by: Jim Strickland Updated:
What do you do when you win $640 million? You definitely need a plan, Channel 2 consumer investigator found out while speaking with a metro Atlanta wealth manager and attorney.
“The very next morning she went and declared her ticket, so everybody knew who she was,” Casteel said. “It was a mistake.”
Casteel told Strickland that the key is to surround yourself with trusted advisers including a lawyer, accountant and financial adviser. The key is to ward off non-winners who are looking for your money, she said.
Casteel said that a winner should get plenty of insurance against those making a claim, and they should actually set up a legal entity to claim the prize. A limited liability company or a trust can serve as creditor protection too.
Barry Berlin is a wealth manager with Atlantic Trust and a three-time Jeopardy champion. Berlin said there are some steps a lottery winner should take immediately such as unlisting your phone number, shutting down your email and setting limits on impulse spending.
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