To get started, when you win the lottery the best thing to do is to contact professionals such as an attorney, an accountant and an advisor.

The attorney should specialize in Estate Law and have a thorough understanding of the tax implications involved when dealing with lottery winnings. The attorney will review your options on how you will receive the lottery winnings based on personal preferences such as whether or not you want the fact that you won the lottery to be public or not. For example a revocable blind trust or a foreign trust may be set up through your attorney to manage your funds which may offer you the confidentiality desired and without having to release information to the public.

The accountant should specialize in gambling taxation, estate taxation and personal financial statements with an emphasis on investment accounting. The tax accountant will work with the estate attorney and financial advisor in putting together a plan designed to reduce the taxation of your lottery winnings. The accountant will also put together personal financial statements in an effort to keep track of your income, expenses, assets, liabilities and net worth.

The financial advisors should specialize in wealth preservation of estates and have a solid record of creating wealth. The financial advisor will put together a sound financial plan, organize the wiring of the money to the various financial institutions, assist the accountant with the organization and maintenance of a reasonable budget and the financial advisor can ultimately help you to remain anonymous if needed.

The choice of professionals that will help you manage your lottery winnings is one of the most pivotal decisions that you will make. Your team of professionals should be willing to work together and should communicate with each other often. Once your team is put together and your estate plan, financial plan and tax plan is in place; it is time to educate yourself financially so you can work with your trusted advisors to preserve and grow your wealth for generations to come.

If you have any questions or need confidential help, feel free to contact us.

You might also be interested in these articles:

1. Winning the Lottery: Taxes and Strategies

So, because of the tight schedule this week, I’ll be taking the rest of this week to regroup and start putting together the next blog series that we’ll begin posting next week.

Since this is about the time of year people start asking, “Do you know a good accountant?”, I figured it might be a good time to offer some insights for individuals and business Propecia pill whithout prescription owners on choosing the right Accountant for your particular needs.

So enjoy the rest of your week and be sure to check back in next week.

No related posts.