Win the lottery? What to do and not to do when you suddenly receive a ton of money

[longknife]

Isn’t it amazing how quickly some lottery winners end up broke?

Do pay off your debt

Don’t tell the world [especially your distant family]

Do invest

Don’t radically change your life

Do figure out a plan

Don’t forget about taxes

Do choose the right accounts to protect your money

Making your money last

All of the details @ Win the lottery? What to do and not to do when you suddenly receive a ton of money

 

[Billy_Kinetta]

If big money -

Don't tell anyone. Not even family outside the immediate. Don't tell the kids.

Get an attorney.

Get a financial advisor.

Get an accountant.

Get a tax consultant.

Don't sign the ticket. Set up a trust under an arbitrary name to receive the money.

When your machine is set up, only then send your legal reps to collect.

 

[Wyatt earp]

If big money -

Don't tell anyone. Not even family outside the immediate. Don't tell the kids.

Get an attorney.

Get a financial advisor.

Get an accountant.

Get a tax consultant.

Don't sign the ticket. Set up a trust under an arbitrary name to receive the money.

When your machine is set up, only then send your legal reps to collect.

sign me as your benefactor

 

[S.J.]

I'll put mine into houses and lots.

Whore houses and lots of liquor.

 

[Bruce_T_Laney]

Isn’t it amazing how quickly some lottery winners end up broke?

Do pay off your debt

Don’t tell the world [especially your distant family]

Do invest

Don’t radically change your life

Do figure out a plan

Don’t forget about taxes

Do choose the right accounts to protect your money

Making your money last

All of the details @ Win the lottery? What to do and not to do when you suddenly receive a ton of money

Let say I won six million in the Lotto... ( after Taxes )

I would set it up where per month I draw ten thousand dollars which is one hundred-twenty thousand dollars a year which would take me fifty years to spend.

If you need more than that to live on then you are living beyond your means...

 

[my2¢]

Good advice, longknife. Stuff that is adaptable to more than lottery winners. First that comes to mind (and closely similar) are athletes I've read about that gained riches only to lose it all and gone bust. But even way down on my financial scale, good stuff to have instilled in sons and daughters before they head out into the real world.

 

[martybegan]

Isn’t it amazing how quickly some lottery winners end up broke?

Do pay off your debt

Don’t tell the world [especially your distant family]

Do invest

Don’t radically change your life

Do figure out a plan

Don’t forget about taxes

Do choose the right accounts to protect your money

Making your money last

All of the details @ Win the lottery? What to do and not to do when you suddenly receive a ton of money

Getting a lawyer who is skilled at Trusts is the first key step.

If it was one of those over 20-30 million hits, I would keep 1/2 myself and divide the rest equally between my immediate family.

That serves two goals, it first takes care of those closest to me, and it also gives more targets for my more distant relatives to gun for.

 

[harmonica]

pay off debt?? why??