What Do You Do With The Money From Winning The Lottery from the Lottery Pimp

OK! You WON! Now What?

Congratulations on winning! But now comes the time to seriously think of what to do with all that money. Sure you can sock it away in a bank and live off of the interest, but there are other forces at work and you really need to watch your guard. Here are some tips to guide you through a leisurely lifestyle and also keeping the crazies away... and there will be crazies...

Please remember each ticket is a bearer instrument. Sign the back of your ticket for your protection!
Retain a quality lawyer. There will be some issues that may arise from your past (debts, unknown children...) it happens. Having a good lawyer on your side will help you adjust to your new status.
You may want to seek the advice of a financial professional concerning management options for your winnings. You lawyer does not qualify at this stage to manage money, only matters of law.
Tax laws are extremely complicated and are continually changing. Seek advice in this area from a professional tax accountant, tax attorney, or your financial planner. These professionals can create trusts for your assets which can provide for you and your family's future.
Check your financial advisor's credentials and complaint record prior to hiring them. Places to check would be: www.napfa.org, www.sec.gov, and www.bbb.org. Also check your local and state court online system for any history on that firm or individual.
Some winners have reported being solicited by charities. If you want information about any charity, you can contact them by phone or visit them online and email them your questions. Some charities have online payment processors that will produce a tax receipt. To lookup any charity got to: www.Charitynavigator.org.
Lottery winners may be at risk of identity theft. Careful control of your personal and banking information, as well as frequent review of your credit reports will help prevent identity theft. There are also several providers that offer a monitoring service of your credit.
Due to the publicity and popularity that surround lottery winners, it may be necessary to review and evaluate your personal security measures. Consider installing a home alarm system if you do not have one. There are a variety of companies that offer monitoring for a reasonable cost. Try to choose a reputable older firm that has guard response.
Consider placing your telephone number on the Federal No Call List, (888) 382-1222. Advise your phone service provider to have your number unlisted. If your number has been published you may want to change your number having the old one discontinued. Or - get a cellular phone and use that number only.
Beware of schemes to defraud. Please remember the best advice – "If it seems too good to be true, it probably is". There are several consumer protection websites that provide free information on the latest frauds, scams and schemes. Sites you may want to visit: www.ftc.gov and www.lookstoogoodtobetrue.com

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