At iSuperlottery.com, we have found that one thing most people don’t talk about is the effect of winning a lottery on their family. Have you sat down with your family and discussed the consequences of winning a lottery?
Recently, a case came to light that a 43-year old woman from Arizona won $2 million in a lottery, and was immediately dealt with a lawsuit by her estranged husband. Her husband claims that it was he who bought the lottery and not her, and that he had only given it to her for safekeeping.
The husband says that they had agreed to split the lottery 50-50 had they won, which meant that he was entitled to half of the winning prize money of $2 million. But the woman insists that her husband is only lying and has no right to her winnings.
This has led to a major court case in Arizona, and one considers the high cost of fighting legal cases in America, we would be surprised if there would be anything left over from the lottery prize of $2 million by the time a judgment is reached. The true winners of the lottery, as we will soon find out, are neither the woman nor her husband, but the lawyers hired by them!
But this goes to show what would happen if you don’t take your family into confidence when playing the lottery. There is every chance that family members will get left out and feel upset if you win millions of dollars and they get nothing in return. Jealousy is after all referred to as the “green eyed monster”.
There was another young man of 29 who had won the lottery recently. He says that his winning of $15 million would be enough to ensure that he wouldn’t have to work ever again. He says that he planned to take a course in finance and business so that he could invest his money wisely.
But here’s the problem – the young man’s parents and other family members feel that they are entitled to 25 percent of his winnings. They expect him to pay off their mortgages and give them a tidy little amount for their living expenses. But the young man says that doing so would upset his plans for the future.
There are stories such as these in every household when a family member wins a lottery. Everyone else – parents, spouses, siblings and adult children, will want to know what’s in it for them.
Can you really trust your family members after winning a lottery? Well, you can and you should, because after all, your family is more important than any money you make from a lottery.
However, make sure to have an open discussion with them about money so that you can be sure that you are all on the same page. Put together a wish-list of the things your family would desire, and assure that it is something you will look into. Make them understand the importance of saving money for the future and making the right kind of investments.
Remember, every country in the world has different rules when it comes to dealing with the winnings from a lottery. Are you sure you know everything about the tax rules in your country that govern your lottery winnings? Hire an accomplished lawyer to help you deal with all the legal details that relate to the lottery prize. Hire a reputable accountant as well, to manage your money and handle taxes effectively.
Also, did you know that lottery winnings are recognized as a community property in some states? This means that your spouse will have as much of a share in it as you do, and is entitled to half of your winnings in case of a divorce.
This can be very complicated if you have recently divorced your partner or are planning to divorce him or her. Indeed, it would help if you and your partner are together and on excellent terms when you win a lottery.
So try not to distance yourself from your spouse after winning a lottery, otherwise, he or she can well walk away with half of your lottery prize!