Lawyer Describes How Mega Millions Lottery Winners Can Safeguard Theirself

New: Lawyer Describes How Mega Millions Lottery Winners Can Safeguard Theirself

Lawyer Describes How Mega Millions Lottery Winners Can Safeguard Theirself

After there was no winner in the Mega Millions lottery on Tuesday, the pot went up to $630 million.


According to lawyer Andrew Stoltman, "whoever wins tomorrow's drawing will immediately be inundated with requests from financial advisers, con artists, friends, and relatives to invest." Stoltman has represented six lottery "losers" who lost their riches to various investment schemes.


The lottery losers' curse is an actual thing. Unfortunately, these "instant millionaires" frequently lack fundamental investing knowledge and expertise, which makes them the ideal candidates for con artists.


Following their major win, winners SHOULD take the following actions:


Purchase a safe and store the winning ticket there because the winner isn't officially declared the winner until the ticket is shown to lottery officials. The winner is, by law, out of luck if the ticket is lost or destroyed;

Avoid Telling Individuals Outside Of Immediate Family: Telling people outside of immediate family that you won the jackpot is the worst initial choice you can make. "Friends" and others looking to assist will emerge from nowhere;

Avoid Taking A Lump Sum: More than 90% of winners collect the lump sum payment right away. But it is preferable to hold off on taking it, at least initially. Spreading out the payouts enables the winner to learn and use investment lessons over time. If the winner will receive payouts for an additional 25 years, making a mistake with the first year's rewards is not fatal;

Create a team of financial experts right away that includes a CPA, attorney, and financial advisor. Recommendation from another expert: Few lottery winners are equipped to handle a windfall from their winnings. It is urgent that a skilled team be assembled. Each team must include a minimum of three professionals: a lawyer, a CPA, and a finance expert;

The winner must swiftly acquire some fundamental financial understanding despite having a financial staff. With this information, it is simpler to sift out "professionals" or other people who might try to con you;

Till a complete plan is in place, keep the money secure. According to Warren Buffet, "Rule number 1 is don't lose any money." The winnings should be deposited in a brokerage account with a reputable broker-dealer like Merrill Lynch or Goldman Sachs and should initially be invested in short term U.S. Treasuries until more specific investing decisions can be made because the amount is too large to be covered by FDIC insurance;

No Significant Choices for Six Months: A lotto winner may be tempted to quit their job, go on a mansion spree, or make other significant purchases right away. Don’t. Lottery winners typically make their worst decisions in their first few decisions;

Nobody to Trust The winner is most certainly the target of fraudsters, brokerage houses, and banks around the world. In the end, nobody can be relied upon. Everyone who has access to the funds should be under the scrutiny of many sets of eyes;

Get Off Social Media: For a very long time, the winner shall abstain from using Facebook, Twitter, and Snapchat;

For everyone's safety, basic precautions should be taken if you're running an office pool. Create a basic agreement detailing who is included in the pool and the amount invested. Have just ONE person gather the cash and purchase the tickets. Send emails to each other to ensure that the conversation is documented. Office pool winners and who was or was not in the pool are the subject of some of the nastiest legal lottery disputes; and

Lottery winners should be permitted to remain anonymous, but sadly, most jurisdictions insist that their names be made public. The laws should be altered to allow anonymous winners because this is a serious issue. The lottery is able to employ the winners as essentially paid salespeople by making it mandatory for winners to have their names made public. It takes advantage of the winners to increase ticket sales.

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