What Should You Do If You Win A Massive Lottery Like This Eastern Iowa Man?
If you win a giant amount of money in the Iowa lottery, what would your first steps be? Are you calling your family and friends or are you going into hiding and not telling anyone? This man from Davenport, Iowa, just became a massive lottery winner and it turns out his own mother couldn't follow the advice she gave to her son.
What should you do if you win a bunch of money? Thankfully, Money Wisdom has the answer for us. They've put together 9 smart septs for lottery winners.
1 - Secure your ticket. Take photos and videos of yourself with the ticket and then lock the ticket in a safe.
2. Hire an experienced estate lawyer. It's likely you'll be overwhelmed and an estate lawyer can help. They will be able to determine if you can claim your winnings through a trust.
3. Set up a trust. The Iowa Lottery is public information under the law, which makes it impossible for winners to claim prizes anonymously. However, if you set up a trust, this can put some kind of barrier between you and everyone who all of a sudden wants to be your best friend. Your experienced estate lawyer can help you with this.
4. Arrange a media advisor. If you can't set up a trust, hire a media advisor to help you navigate through the press to keep you safe.
5. Go Silent. Change your phone number or even unlist it. Suspend social media accounts, and keep your win quiet.
6. Hire A Tax Accountant. A professional can help you decide whether you should take the lump sum or annuity payments. Your age and your heirs play a major factor in this decision.
7. Notify the lottery of your winning ticket. Be prepared for the press with your assembled team.
8. Hire a Qualified financial consultant. What do you want to do with your money? Do you want to travel, donate portions to charity, or buy real estate? Depending on the amount won, your life will now be different.
9. Create a Will. Now that you've got everything sorted together and you are prepared for what's to come, work with your estate lawyer to create a carefully planned will or update your current one.
Most of these steps are for people who win an amount of money people would never dream of winning. Is $500,000 that amount? That's for you to decide. Justin Strother, from Davenport, Iowa, not only won $500,000, he told his co-workers he was going to win, according to Our Quad Cities. He said,
I work with two guys. I told them, just joking around, I’m going to go buy one and I’m going to hit the top prize. I told them that for three days straight. And then I went and did it. I called them and I said, You’re not going to believe me, but I hit the top prize.
He also joked that his mother couldn't follow the advice she had given him.
I showed her the ticket. She’s like, ‘Oh, my gosh.’ She didn’t even know what to do. She even said, don’t tell anybody.’ And then she told everybody.
Justin purchased his ticket at As Food and Gas, located on Rockingham RD, in Davenport, and he won the game's first week of sales. According to Our Quad Cities, the $500,000 Ca$h game made its debut on April 4.
As for his winnings, he and his wife would like to use the money to buy a new house for their family, a new truck, and a new camper. He refers to his win as "a re-start button on life, debt free."
Congratulations Justin! Enjoy your big win!