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Once you win the lottery, you can put those bad tickets and unlucky numbers in the past finally. But after you win how to deal with and claim the prize? This article helps you to know how to claim your prize and wisely use your windfall.



First step to do after winning:

Until you have the money, be quiet and do not tell anyone that you have won. Keep your privacy as long as possible. Before claiming your prize, read all the instructions carefully. There will be instructions on both the ticket agency’s website and on the lottery ticket. You can sign your name on the back o ticket unless the rules forbid it. You can make multiple copies of your ticket and deposit the original copy in a reputable bank. You want to know the legal options regarding keeping accounts in the bank and dividing the winnings. Ensure that you do not run into any legal pitfalls by contacting a lawyer immediately.

Work out legal and financial implications:

You have to protect your privacy and identity. You can protect your privacy in the way you choose to receive the winnings. Also, you can use legal entities to mask your identity. You may likely get interview requests from the local new outlets since the winners name is published by the media. Think well and decide whether you need media attention or not since people expect you to do certain things since you are rich. You can collect the money while maintaining your anonymity by forming a blind trust with your attorney. Also, ensure to take the taxes into consideration. If you have purchased the ticket jointly, then you probably need to do some discussing and planning with your group. You need to look at the circumstances which involves spouses or significant others. Upon divorce, the winnings are subject to division. Many lottery winners make a gift of their winnings which has advantageous tax implications.

Create long-term benefits from your winnings:
You can contact a reputable financial advisor or accountant who can weigh all the possible options and give you the best counsel to spend your winnings, or you can invest in something, or you can treat your family well with your winnings, or do anything that could create long-term benefits for you.

These are some of the ways on what to do once you win the ticket and how to deal with your winnings.