I'm a tax attorney and here are the 10 actions you NEED to do after winning the lottery
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Mark J. Kohler wears many hats – CPA, attorney, best-selling author, podcaster, radio show host, and YouTuber.
But above all, he says,” I'm here to help you protect your hard-earned money.”
“At our law firm, we specialize in assisting clients in managing and preserving their wealth.”
In this video, Mark shares 10 crucial tips for those lucky individuals who might be on the verge of winning a significant sum of money, such as the Powerball or lottery jackpot.
It's a fascinating journey, and these guidelines will help you make the most of your newfound wealth while safeguarding it for the future.
So let's dive into these valuable insights to secure your financial future, and don’t forget to watch the video for much more detail.
Guidelines for Handling a Lottery Win:
1. Keep it a Secret: Don't tell anyone about your win right away, not even your mom. The fewer people who know, the better.
2. Secure a Picture of the Ticket: Take a picture of the ticket (front and back) and save it in a secure location, like your Google Cloud or email, to avoid losing it.
3. Rent a Safe Deposit Box: The next morning, rent a safe deposit box to safeguard your ticket without telling anyone.
4. Journal Everything: Document every detail of your journey to buying the winning ticket. This includes conversations, choices, and interactions related to the lottery ticket.
5. Get a Burner Phone: Acquire a burner throwaway phone discreetly to maintain privacy and avoid exposing your real identity.
6. Rent an Airbnb or Hotel Under an Alias: Rent a place to stay under an alias to escape the immediate media frenzy. Using an alias provides an extra layer of anonymity.
7. Reveal Your Win to Close Family: Notify your closest family members, sharing your burner phone number if needed. Appoint one of them as a point person to minimize your contact information spreading.
8. Consult a Lawyer and Tax Advisor: Reach out to a lawyer and a tax advisor. These professionals will assist you in navigating the legal and financial aspects of your winnings.
9. Create a Trust Structure: Consider using trust structures for your assets to protect your wealth and maintain privacy.
10. Decide How to Claim Your Prize: When you're ready, decide whether to take the lump sum or annuity, and follow the necessary steps for the claiming process.
Remember, the key is to maintain discretion, protect your wealth, and seek professional advice to ensure your winnings are handled wisely.
