12 financial and legal tips to those who just won the biggest lottery prize

In the previous part, we asked you to fancy that you’ve won the biggest lottery prize in the world. Let’s say, 800 million dollars. Most likely, you were embarrassed when you tried to visualize that kind of Jackpot. It’s difficult to manage the amount of money that you can’t even imagine.

The typical lottery winner is an ordinary middle-aged man or woman. Most likely, he\she is a pensioner (like Gloria MacKenzie who scooped $ 655.000.000 in 2012), a housewife, a teacher, a public catering worker, a vendor, a factory worker, or a laboratory assistant.

Typical lottery winners

Mavis Wanczyk scooped $ 758.700.000 (the biggest lottery prize in history scooped by a sole winner) in August, 2017. Now she is much richer when Beyoncé, Kim Kardashian and Leonardo DiCaprio. The lucky winner has been working in а patient care for 32 years and never had that much money.

Mavis put on an old sports suit and sneakers when she came to claim her prize. She was embarrassed and frightened when she realized she had won a pocketful of money. Let’s be frank. You could stand there in front of soffits and flashes of cameras instead her. So, you must be prepared.

Here are some topical advice to you and other lottery winners who are lucky enough to win the biggest lottery prize ever. Here you can find the first batch of tips.

Legal advice for lottery winners

• Many lottery organizers will wish to publish your personal data. You should not allow this, on the grounds that such actions violate your right to confidentiality. If you can’t remain anonymous, try to camouflage when photographing for the media: sunglasses, a tied scarf, a hat, and baggy clothes will help you.
• Contact the lawyer immediately after you claim the Jackpot. You need to assess your legitimate capabilities in terms of maintaining bank accounts and dividing lottery prizes.
• Find an experienced tax advisor. Depending on your level of education, it may take up to one year to sort out all the tax nuances by yourself, so it is very important to find a highly qualified tax adviser that will act in your best interest.
• First of all, you will pay off debts, credits and debts. Before you buy all sorts of things, get rid of debt obligations.

Financial advice for lottery winners

• Determine the weekly/monthly/annual spending limit and promise not to exceed it. Otherwise, you will quickly spend most of the money on things you don’t even need. You should remember about it even if you possess the biggest lottery prizes in the world.
• Contact a reliable accountant or a financial advisor. You'd better do this before you start spending money. They will help you think through all the possible options and advise how to manage your prize most reasonably. Don’t be like Billie Bob Harrell, who won $ 31 million in Lotto Texas in 1997. The winner said he spent all his money on luxury property. Now the man regrets he didn’t turn to professionals for help.
• The financial adviser will discuss with you how much money you would like to spend, but how much to save, whether to invest money and if so, how. In addition, he will make a forecast of when you could leave your work.
• It’s very important to find an experienced consultant on property planning, who will not only help to save a certain amount of money for family and friends, but also create a charitable foundation and solve other important financial problems. Also, you don’t need to postpone the making of an inheritance.
• Use your team of advisers as protection from friends and relatives. The main purpose of having a team of consultants is to manage money intelligently. But you can also refer to your advisors when you have to defend yourself against relatives and friends. You can tell everyone who come to ask for money that access to your accounts is limited and you can’t draw on a bank, as everything must be decided together with the consultants.
• Create a trust for your children and grandchildren in a private bank.
• Remember, if you deal with an individual small bank, go directly to the top manager. In the case of large banks, go to the department that manages private finances for wealthy clients. There you will be offered more options; in addition, they are better versed in such details as confidentiality and security.
• Invest! Do you know the saying "to make money, you need money"? So, this is no longer an obstacle for you; you have money thanks for your lucky lottery tickets and by investing them intelligently you can even increase your financial well-being.