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6 Things to Know About the Lottery

By Gerry W. Beyer

Lottery2

Winning the lottery may sound like easy money, but takingcharge of a windfall can be hard work. Here are six things you should know:

  1. Winningis a long shot.  The odds of winningthe Powerball jackpot are around one in 175 million.
  2. Your lifewill become more complicated.  Somefind themselves working a whole lot more while others watch their lives fallapart.
  3. You willbe famous.  Only five states allowwinners to collect rewards anonymously. In all others, you will become a target for scammers and strangers.
  4. Assemblean A-team.  Winners will at the veryleast now need an investment adviser, insurance expert, estate-planning lawyer,and CPA.
  5. Choosewisely.  Some winners have a choicebetween a lump-sum payment or yearly disbursements.  Each has its own pros and cons.
  6. Don’t actlike Santa.  Giving out handouts towhoever asks can wreak havoc on relationships and bank accounts.  Consider setting up a trust instead to act asa buffer.

See SusannahSnider, 6 Things You Must Know AboutWinning the Lottery, Kiplinger, November 2013.

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Estate Planning - Generally