A: For those who choose, when they win the lottery especially when it’s a long number, they can just take it annually. It can be paid out to them for so long as they live and so long as that prize is still in existence. If something happens to that winner, it would go to their heirs. Most people, and I mean the vast majority of people, choose the cash option. When you take the cash option, it does reduce the amount of your prize, but most people would rather take their prize and invest it themselves than wait for it comes on an annual basis from the Florida lottery.

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The post Do I Need New Insurance Policies After Winning The Florida Lottery? appeared first on Blenner Law Group.

A: After you’ve won the Florida lottery, really all your insurance policies should be reviewed for adequate coverage. So certainly your car insurance coverage should be increased, depending on what you already currently have, also property insurance. You can also get an umbrella, a $1,000,000 umbrella, on top of both your car insurance, and homeowner’s insurance. And also, heath insurance, some people don’t have health insurance, and if not, you certainly can afford a nice policy of health insurance with good coverage now.

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A: Depending on how much you’ve won. If you won a more modest amount, the press release will attract some media attention, but for those who win a larger amount, yes, it is very easy to cancel your cellphone number, home number if you have it, and just get a new number later in time. It is of utmost importance that you really preserve your privacy and your security.

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A: Hiring an attorney if you win the lottery is not a requirement. For those who are handling larger amounts of money, you may not need an attorney, but it’d always be a good idea in that case to consult with a wealth care manager or an investment advisor. For those who’ve won a large amount of money, consulting with an attorney and hiring an attorney is almost essential. He or she can help you guide which way you go, how you manage your team, the people that you hire, and for those who win a large amount of money, it is important to have a whole team in place. An attorney, a tax attorney, a CPA, a wealth care manager, et cetera.

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Q: Can I Split My Florida Lottery Winnings With My Family Where Do I Claim My Florida Lottery Prize?

A: For those who win over a certain amount, you’ve got to go to the Lottery Headquarters in Tallahassee, and can you split your prize with your family? Yes, you can. However, the Florida Lottery Headquarter Office will only wire that amount that you want to one bank account. Any split to any family member would be on you, and whatever wealth care manager or investment strategist you’ve hired.

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