Lotterycodex Mathematics Meets The Lottery

How To Claim Your Big Prize

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Here are some pieces of advice for you on how to claim the grand prize:

Hire Professionals

David Quilty of Money Crashers recommends hiring a team of professionals.

You probably aren’t a tax attorney, a family planning attorney, or a licensed accountant. When you win a lottery jackpot, you need to surround yourself with professionals. Hire yourself a good attorney who is well-versed in financial issues, as well as a solid fee-based financial advisor and a CPA.

Read: What to Do if You Win the Lottery

Jason Kurland of TheLotteryLawyer.com recommends:

Then what you want to do is start hiring your professionals. You want to call a lawyer for sure—I am talking about if you win $1 million or more, you should do this stuff. Call an attorney, a financial planner, an accountant––that’s the team you’re gonna need. Obviously the bigger the jackpot, the more necessary it is to get a team like that. Get your team in place, keep quiet, and don’t tell anybody.

Read: A Lottery Lawyer Explains What You Should Do if You Hit the Jackpot

Robert Pagliarini of Pacifica Wealth says:

Find a good attorney to guide you through the initial steps and who can introduce you to others as needed. And at a minimum, you will also want a CPA and a Certified Financial Planner who have experience guiding clients who have received sudden money.

Read: Won the lottery? 6 things you should do before you claim your win

Take The Annuity or The Lump Sum

We are familiar with people who win big windfall from the lottery and then lose them so quickly. To preserve your fortune, Josh Barro of The New York Times recommends taking the annuity rather than the cash option for lottery winners. So, no matter what stupid decisions you make this year, you’ll have an enormous check waiting for you next year – all the way until the end of your annuity year.

Nick Holeman, a certified financial planner at Betterment, recommends taking the annuity option:

If you get a huge lump sum, it’s easier to make a mistake, whereas if you choose the annuity, then at least if you mess up and blow the first year’s worth, you have another chance.

Read: The smartest steps to take if you win the $700 million Powerball jackpot

Robert Pagliarini of Pacifica Wealth says:

You’ll want your accountant and financial advisor to review both options and discuss the pros and cons of each.

Remain Anonymous

Deborah Jacobs of Forbes recommends remaining anonymous if your state rules permit it.

Rules on winner publicity vary by state. In New York, for example, winners’ names are a public record. Elsewhere it may be possible to maintain your anonymity by setting up a trust or limited liability company to receive the winnings, says Beth C. Gamel, a CPA with Pillar Financial Advisors in Waltham, MA. A client of Gamel’s who won a past lottery did that, and had a lawyer claim the prize on behalf of the trust. In South Carolina, it’s also possible to remain anonymous.

Read 10 Things To Do When You Win The Lottery

 

Lotterycodex Mathematics Meets The Lottery

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Edvin Hiltner

I get a good grasp of mathematical theory through persistent learning. I get my inspirations from the works of Gerolamo Cardano and Renato Gianella in the fields of Combinatorics and Probability theory.

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