There are ways to mitigate this. First, never tell anyone you won. Find attorney who works with big winners and set up trust funds for people you want to give money too. Set up trust for you and partner. DO NOT go out and start buying. Don't take the money until everything is set. The minute you claim you can't do any of the above. Be smart. I knew a man in early 30's who won a couple million. Broke within 4 years.
There are ways to mitigate this. First, never tell anyone you won. Find attorney who works with big winners and set up trust funds for people you want to give money too. Set up trust for you and partner. DO NOT go out and start buying. Don't take the money until everything is set. The minute you claim you can't do any of the above. Be smart. I knew a man in early 30's who won a couple million. Broke within 4 years.
ReplyDeleteDon't worry about taxes, the state and fed will take their cut before you ever see a dime of the winnings.
ReplyDeleteThey don't take all of it. Then your tax bracket goes up and you pay some more. Point is lottery winnings should be nontaxable.
DeleteSome states do not tax lottery winnings, California oddly enough is one of them.
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