Best Financial Advisor for Lottery Winners
Best Financial Advisor for Lottery Winners
Start by confirming your win and understanding the tax on it.
Every country has a certain percentage of tax deducted from the lottery price (usually around 30%-40%).
Then go and get a lawyer.
Do not circumvent this the step of getting a lawyer at any cost.
Financial Advisor for Lottery Winners
After you do so, talk to a financial advisor and ask him/her about investment plans that can secure your future and give you double the returns.
This is one way how you can make money last forever. Also, ask the financial advisor if it is better to cash out the entire amount at once or in parts.
Lottery winners have two choices when it comes to receiving their winnings: they can take a lump sum, or have the payment distributed over time in the form of an annual payment (also called an annuity).
And while there are good arguments for either option, there’s no cut-and-dry way to determine which is better for you.
Why you need a lawyer if you win the Lottery
Now comes the claiming part.
Before you claim the money, you need to go back to the lawyer.
Make a trust that you are the executor.
Now without naming you, have the trust claim the winning money.
Remember to do all this only with the help of your lawyer as he/she will be able to guide you in every step and ensure that all the procedures are legally correct; so you don’t find yourself in some legal mess.
You have thus claimed your winning prize anonymously.
This will safeguard you from all the people chasing after you for the money.
Tips to Make the Most of your Lottery Windfall
-Take your time, and have a thought out financial plan for your winnings.
-Don’t forget about taxes, they will be huge on a million dollar jackpot.
-Make sure to work with a Fiduciary Financial Planner to help lead your team of financial professionals to maximize this win.
A fiduciary, by definition, is simply someone that must do what is in your best interests.
They must put your interests ahead of their own from a professional and personal perspective.
What to do with your Lottery money?
Think about what debts you should or should not pay right away.
Normally, it’s a good idea to pay off high interest debts such as credit cards.
The decision to pay off any mortgages is a little more involved.
How much you have available in funds, what is owed on the mortgage, how much equity is in the home, the interest rate on the loan, sources of income, and whether you have your own life insurance policy are all factors in this decision.
It is best to speak with a financial advisor to evaluate your finances before deciding whether to pay off mortgages.
Consulting with a financial advisor can also be helpful in understanding your assets, income, living expenses, and overall cash flow.
Winning the lottery provides the opportunity to better plan for current and future needs.
It can ensure financial stability and a better quality of life, if managed properly.
If financial analysis is not your strength, it is even more important to consult with experts.
If you decide to invest funds, do so wisely.
Consider whether your funds will remain fluid or locked in for a certain length of time.
Weigh the risk for different investment options.
Look out for hidden fees and charges for accessing your funds.
Investing can be a great way to increase your funds, but some investments are better than others.
Educating yourself on the pros and cons will help you make better investment decisions.
Advice for Lottery Winners : Finding self-control
The urge to spend is a huge problem.
People who come into large sums of money end up bankrupt.
My own research found that the average person in their 20s, 30s and 40s who was given an inheritance or large financial gift spent or lost half the money relatively quickly.
An 2011 paper found that people who won mid-sized prizes in the Florida lottery were more likely to file for bankruptcy than small lottery winners.
The data suggest it takes time and experience to radically adjust to a different lifestyle.
Dealing with loved ones and winning the Lottery
But a trickier issue is how to deal with relatives and friends.
Once you hit the jackpot, many people will likely come calling, even those you have not seen in years.
Suddenly, you’re the dearest person they know.
My suggestion is to make your friends, family and other loved ones as happy as possible.
And to do that, you could give them a share of your winnings – but research on money and happiness suggests not too much.
Psychologists Andrew Jebb, Louis Tay, Ed Diener and Shigehiro Oishi studied thousands of people around the world and found that having an income in North America of about $105,000 per year maximized happiness.
Getting more didn’t make people happier.
Based on this research, if you are going to dole out cash to your friends and family, keep it to about $100,000 per year for each person.
If you want to help people in your life for a long time, then buy them an annuity that pays $100,000 a year for the rest of their lives.
Giving them more may do more harm than good.
14 questions we will help you answer if you win the lottery: Mintco Financial Financial Advisor For Lottery Winners
- What are the benefits of setting up a blind trust?
• Should I have a plan before I claim the prize?
• Should I take the lump-sum amount or the annuity?
• Is it better to get the lump-sum and then use part of the money to buy an individual annuity?
• How can I make sure that I will always have enough money?
• How can I protect my money from others?
• What are some good ways to share my money with friends and family?
• How can I tell friends and family “no”?
• Can I afford to quit my job?
• How should I deal with the media and the publicity?
• How can I use the money to improve my life?
• What can I do to make sure my children do not become spoiled and unmotivated by the money?
• How can I pay as little tax as legally possible?
• How should I invest my lottery winnings?
With more than 20 years of experience as a financial advisor, I strive to make things simple.
I assist our clients in making important decisions about their future with strategies designed to help build wealth, control risk, and reduce or defer taxes.
Designing, implementing, and maintaining a solid investment plan is the foundation of our business.
I value lifelong relationships with our clients.
Contact us Today and schedule a meeting online at Call us at 813-964-7100
Email us info@mintcoFinancial.com