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Additional Details
TIM:
if you don't know the answer why did you answer the question? to get points?
some people are bound to know the answer.
MR MULTICULTURALR... |
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mkj1478 | What steps should a person take if they won a large sum of money pehaps in the lottery? |
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Bob W
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First step, adopt me! :)
Depending on how large the sum is, I agree with everyone else that you'd want to seek the advice of a good lawyer. Hopefully they could put you in touch with a reputable CPA/Financial Advisor/Tax Specialist. |
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afrend
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I'm not particularly religious, but the first thing I would do is to thank god! I would also make one or more charitable contributions. I'd invest it in a "safe" fixed income investment and semi-retire, (work because I wanted to, not because I would have to). |
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kldavis1013
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1. Find a good accountant 2. Wait patiently for the $ (like 6 weeks) 3. Expect that they will take about 40% right off the bat in taxes 4. pay off all your debt 6. Invest in a house and some property 5. help out your family/friends/community 6. Take several LONG vacations...to where ever you've ever wanted to go. |
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woodspwns
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Take the time to read this, it's a very interesting article:
http://moneycentral.msn.com/content/Retirementandwills/Escapetheratrace/P47348.asp |
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animperfectvessel
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Well wait a few days to pick it up, you need to let yourself get used to it. Most need to get reasonable again, ones brain would surely be short circuited mine would. Wait till you get from buying that huge space, to a better saner decision then acquire a good reasonable lawyer to help you plan. If its large enough you can live off the interest have it a long time and live long and prosper. And tell few people till that is done. Ditto to the charitable contributions Thank God, then get it safe,get that lawyer, then donate at least 15% to a your local church or community outreach. |
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eyebtired
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If you're talking many millions, and you're not a whiz with investments, taxes, and the law, I would hire a good tax attorney or CPA and a good investment adviser. Then I'd secretly leave my residence with the few belongings that really mean anything to me, and I'd move to a place where all of my new-found "friends" couldn't find me. |
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thedoc64118
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The smart thing to do is to speak with a representative from a Primerica office that may be near you somewhere. Most people go broke after winning the lottery, and Primerica would help you to prevent that. Hiring a CPA or a tax guy or some goof off the street is too expensive. Primerica will help without having to pay. |
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John Blaze
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1) Write your will.
2) Buy Life Insurance.
3) Buy a house (If you don't have one)
4) Buy a car (If you don't have one)
5) Quit your job (If you have one)
6) Buy Health Insurance
7) Buy Identity Theft Insurance
8) Buy Kidnapping Insurance
9) Install an Alarm System at your house and car
10) Invest 50% of your money in a business (With the help of a retired CEO of a Public Company) and 50% of you money in the stock market (With the help of a Wealth Management Firm)
11) Spend only 50% of your profits every year. (That way you will have more money every year, as opposed to less money every year) |
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awwdamncrap
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agree on seeking advice. and should make a sizeable donation to a needed charity |
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justcurious
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Most large banks and investment companies have a Wealth Management Department which handle large fortunes. They are licensed and trained to handle your "problem" and can take care of the details. |
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bk501
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first go to your lawyer, then to an accountant.
Most lottery winners go bankrupt because they don't know how to handle money.Don't forget to allociate money for education and old age |
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