Tips from past lottery winners, experts: Don't talk about it
We all like to dream -- so imagine for a minute you win one of those giant Mega Millions or Powerball jackpots and it's you picking up that oversized check. What do you do with all that money?Get more news about 彩票免费包网
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Well, keep a low profile, it seems.
In 2016, Newsday called more than 50 past lottery winners and few decided to comment. That might have been strategic.Ted Agrillo, a Bethpage financial planner who said he works with clients with large inheritances, recommends individuals who come into money stay out of the spotlight.
“You’re going to get the attention, but don’t bring it on to yourself,” he said. “Don’t be telling second cousins and such.”
The state lottery is required to release the names and towns of winners, and some of Long Island’s top winners choose to set up a trust or LLC or use their initials to mask their identities, records show.
Some of the winners reached by Newsday said they tried to downplay any media coverage to protect their families, especially if they had young children, from friends and relatives seeking money.Susan Quigley, a financial planner based in Garden City, said she often works with clients who come into large sums of money quickly.The first thing you should do is get a good financial adviser, accountant and a lawyer,” said Richard Satnick, of Huntington Station, who won $7 million playing Lotto on Christmas Eve in 1999.
An adviser will help you set up a long-term plan and investments, an accountant will help you track that money and make sure the taxes are paid and a lawyer is going to guide you around legal pitfalls. And it’s important that group be trusted and well-recommended -- following bad financial advice is a mistake a lot of people who come into money make, Agrillo said.
When Victoria Ragone, of East Northport, found out she won $9 million playing Lotto in 2001, her first stop wasn’t to the New York Lottery.
“I spoke to my financial adviser before I did anything, before I even claimed my ticket,” she said. “Then we decided what to do with the money.”Quigley said it’s important to take a step back and think about the best use for the money.
“There’s so many things you want to do, but there’s so many areas of taxes and estate planning that people haven’t thought about because they haven’t had these dollar amounts,” she said.
Ragone said her financial planning and accounting team helped her set up a system to manage the funds, which includes paying her taxes on a quarterly basis.And a great bonus to having a financial planning team, Quigley said, is they can act as the “bad guys” when someone asks for a cut of your winnings.
“Say ‘Oh I don’t know, my planner and attorney have all this money tied up, I don’t understand it. Call her if you want,’ ” Quigley said. “Have us run defense for you.