WHAT TO DO IF YOU WIN A BIG JACKPOT

IF YOU WIN THE POWERBALL LOTTERY, HERE IS WHAT YOU SHOULD DO FIRST! We were quoted by The Sun, in an indepth article by Jacob Willeford, “LOCK IT DOWN I’m a lottery expert – Plus, the several other necessary moves to avoid losing millions.” Special thanks to Assistant Editor Aurielle Weiss.

QUOTED EXCERPTS

Michael Ashley Schulman, partner and chief investment officer at Running Point Capital Advisors, broke it down while speaking with The US Sun.

Schulman urged the potential $750 million Powerball jackpot winner to not tell anyone when they find out they’ve won, as this could lead to threats or “nefarious people” appearing in their life.

“Keep personal information private and be cautious about sharing the news of your good fortune with the public,” he noted.

Schulman advised the winner to go as far as to change their phone number, delete old social media accounts, and change their email and correspondence address to a separate PO box.

Schulman emphasized that a lot of “challenges” come from the win, including people overspending and making “unwise” estate and investment decisions.

But along with the privacy and phone advice, he gave six more pieces of advice to protect winners protect their new found wealth.

These all start with the letter ‘P’, which Schulman calls the ‘6 Ps’.

PATIENCE IS A VIRTUE
“Don’t rush to claim the prize, but do check how much time you have to claim it; keep a level head and avoid making impulsive decisions,” he warned.

“Sudden wealth can be a significant life change, so take the time to adjust and adapt.”

Next up was protection, which involves making copies and taking pictures of the winning ticket as insurance after signing the back of the ticket and leaving room the name of a trust or LLC….

Professionals is another important part of the Ps, involving hiring qualified lawyers, financial advisors, and estate planners to manage the funds.

“Before claiming your prize, hire or speak with reputable professionals that can help and guide you such as a financial advisor who is a fiduciary that puts your interest first, an estate planning attorney for wills and trusts, and a CPA to advise on accounting, or a multifamily office that combines and coordinates all those services under one roof,” Schulman said.

PREPARE FOR THE FUTURE
The remaining Ps include prepare, PPLI, and Passion.

Prepare involves thinking over priorities with the new wealth,….

With PPLI, that’s private placement life insurance. It’s “an attractive wealth management and estate planning tool for qualified purchasers with private and tailored investments designed to balance with the rest of your portfolio,” according to Schulman.

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Disclosure: The opinions expressed are those of Running Point Capital Advisors, LLC (Running Point) and are subject to change without notice. The opinions referenced are as of the date of publication, may be modified due to changes in the market or economic conditions, and may not necessarily come to pass. Forward-looking statements cannot be guaranteed. Running Point is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Running Point’s investment advisory services and fees can be found in its Form ADV Part 2, which is available upon request. RP-25-209