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    What To Do When You Win The Lottery
    What To Do When You Win The Lottery
    What To Do When You Win The Lottery
    Ebook45 pages40 minutes

    What To Do When You Win The Lottery

    By Mike Arman

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    About this ebook

    You WON! Now you get to take the money, and you have to KEEP the money. It isn't as easy at it seems, if you do it wrong, you can easily be worse off than before you won. Learn how to preserve and protect your lottery winnings (or your inheritance, or any other big chunk of cash that falls into your lap).

    LanguageEnglish
    PublisherMike Arman
    Release dateMar 16, 2011
    ISBN9780933078208
    What To Do When You Win The Lottery
    Author

    Mike Arman

    Mike Arman has been in various facets of the money business for over 25 years. He's been a residential and commercial mortgage broker, does financial consulting, currency conversion, business funding, and takes special delight in working on hard to fund and international loans. He assists overseas businesses and individuals who have business interests in the United States. He has also taught several college level courses on business, finance and taxation. His wife is an attorney, and gives him a 10% courtesy discount on all his legal work, up to $500 per calendar year. They live in a small, rural town in Florida with nary a condo in sight, and that is just the way they like it.

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      Book preview

      What To Do When You Win The Lottery - Mike Arman

      Money From Heaven!

      What To Do When You Win The Lottery

      (Or The Irish Sweepstakes, Or Get An Inheritance Or A Structured Settlement, Or Anything Else That Dumps A Big Pile Of Money Into Your Lap)

      Mike Arman

      © Mike Arman 2010

      Published by M. Arman Publishing at Smashwords

      Smashwords Edition, License Notes

      This ebook is licensed for your personal enjoyment only. This ebook may not be re-sold or given away to other people. If you would like to share this book with another person, please purchase an additional copy for each recipient. If you’re reading this book and did not purchase it, or it was not purchased for your use only, then please return to Smashwords.com and purchase your own copy. Thank you for respecting the hard work of this author.

      Chapter One - Preparing to Win the Lottery.

      On the surface, winning the lottery is extremely simple. All you have to do is buy the winning ticket, and then just turn it in and collect the money. You now have a huge chunk of cash in your hands (or you will, shortly), and hurrah, your problems are over.

      Except it doesn't work that way. There is a lot more to it, and some preparation is needed before you go out and buy the winning ticket.

      There are quite a few systems and strategies that are frequently used, because nothing brings out financial inventiveness quite as well as large piles of money offered for no work.

      Some of these strategies involve groups or pools, where people put their money together and buy a range or a group of lottery tickets, hoping that the law of averages will be on their side.

      If you want to do this, have a written agreement between everyone in the pool, and obtain a Federal Employer's ID number for the pool, all before you purchase the very first lottery ticket.

      But that's no fun, it's so dull! Yes, it is dull, but consider this. You are in a pool with 10 other lucky people, and the ticket you bought comes up as the winner! The Lottery will pay out to one person or one entity only, they will not split up the winnings among the group.

      OK, so you'll just take the money and split it up yourselves. While you can certainly do this, you have just gained a new partner in the pool - the IRS. Your new partner makes the rules for distributing the winnings, and surprise, surprise, you are not going to like them.

      Your winnings are taxable (which you expected), but then, when you distribute the money to the other people in the pool, their shares are taxable

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