Winning the Grand Prix PowerBall: How to protect yourself financially if you win the lottery

the The award of $ 1.79 billion from PowerBallThe estimated cash value is $ 820.6 million, winning on Saturday after the tickets match Missouri and Texas with the winning numbers.

Experts say that those who win the grand prize will need a team of professionals – from a comprehensive peace agreement to a lawyer and a wealth director – to deal properly with their sudden treatment.

Mark C. White, wealth advisor and administrative partner of KARPF, White & Associates Weal Management, for Fox Business that the presence of a strong team in its place “is very important” given that anyone with an experience in all areas needed to manage the sudden wealth.

“CPA can help move in tax effects, the lawyer can advise for funds and legal protection, and wealth manager can create an investment strategy specifically designed for long -term goals. This team helps together to ensure that nothing and avoid costly errors,” said White.

PowerBall tickets sold in Missouri and Texas win the grand prize of $ 1.79 billion

Andrew Mims, founder of Oak Group Real Estate Planning Company, said that the winners of the lottery will need a specialized lawyer specifically in funds and real estate planning. He added that the winners should not feel rushing and that there is no need to claim the award immediately.

The first step, I advised MIMS, is to sign the back of the ticket to prevent anyone else from claiming it, and then store it safely in a place where it will not be damaged.

Mims said that establishing confidence is the best way to demand a lottery prize, as it helps protect both privacy and assets. The claim through confidence can keep the special identity of the winner, even in the states that usually require the winners publicly.

Using confidence and investment wisely or placing money in the annual installments also can also help prevent the winners from excess spending very quickly. By doing this, money will be protected for future generations, according to MIMS.

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“The last thing you want is to be in wisdom with your new profits or, if something happens to you, to pass money to friends or their loved ones who may detonate them or make bad decisions,” Memes said, adding that “you can avoid this by preparing confidence with the rules in force in terms of how and and When money can be spent.“

The lottery has sent inaccurate notifications about the huge gains to the “thousands”

White said that the choice between a cut amount and the pension is a “very personal” decision. The broken amount provides flexibility and allows the winners to invest their money immediately, which can double their wealth over time. But someone deals with this option needs “strict discipline and careful planning,” according to White.

The option of installments, which provides guaranteed income over many years, can be a protection against excess or mismanagement, according to White. The correct option is due to the individual’s financial habits, Tax considerations And general goals.

White said the reason for many of the lottery winners is that they hadn’t had a plan. Some of the most common mistakes include excessive spending without a budget, failure to calculate taxes, make bad investments or speculate or benefit from them by friends, acquaintances, or even unqualified advisers, according to White.

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Mims also said it is important for the winners to understand the nuances of the award. For example, the winners must realize that the money will be imposed significantly on both levels of the state and federalism.

“Don’t plan just as you have the full amount, because a large part of the gains will go to taxes,” Memes said.