluable addition to your team. Specifically, they 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.
You’ve heard the saying “more money, more problems,” being the owner of a massive sum of money can be largely overwhelming. Do not get mixed up in your ways of handling the funds you just won. 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. Just don’t forget your part: to win the money.