How to Safegaurd Your Millions if You Win the Lottery



Miamisburg -- A shot at $636 million has folks lining up for a chance at a Christmas miracle. We sat down with a financial advisor about how to protect your millions if you're the lucky ticket holder.Tuesday's ticket buying frenzy inflated the Mega Millions jackpot to $636 million! And if you have the winning ticket., you'll have important decisions to make besides what color Porsches to buy your family for Christmas.Investment advisor Joe Zaidain says before you think about making purchases, even before you turn the ticket in, you should sit down with a team of specialists.I want to get the attorney, the financial planner, sit down go through it, Zaidain, CPA at Miamisburg's MVZ Financial Planning explained Tuesday. Then I want to plan it out so I have the best use of those funds.I've got family. At this point, take care of family, Vandalia's Lionel Johnson, Jr. said while buying a ticket at Dixie Stop Tuesday.Not only can taking care of loved ones make you the favorite in the family, Zaiden says it can save you millions in taxes.I don't want to take the entire tax hit by myself because I'm going to be at the maximum level, so if we can split that income out., Zaidain continued.Family is one thing, but what if you are splitting millions amongst co-workers.We've bought 1$25 worth at work. A pool. And my daughter in Atlanta she's went out at bought $110 at work in a pool, Kurt Holdman, Butler Twp., said with a smile while buying more last minute tickets.If you're one of the millions of people in a lottery pool, safeguards are more important than ever.First as a group I would see an attorney. As a group, Zaidain advises.Experts say you should have a picture of the ticket. and documented correspondence of every individual involved.One of the budgets decisions your team of experts will help you determine is if you should select the $341 million cash payout., or the 30 annual payments.Just a hint...Zaidain says taking the cash lump sum is a safer and more sound financial choice.

Comments

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