If you win the billion-dollar lottery or receive some other massive inheritance, there are certainly some steps you can take to protect yourself and avoid some of the mistakes of other people who have received a massive windfall and have lost it all. Some experts in the financial industry recommend that the first thing you should do is stay anonymous.
Even though it might be a natural inclination to let everyone know that you’ve won a lottery or received a massive inheritance, your best move is to stay anonymous. You can choose to remain anonymous when winning the lottery in six states throughout the country, including Ohio, South Carolina, Maryland, Delaware, North Dakota, and Kansas.
California and other remaining powerful states require that winners publicly disclose their identity, including their city name and the prize amount. Using a blind trust could help you to accept your lottery prize while still giving you a layer of confidentiality.
When you receive any lump sum of money, you should get professional advice from a team of experts who can help you identify and structure your wealth management goals.
An advisory team for someone who has received a substantial inheritance or won the lottery includes, insurance professionals, estate planning attorneys, tax planning experts, an advisor to manage your investments, and possibly also a general financial advisor. This can help to chart out the ways that your life might change as a result of this inheritance or windfall, and how to approach it to best protect yourself. Speak with an estate lawyer to protect your current and future assets.