Best Financial Advisor Lottery Winnings in 2023
Best Financial Advisor Lottery Winnings in 2023
If you’ve won the lottery in 2023, it’s essential to understand the best way to manage and plan for your newfound wealth.
Proper planning is essential for anyone lucky enough to win a large sum of money.
While saving for the future is important, it’s also important to enjoy the present.
Just do it wisely.
Steps to take before claiming the lottery winner prize.
Keep the winning ticket in a safe place!
Consult a financial advisor.
Although many resources are available to lottery winners, consulting with a professional who can provide advice tailored to your situation is essential.
An independent and fiduciary financial adviser can help you devise a plan for investing your winnings and assist you in setting up a long-term financial plan.
A financial advisor will give you better insight into whether you can achieve your long-term objectives, such as living a certain lifestyle or gifting a large amount to charity.
It will also help you to plan for and focus on short-term objectives, such as renovating your home or helping family members.
Lottery winners should spend some time in a “decision-free zone” to think about what they’d like to achieve with their winnings.
The planner can help you determine a safe spending rate for your windfall and discuss some issues you may not have considered, such as the need for more liability insurance (since you’re now a bigger lawsuit target) and a plan to pay for long-term care.
The advisor you want won’t be found at your doorstep or in your email box, begging for your business.
The best planners are too busy advising to run after lottery winners.
Change Your Address and Go Unlisted
Get your team in place, keep quiet, and don’t tell anybody.
You can tell your immediate family, but as soon as word gets out your life is going to change, and you don’t want your life to change unless you’re ready for the change.
Once word gets out, you are going to hear from a lot of people.
Charities, causes, friends, long-lost family members, work acquaintances, investment advisors, you name it – you will hear from them all.
Change your phone number to a new, unlisted one, and get a post office box for your mail.
A lottery win of life-changing proportions calls for a team of experts.
In addition to the financial advisor, a lottery winner often hires an attorney and an accountant.
The attorney is needed for matters such as preparing a trust to protect the winnings from publicity, while the accountant can mitigate the inevitable tax bite.
The financial advisor’s role is to assess your financial goals and prepare an investment plan that will help accomplish them.
Winning a Lottery can solve some problems while bringing many new ones.
A financial advisor can answer a winner’s questions about keeping a winning ticket safe, assembling a team of experts, maintaining anonymity, opting for a lump sum or annual payout, minimizing taxes, supporting loved ones and charities, avoiding shady investment schemes, and preparing a long-term investment and financial plan to make the most of the unexpected bounty.
Best Financial Advisor Lottery Winnings in 2023
It’s not easy for people to change their lives.
There are many reasons to consider Mintco Financial.
Here are just a few:
Independent – That means we can make decisions that are appropriate for you, not what a company or their policies dictates.
Registered Investment Adviser – Our firm serves as a fiduciary, putting your interests first.
Team – Working to provide top-notch service. We’re large enough to have all products and studies/tables, but not so big that you’re lost in an impersonal sea of clients and advisors.
Comprehensive – We offer comprehensive, holistic planning aligned to help meet your specific needs and wants in areas such as investments, retirement, risk assessment, estate planning, and taxes.
Experience – Our team has well over 100 years of combined experience in providing personal financial advice and support to our clients.
Knowledge – We are dedicated to continued professional growth through educating ourselves and studying best practices. Our diverse background of professional designations allows us to explore different perspectives to generate customized strategies for your financial situation.
Book a Call! 813-964-7100
Email us! info@mintcofinancial.com
www.MintcoFinancial.com
