If I were Filthy Rich
By Curious_Werewolf5881+23 How much do you need to do and decide before you can claim your winnings?
I just have so many questions and would love to be able to take my time making decisions after I win. But I would also be anxious to get my hands on some money. Do you have to make a whole s-ton of plans and arrangements for what you are going to do with your money before you can start the process of claiming it? Or can you make just a couple major ones, like see a lawyer or financial planner or whatever, set up a trust to claim the money, and then claim it? Then while it's processing or whatever you can meet with more people and make more decisions, but you could take your time to think over the things that come up that you'll have to consider?
Recent responses
+12 @ObjectiveProof7952 An attorney makes the most logical sense for the first move. A financial planner would likely also be important if you want to do some tax strategies. Typically there is a 24% Federal tax withholding immediately however the total Federal tax due would be 37% so a financial planner might be able to help you better benefit with the other 13% in taxes you would owe.
+11 @PirateKilt Quick side note... varies from state to state, but in most of them, winners are looking at about 4-8 weeks of the Lottery Commission doing an investigation before the winner gets their money from *Them*. That said, your legal and financial team should be able to easily secure a short term loan/LoC from your planned Institution for the deposit... You planning to drop $200M into a Bank's funds greatly inspires them to help you out with an easy up-front $500k line of credit, so you can get all the initial costs (Legal/financial team retainers, etc) and a bit of celebration cash while you wait on the state to decide that you actually did, in fact, win and they need to pay you.