Questions in mind after winning the lottery?

Questions in mind after winning the lottery?Winning millions of dollars overnight isn’t always as perfect as the dream most people hold! To ensure a happy lottery experience, go through these frequently asked questions before claiming a jackpot and build your hassle-free lottery win! What are the 4 main questions to have in mind after you  have won the lottery?

What’s the first thing I should do after I win the lottery?

Sign the back of the ticket immediately. Every official state lottery has a validation process that establishes the legitimacy and ownership of winning tickets.

How long should I wait to collect my winnings?

The time period for claiming your lottery prize varies from state to state. But in general, it ranges between 90 to 365 days. Check your state’s timeline immediately after winning to make sure you are following the right rules. You need to claim your prize before the official deadline, otherwise, your winnings will be fortified.

Are there any tax redacted after wins

All lottery winnings are subjected to state and federal taxes. The percentage of your prize that will go to tax varies depending on your state of residency and the state that you bought your ticket in. **One special note on taxes is that the lottery commission may withhold a portion of your prize for taxes; however, this may not be the entire amount of your tax liability. Talk to your financial advisor to avoid difficulties.

What kind of help do I need before claiming my wins?

After signing your ticket, call your financial advisor, attorney, and accountant to develop a plan to protect, preserve and invest your newfound wealth safely. Each of these professionals provides a different service that you will need.

Winning a lottery jackpot is a dream for many of us. But getting a winning ticket is only part of making that dream come true. Lady Luck does not always favor you after she inks those numbers on your ticket. It is your personal efforts that ensure your grand win. 






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