Life after winning the lottery may not stay glamorous forever. Whether they win $500 million or $1 million, about 70 percent of lotto winners lose or spend all that money in five years or less And you may get double taxed on your win, first when you receive it but also if it moves your tax rate higher you will get a further tax demand at the end of the tax year. All lottery winnings are considered taxable income in the United States, regardless of whether they are received as a lump sum or in multiple annual payments. The Mega Millions jackpot is now worth $530 million, making it the seventh-largest in the game's history. Here's what five experts, including Kevin O'Leary, Suze Orman and Mark Cuban, say to do if There you have it: a starting guide for what you should do if you win the lottery. Though your chances are astronomically small, if you ever find yourself winning a substantial fortune through the lottery, be sure to seek out the guidance of professional financial advisors who have your best interests in mind. Have you heard of Richard Lusting, and how he won seven times in the lottery for the past 2 years?Richard Lusting confess that he was buried in debt two years ago, but after winning a total of $1 Advice on What NOT to Do When You Win the Lottery Don't Announce Your Win. This should be obvious. Take it from Shane Missler, who won the Mega Millions jackpot and immediately posted about it on Facebook.It wasn't long before he was caught right in the middle of a social media scandal, with hundreds of people hounding him for handouts. Americans spend more than $70 billion on lottery tickets each year, but do you know what your options are if you win? Like us on Facebook to see similar stories Please give an overall site rating "The best thing that someone can do if they win the lottery is to first identify an attorney, an accountant, and a reputable financial adviser," explains Dock David Treece, financial analyst for You’re going to find that this sign you’re going to win the lottery is similar to most of the other “signs” on this page. It isn’t really a sign one way or the other. The lottery is entirely random, so it doesn’t matter whether you use a quick pick or some carefully chosen number derived from a system or from the birthdates of your If you win the lottery, you may need help managing your new fortune. It is critical to have a team of trusted advisors to help you manage an array of investment, accounting, tax and legal issues.
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