Lottery Winners & SUDDEN WEALTH RECIPIENTS
There are some Key things you should know if you win the lottery
If you have won the lottery and are feeling overwhelmed with the financial, legal, and tax issues, we want to reassure you that you are not alone. Most lottery winners are unsure of what to do. Thus, we have created a process specifically developed to provide you with immediate clarity into what you truly have as well as the critical steps you need to take now in order to protect and preserve your new wealth.
There’s gradual money and then there is sudden wealth. Most of us are used to gradual money, meaning we earn an income and build a nest egg over time. It’s a slow and steady process. As our net worth grows over the years, we adapt and slowly become more financially sophisticated. It’s like riding a smooth elevator. You’re steadily going up, but you hardly feel it.
Then there is sudden wealth. It’s like being on the ground floor of a 50-story building and shooting to the top floor in seconds. Sudden wealth means getting more money than you’re used to being responsible for, getting it all at once, and often feeling pushed outside of your normal financial comfort zone. Although you’re the same person you were the day before you received it, you are quickly thrust into a new and often uncomfortable situation. While sudden wealth can be life changing, for some it can cause anxiety, indecision, and fear in those who don’t surround themselves with the right people and don’t develop a sound and purposeful strategy.
The thrill of winning and the rush of emotions that follow can make it hard to make well-thought out decisions. Some of our clients have told us that their worlds felt like they were turned upside down – that they felt stuck and unsure what to do. That’s where we come in. We will research your options and help you make the most suitable decisions. We will get your legal, tax, and financial team in place so and help you understand all of your options
Here are just a few questions we will help you answer
- What are the benefits of setting up a trust?
- What types of trusts are potentially right for me?
- Should I have a plan before I claim the prize?
- Should I take the lump-sum amount or the annuity payments?
- Is it better to get the lump-sum and then use part of the money to invest in income generating structures?
- How can I make sure that I don’t run out of money?
- How can I protect my money from others?
- How can I invest to protect from losses, grow my money, and create income?
- What are some good ways to share my money with friends and family?
- How can I tell friends and family no?
- Can I afford to quit my job or sell/close my business?
- How should I deal with the media and the publicity?
- How can I use the money to improve my life and the lives of those I care about?
- What can I do to insure my children do not become spoiled, unmotivated, or “harmed” by the money?
- How can I pay as little tax as legally possible?
- How should I invest my lottery winnings in ways that other wealthy people do?
Vincent Private Wealth is known for providing guidance to lottery winners and has become the go-to resource for serving sudden wealth recipients. We are frequently called upon for insight into the financial and psychological issues related to navigating a lottery win or virtually any sudden wealth scenario.