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What is the first thing you should do if you win the lottery?

Before you do so, there are things you should do: Safeguard the ticket. Be choosy about who you tell about your win. Engage a Lawyer and Financial Advisor. Decide on taking the lump-sum or annuity option. Plan on income taxes in two parts. Engage in tax-focused estate planning.

What are the different ways to accept lottery winnings?

Lottery winners have the choice between receiving their winnings as a lump sum or as an annuity. A lump-sum payment provides a smaller immediate payout, while an annuity spreads payments over several years for a larger overall amount.

How to fill out a GA lottery claim form?

Complete the Claimant Section of the Winner Claim Form (1 through 13). The Winner Claim Form must be completed in the name of one individual or legal entity. The name and tax identification number must match the name and tax identification number used with the Internal Revenue Service.

What happens if nobody claims a lottery win?

What happens when a lottery ticket goes unclaimed? Once a ticket is unclaimed, the prize expires and the winnings go to public schools in California. ing to California State Lottery, the lottery solely exists to generate extra money for public education.