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Managing Your Lottery Winnings

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Were you one of the three lucky ticket holders that won the massive Powerball drawing this week? Unless you live in the town of Melbourne Beach where one of the winning tickets was sold, you probably missed out.  Although the drawing is over, the Powerball isn’t going anywhere and there are other Florida lotteries going on that you can participate in.

If you were to win a future lottery, would you know what steps to take afterward?

You may be aware that you can claim winnings as either annuity payments or a lump sum, after taxes.  With all of the money you now have, it’s imperative to take the proper steps to manage your millions of dollars in winnings.

For starters, you may wish to consult with someone such as a Miami tax attorney who can help guide you on what you need to do when it comes time to do your taxes for the following year and avoid any legal issues with the Internal Revenue Service.

Another thing to strongly consider is developing an estate plan so that your money will be taken care of exactly as you plan.  Remember that in the event of an unforeseen situation such as death, failure to have an estate plan in place will mean that your millions in winnings will end up in probate court and could be given to someone that you may not even know or would rather not receive your money.

This update is brought to you by South Florida law firm Bauer Brofsky, a Florida estate planning and probate assets attorney.  Some of our areas of practice include estate planning as well as criminal law, tax planning, personal injury and real estate law.  Call 305-712-7979 for a case evaluation or for any questions you may have.

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