Winning the Lottery, Here's a Few Things You Need to Do and Know Before You Win.

Everybody thinks that winning the lottery is the answer to all there problems, But like most things in life there are obstacles. This article will try to address some of the problems.

It sounds really daft when you think that winning the lottery could cause you problems. There are a few things you need to know that will help save you money and grief.

There can be many problems when it comes to winning the lottery or any other huge competition that involves life changing amounts of money. Below are some things you may not know.

Syndicate wins.

Everyone knows that syndicates increase the chances of winning the lottery. But have you signed a syndicate agreement form? It sounds really silly and boring but who's to say you are in the syndicate? A "gentleman's agreement" is a big no no! Your agreement needs to contain vital information with names, signatures, name and address of ticket purchaser and lottery ticket numbers. with this agreement no one can take your winning lottery prize.
Inheritance tax.

You probably think that a lotto win isn't taxable, well your kind of right. But if you are in a syndicate and/or the name/company/group of the syndicate has no agreement the winning prize cheque would be paid to "Joe Bloggs" and this well trusted person pays the other members of the syndicate there correct share. What could be wrong with that. This money has now become taxable because it has become a gift from "Joe Bloggs" to his/her friends and not a prize making the monies eligible to inheritance tax. To avoid this, create a syndicate agreement and have the prize fund payed to the syndicate and not an individual. I hope you can now see how important these agreements are. Same applies to couples, what ever you do have the cheque paid to each other that way you will not have to pay any unforeseen taxes.

Gifts.
By all means you will want to help your loved ones out but it may sound "tight" but don't give money as large gifts. Ask them what they would like or find out from others and buy the gift for them. this again avoids nasty taxes and problems.
Jealousy.

This ones up to you. You are always going to get some of this. My advice is treat everyone the same and don't bring attention to yourself.

You may not of thought of these problems but hopefully this short article will help you if you are ever lucky enough to win a life changing amount of money.

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