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ECIL | I didn't know it was up to $1B but then I don't mess with lottery tickets.
As Ron NE ILL alluded to, federal and possible state taxes will have to be paid first, and they will be pulled out of the winning total before you get your money. After that you will need to get used to the government version of "Me love you long time.".
Before you claim your ticket find out how long you can wait before turning it in. You will need the time to do according to AI:
Phase 1: Before you claim your prize
1. Secure your ticket and stay anonymous
Sign your ticket immediately. This proves you are the owner. In some cases, waiting to sign may allow a lawyer to create a blind trust to collect the prize anonymously on your behalf.
Keep your ticket safe. Make multiple copies of the front and back, then put the original in a secure location like a fireproof, waterproof home safe or a bank safe deposit box.
Stay quiet. Do not tell anyone, including friends and extended family, about your win until after you have claimed the money and built a plan.
Use a blind trust. Check if your state allows lottery winners to remain anonymous. If so, work with a lawyer to form a blind trust to claim the prize. This protects you from scams, unwanted attention, and requests for money.
2. Assemble your professional team
Hire a financial advisor: Choose a fiduciary advisor with experience in managing sudden wealth, which means they are legally required to act in your best interest. They will help you create a long-term plan for investment, budgeting, and asset protection.
Engage an estate-planning attorney: Your attorney can set up trusts to protect your identity, preserve your wealth, and minimize estate taxes. They can also help draft or update your will.
Find a tax specialist: A CPA or tax planner will help you navigate the significant federal and state taxes on your winnings, which can take a large portion of your prize.
On top of that I'd add that if your state doesn't allow anonymity set up a separate private address and phone number, maybe a box number and burner phone. Same with email. Stay off social media such as fakebook, instagram, etc. Go off grid as much as possible to avoid the shysters. | |
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$1 billion
