What is the first thing to do when you win the lottery?

  • Protect Your Ticket.
  • Don't Rush to Claim Your Prize.
  • Don't Quit Your Job or Spread News of Your Good Fortune.
  • Hire Professionals.
  • Change Your Address & Go Unlisted.
  • Taking the Lump-Sum Payout.
  • Taking the Long-Term Payout.
  • Consult With the Professionals You Hired.
  • Can I remain anonymous if I win the lottery?

    You can't remain anonymous. California makes public the name of the winner and the location where the ticket was bought. Even if you create a trust to claim the prize, your name will be revealed. You are not, however, required to show up for the press conference and the photo with the large check.

    Can you give family money if you win the lottery?

    Each person can give away, during life or at death, a certain amount of property before the tax kicks in. So by claiming the lottery winnings as a family partnership, a winner can claim that they are not making a taxable gift, because it was a family investment. This could save millions in gift taxes.

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    Should I hire a financial advisor if I win the lottery?

    The best financial advisor for lottery winners will work with you even before you receive the money. They will be a critical resource to help prepare you for the money and help you create a comprehensive financial plan.

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