If I were Filthy Rich
By Charming-Teaching-19+35 How would you set your trust fund if you win?
Do you really need a estate lawyer before claiming or can you open a trust fund by yourself and a bank account at a private bank by yourself sign the ticket and than contact the estate planning lawyer and tax lawyer once you have the money in your hands. So you would not be so vulnerable to people stealing the ticket. Also making things faster.
I could only imagine the anxiety of waiting for the cash the check that can make you make mistakes. The people that say they will have it locked in a bank are really cold people. Most people won't be able to do it. They will feel anxious and sabotage their anonymous status. Potentially make mistakes when making financial decisions under the influence of adrenaline and cortisol.
I plan on having a meditation track we with affirmations you won the lottery. You can be calm. Follow the plan and everything will be alright.
So what would be the best plan for someone who wants to claim as soon as possible? What would be your plan?
Recent responses
+24 @LPNTed Call a lawyer. It's really that simple... Plus, even if you file the ticket with the lottery, it's going to take a month to three for the direct deposit to hit. Panicking that you need it sooner rather than a LITTLE BIT later is likely to cost you somewhere.. Remember that things worth doing, are worth doing right.
+20 @PickASwitch I don’t understand why people would want to do this alone. It’s like picking up a friend’s gun and firing in their backyard with no experience or training vs going to a range and getting instructions from someone who’s been shooting for decades and can keep you safe from shooting your toes off. This isn’t the time to get cheap and start penny pinching. Get a pro to help you from the very start.
+12 @thvggs **Set up a Revocable Living Trust** (before claiming the prize) * **Transfer lump sum (post-tax) into the trust** * This allows for investing, planning, and distributions on your terms. * **Create additional Irrevocable Trusts** (e.g., for heirs) * Start gifting under IRS rules ($18,000/year per recipient in 2024, or larger gifts using your lifetime exemption of \~$13.61M in 2024). * **Consider setting up an LLC owned by the trust** * Invest your money through this LLC to protect assets and manage liability.