Winning the lottery is the stuff of dreams, but holding onto the prize is just as important. That’s why it’s important to hire the right legal and financial team. An attorney with a solid reputation can help you claim your prize and structure your assets in the best way possible. You can also hire a financial advisor with a license to help you manage your investments and meet your financial life goals. After you win the lottery, you’ll likely receive multiple offers from various advisors, so don’t rush into choosing the wrong one.
The lump sum payment that lottery winners receive is less than the advertised jackpot and is taxable. However, you can invest it and make more money over time. Many lotteries offer annuity payments that increase in size with time. If you want to avoid paying taxes, you may want to consider these payments. However, you should keep in mind that these payments may not be enough to meet all your needs, especially if you’re already facing costly expenses. Therefore, you’ll need to make a financial plan as soon as you win the lottery.
The couple who won the lottery jackpot are now divorcing. They won the jackpot more than a year ago, and they have since become multimillionaires. It’s not easy to manage lottery winnings, but Pagliarini says there’s a lot to consider when estimating what a lottery winner might need.