To share your prize without paying additional taxes may require proof that you bought the ticket with those people, Mr. But it’s not that easy.ĭistributing some of your winnings to other people may be subject to numerous taxes, including the federal gift tax and the estate tax. An accountant can reduce what you might owe in federal, state and local taxes, as well as other surprise taxes you may encounter.īefore the drawing, as your mind raced about how you would spend the jackpot - maybe buy a boat, pay off student loans or move to the mountains - you might have considered sharing some with family members and friends. A wealth adviser will help you avoid spending all of your money too fast, a problem for some winners, and help you invest it so it lasts for years. In addition to hiring a lawyer, you should find a wealth adviser and an accountant, Mr. “Proper planning upfront is really beneficial,” he said. After all, it may take months to receive your winnings, he said. Siciliano, who has also helped winners of much smaller jackpots of around $1 million each, said he cautions people to resist their instincts. “The bottom line is that once someone discovers that they won the lottery, the first thing they should do is secure the ticket,” Mr. Siciliano, an estate and business lawyer in Independence, Ohio, helped the winner of a $52 million Mega Millions jackpot in August 2004, serving as the trustee of a blind trust created to keep the winner’s name private. Siciliano has given that critical advice to jackpot winners who have hired him to help them collect their prizes.
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