What If I Win The Lottery

Texas Lottery Anonymous

The odds for winning the lottery are one in a million or a hundred million depending on the ticket you buy. That’s why some winners lose their minds when it dawns on them just how much money they have made after winning a lottery. But there are certain things you need to do when you win the lottery to protect your money and family. 

Double Check Then Sign

Double check the numbers at least three times before you start celebrating. You can also visit the website and verify that your ticket has the same numbers and has the correct drawing date. It would be extremely embarrassing if you start celebrating and then end up realizing that you did not win anything.  If indeed you are the winner, sign the ticket on the back and make sure the signature is clear. 

Just beside the signature write your full name in small letters. Then photocopy the front and back of the ticket. Hide the original ticket in a safe place and only use the copy. Talk to a lawyer if you are not sure how to sign the ticket or are thinking of claiming the price in the name of a trust.

 Keep It A Secret

What If I Win The LotteryUnderstandably, the first thing you will feel is the urge to run out and announce to the world that you are rich. Spreading the word about you winnings will only make the media come after you, and they will be unrelenting. Another thing that may happen is that people you don’t know or have not met for years will start claiming they are close friends. Even charities may approach you to make a donation. The best thing to do is just tell your closest family and friends, and ask them to keep the whole thing a secret.

You Need Professionals

Call a lawyer the moment you know that you have won the lottery. A skilled estate planning lawyer can help you plan your estate and help you create trusts to protect your privacy. An experienced lawyer can use legal techniques that will save you millions of dollars in taxes. If you win the lottery while you are in debt, your lawyer can help protect your winnings from creditors and government agencies that want to collect all or part of your winnings. There are other complicated and interrelated aspects of state and federal tax law, estate planning, and asset protection that your lawyer can help you deal with successfully. Other professionals like Financial planners and accountants can show you how to spend your money responsibly.

You May Need To Leave Town

Once the media knows you are the winner, they will scrutinize every aspect of your life putting you and your family in a very uncomfortable position. Even when you do all you can do to remain anonymous, opportunistic individuals may leak your identity to the media. So start making plans to leave town on the day you claim your price. You can leave town for a few days until everything calms down. An experienced attorney can act as your spokesperson when you are out of town.

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