Talk To These Five People If You Win The Lottery
It’s one of the nation’s largest lottery jackpots. As of this writing, the Mega Millions Jackpot now sits at $1.35 billion. A number of people are putting their hats in the bag for a chance at becoming an instant millionaire, no matter how far-fetched it may seem. The experts say the chances of winning the Mega Millions is 1 out of 302,575,350.
But, nonetheless, many will anxiously wait to see the winning five numbers when they are drawn Friday, January 13 at 11 pm. In the meantime, have you given any real thought to what you’ll do if you do win the jackpot? The experts say first things first. You will need to sign the back of the ticket. The New York Lottery spokesman tells Forbes magazine that whoever signs the ticket and presents a photo ID can claim the prize. So if you lose the ticket before signing, you’ve lost the loot.
The next course of action is a critical piece to maintaining your fortune. Experts say you should build a team that should consist of these experts.
Financial Planner
Experts say a certified financial planner (CFP) can help you with managing your instant wealth. Spending it on that fancy ride or buying an extravagant home may not be the wisest money move. A financial planner can assist you with making sound financial decisions. For example, they may likely encourage you to pay off debts, like a credit card or mortgage. There is no better investment plan than getting rid of debt.
Attorney
With your sudden surge of wealth, it may be more difficult to know who you can trust. That’s why financial planning experts suggest you choose your own lawyer, accountant and investment advisor and require them to work together. Forbes magazine advises contacting the Financial Industry Regulatory Authority for attorneys or insurance agents. There you can learn if any complaints have been filed against them.
For trust and estate lawyers, check with the American College of Trust and Estate Counsel.
Accountant
A Certified Public Accountant (CPA) can be an invaluable addition to your team when it comes to handling your new cash. The CPA can assist you in determining how you will take your prize money. Will it be in installments or in one lump-sum? And since you will be taxed on your earnings (amount varies by state), a CPA can advise you on any tax implications. You can search for a CPA through the American Institute of CPA’s.
You have 60 days from the time you claim your lottery prize to weigh the pros and cons. During this time, ask advisors to crunch the numbers and help you decide which type of payment suits you best.
Charitable Organization
You’ve heard the saying – “To much is given, much is required.” Many believe a part of winning is also giving. Giving some of your winnings to a charitable organization is also a tax-write off. Experts suggest you already determine a charitable organization before cashing in your ticket.
Communications Person
Since you’ll be the talk of the town, every media outlet will likely want to interview you. It’ll be important to have a communications person secured to help you field phone calls, interviews, etc. from the media.
