Steps to take to protect yourself after a big winPrev TopicNext Topic

• bondbuddy007

  

  United States
  Member #175,690
  June 30, 2016
  9 Posts
  Offline
  Jun 30, 2016, 7:56 pm

  ▲▼

  Hello,

  I am a regular reader of LP forums and news. I also look at the USA Mega analysis for MM and PB to see how much the winnings could be after taxes in each state.

  I joined today to make a first post. :)
  I have read many posts about how to be responsible with the winnings, do charity work, how to put together a team of lawyers + financial advisors + CPA + tax consultant etc.
  But i have not seen a list of specific actions to take that could help really protect oneself.

  How can you be safe as you go about the following:
  Assembling a team of financial advisors, lawyers, tax experts etc. How can you make sure you do not contact a scrupulous fella in those professions? Is there a list of professionals who have already had experience representing and helping a big winner?

  If you make a legal entity - llc or corp or something else -, what do you look for to make sure the beneficiary is really the winner? With all the legalese jargon, how can you protect yourself??

  Same goes for the financial advisor - almost all financial advisors make money from the investments they manage. What steps can you take to really ensure the investments are in your own interest and not to maximize the advisor's fees??

  Thanks
  Buddy
• LottoLucy

  

  United States
  Member #131,588
  August 14, 2012
  319 Posts
  Offline
  Jun 30, 2016, 8:22 pm

  ▲▼
  In response to bondbuddy007

  Quote: Originally posted by bondbuddy007 on Jun 30, 2016

  Hello,

  I am a regular reader of LP forums and news. I also look at the USA Mega analysis for MM and PB to see how much the winnings could be after taxes in each state.

  I joined today to make a first post. :)
  I have read many posts about how to be responsible with the winnings, do charity work, how to put together a team of lawyers + financial advisors + CPA + tax consultant etc.
  But i have not seen a list of specific actions to take that could help really protect oneself.

  How can you be safe as you go about the following:
  Assembling a team of financial advisors, lawyers, tax experts etc. How can you make sure you do not contact a scrupulous fella in those professions? Is there a list of professionals who have already had experience representing and helping a big winner?

  If you make a legal entity - llc or corp or something else -, what do you look for to make sure the beneficiary is really the winner? With all the legalese jargon, how can you protect yourself??

  Same goes for the financial advisor - almost all financial advisors make money from the investments they manage. What steps can you take to really ensure the investments are in your own interest and not to maximize the advisor's fees??

  Thanks
  Buddy

  Welcome Buddy!

  For your financial advisor make sure you go with a fee only advisor.  These people don't make commissions on anything they recommend.  They are paid solely by you and have a fiduciary responsibility to you, the client.

  The best way to assembly a team to guide you is research.  Who are the top estate and tax attorneys in your areas?  You can find this out by looking at resources such as US News and World Report where they rank law firms by area of practice.  There are other places that do rankings as well.  Who is active in the local bar association?  That might help narrow it down too.

  Above all, before you commit to anything, get a second opinion! Until you have built up a relationship with someone you trust have another lawyer or financial advisor look over any contracts, estate planning documents, investment opportunities the first professional recommends.

  Lotto Lucy
• bondbuddy007

  

  United States
  Member #175,690
  June 30, 2016
  9 Posts
  Offline
  Jun 30, 2016, 8:29 pm

  ▲▼

  Thank you LottoLucy.

  Good information.
• realtorjim

  

  United States
  Member #106,918
  February 27, 2011
  556 Posts
  Offline
  Jun 30, 2016, 9:05 pm

  ▲▼
  In response to LottoLucy

  Quote: Originally posted by LottoLucy on Jun 30, 2016

  Welcome Buddy!

  For your financial advisor make sure you go with a fee only advisor.  These people don't make commissions on anything they recommend.  They are paid solely by you and have a fiduciary responsibility to you, the client.

  The best way to assembly a team to guide you is research.  Who are the top estate and tax attorneys in your areas?  You can find this out by looking at resources such as US News and World Report where they rank law firms by area of practice.  There are other places that do rankings as well.  Who is active in the local bar association?  That might help narrow it down too.

  Above all, before you commit to anything, get a second opinion! Until you have built up a relationship with someone you trust have another lawyer or financial advisor look over any contracts, estate planning documents, investment opportunities the first professional recommends.

  Eloquently stated, LL. 

  Welcome as well, Buddy.

    I'm feeling a $312,000,000.00 jackpot win coming my way!