Weinstein & Randisi
Phone:585-310-1578
Toll free:800-768-1780

Resize the Content Text

Estate planning for your $1.4 billion Power Ball win

It's a blessing to win the lottery, but it can also be a curse. Winnings need to be managed carefully if you want them to last the rest of your life and provide for your family when you're gone. So, while we're all hoping that we win a billion-dollar jackpot from Power Ball, let's also hope that we manage our winnings wisely and don't end up blowing them all in one place.

The first thing you should do -- even before you win the lottery -- is to sign your ticket. By signing your ticket you claim official ownership of it and no one will be able to steal it from you after it becomes the big winner.

The second thing you should do is write down the names of the people you trust, right now -- not the people who try to gain your trust after your win, but the ones you trusted before your win. Your list will not be long. These people are less likely to only be in your life for the money.

Third, photocopy both sides of the ticket and put the original in a very safe place -- the safest would be at your bank in a safe deposit box. Although the chances are slim to have a fire in your home, the chances were even slimmer that you'd win the jackpot -- so don't press your luck in this regard. Keep that ticket safe.

Fourth, keep your mouth shut. Only tell your spouse if you win the lottery and don't tell anyone else -- only your new legal team who will help you manage your new funds. Don't tell your best friend, your mom or anybody else. Virtually everyone will be asking for money, and if they don't ask, they will secretly want it, so let the reality of your win sink in and solidify your financial plans before you spill the beans.

Fifth, get a financial planner, tax advisor and estate planner you can trust. A good tax advisor can help you save up to 5 percentage points on your tax bill. That equates to millions and millions of dollars. Furthermore, an estate planning professional will also help you plan your finances in a way that will preserve them for your heirs for many years to come.

Source: cleveland.com, "When you win the $1.4 billion Powerball lottery, here's what you should do," Teresa Dixon Murray, Jan. 12, 2016

No Comments

Leave a comment
Comment Information
  • I wanted to write to say how pleased my wife and I were at your professional handling of our estate planning and preparation of new wills. We were put at ease by your visit to our home for an interview and were pleased that you listened to us and captured the things that we felt were important.

    --Robert and Christine Simonson, Fairport
  • In order to finalize the documents we came to your office and were greeted in a very professional manner and we could not have asked for finer service. We left with copies of everything we needed and feel very confident our needs have been met. Thanks again. We will surely recommend you should the opportunity arise.

    — Christine and Robert Simonson, Fairport
  • I have been working with Weinstein & Randisi for about two years now. Elizabeth Randisi, through a very thorough process, has helped my wife and me determine what is really important in our lives. Thus, we were able to draft a living will that reflected our most important values regarding our estate.

    --David and Ajia Cherry, Fairport
  • I would like to give a testimony for Elizabeth Randisi, an estate attorney with Weinstein & Randisi. Her knowledge of wills and estate planning was clearly demonstrated in her presentation to us. Realizing our need for a will, my husband and I went to see Elizabeth.

    --Kathy and Gary Gray, Webster
  • Filing for Medicaid is never an easy or fun process. However, working with the Weinstein & Randisi firm made the process simple and streamlined. We were able to obtain all files and records regarding Medicaid enrollment within a few days using specially prepared checklists and verbiage recommended by our assigned paralegal.

    --Ajia and David Cherry, Fairport
Awarded Top 50 Estate Planning Blog
Email Us For a Response

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Blog Feed

Blog

Weinstein & Randisi - estate planning

290 Linden Oaks, Ste. 200
Rochester, NY 14625

Toll Free: 800-768-1780
Phone: 585-310-1578
Rochester Law Office Map

Map

Call us now for a free, 100% confidential consultation: