What to do if you win the lottery?

What should you do if you win the $600 million Powerball? Valley CPA Robert Hockensmith joins ABC15 Mornings to provide some advice.

[@uPSIDEdOWN577]

I would be so damn paranoid that I'd think my attorney and finance advisor are out to get me lol

[@pinkgal206]

Upside down me too

[@okamijubei]

Upside down maybe true but the ones that are more confident, intelligent or patient, they'll likely to advise you first then wait for you to pay later because if you just give them all, they know that money wouldn't last forever but when they advise and help you which investment is the best and help you to be financially efficient. They knew your financial stability would be good for their resource and that you'll be their golden goose that would giving them very efficient finances whenever you need them.

[@armadillotoe]

That is why you hire 2 accountants to keep an eye on your money and each other.

[@pepefroglive]

I think a lottery winner's finance advisor killed a lottery winner before. She buried his body in the backyard. Yikes.

[@claudine5386]

I honestly thought the same thing.

[@joeasuncion7854]

First thing is to thank GOD.

[@fiddlesticksbessette398]

GOD DONT WORK WORK WITH MONEY.

[@lisathompson8540]

Amen

[@hgalindo12]

@@fiddlesticksbessette398 Guess who's the owner of all the gold and silver of the world??

[@c.d.2560]

AMEN TO DAT

[@eliilluminates3966]

hgal12 Jews...

[@xlar54]

no shortage of people out there to tell you what to do with your own money.

[@mzkaye9091]

Great advice! If I ever won that kind of money, most definitely have the CPA and the attorneys on standby! Make sure my plan is mapped out to a tee!!

[@storm3698]

at least in the UK the jackpot sum is what you take home and you are not taxed on it. You pay tax when you buy the ticket. However I bet your money gets taxed in the bank.

[@vintagefilms6590]

Actually you will gain money from the bank lol

[@sandustmandy2191]

these tax are crazy. government should not tax the winning player. the player already lose money buying lottery tickets. the odds stack against player greatly. if it's private company that own the lottery business I'm sure the government already tax their income. lottery is already called "tax for the poor". and now when the lucky poor won. the government will tax their luck and cut their wealth in half. it's the player that spend their hard earn money(which already taxed!) and took the risk not the government or "the people".

[@prettya2715]

Can’t wait until I hit that jackpot 🙏🏾💪🏾

[@ckwunch8028]

If i won the lottery of £200m I would invest 150m into property to rent, 800x £250,000 houses with an average rent of approx £1000 per month. This gives a yearly return of: 9.6m pre tax. So now i have assets of 150m, and nearly 10m annual income. Next i put 5m (or the max in high interest deposit accounts, these will make me 250,000 a year in interest. (Which i can live off of quite easily.) I would then have 25m. And an annual income of £6m approx after tax. When i reached 65, I would create a property business, and name ALL my children as business partners. Upon my death there would be no inheritance tax :D as my children already own the business (its better than a trust fund lol) The 25m i would split, blow 10m on stupid things totally enjoy the high life. 2m i would ensure all my kids have no mortgages etc. The other 12m i would invest in local community. Now all the money is tied up and gone. But id still have nearly 6m a year to live on, and if you cant live happily on 6m a year something is seriously wrong LOL. Well thats what i would do. And have a fantastic time doing it, and not lose the money, so i could have my lottery and eat it :D Sadly the odds of winning the lottery (euro lottery) in that amount is low, but it could happen.

[@bensocharles6322]

Look at my profile picture..

[@ckwunch8028]

Benso Charles I cant see your profile picture im blind.

[@HentaiSweetie]

I'm glad I watched this for that losing ticket tax deduction advice. Now I'll go to the liquor store with a plastic bag and dump out all the losing tickets in the trash into my bag, keep them for 1 year, and then when I win a large taxable amount I just give them all of "my" unsuccessful tickets.

[@chuckschafer6728]

YOU HAVE TO PROVE THEY WERE YOURS IT HAS BEEN TRIED

[@PeterJPickles]

You win 600mill on our UK/Euro lottery, you get 600mil, every penny.

[@fiddlesticksbessette398]

DID YOU,OR ANYBODY YOU KNOW,OR ANYBODY YOUR FRIEND'S KNOW ANYBODY WHO EVERY WON,LOL...NOOOOOOOOO

[@alexsh4517]

I won the lottery mega million $1 million dollar 2 years ago and already spend the money, we bought a car and repaired the house

[@TomZentra]

You are proof that winners often waste the entire jackpot.

[@hannahcornell5025]

Well it was your money and as long as you spent it on stuff helped you there's no problem it don't matter how fast you spent it. It's when you spend it all on gambling and hookers and crap...

[@fiddlesticksbessette398]

RIGHT,LOL...YOU WISH.

[@CharlesReinmuth]

Sounds about right. People think $1m is enough to retire and never work again and live in a mansion on a private island. I'm in my 20s. If my salary never increases, I'll have made about $2.5m over the course of the next 40 years in my career. And my salary is below the U.S. median. No way I could even quit my job if I won $1m. I would have far, far less than I would if I never won. First off, I'd only have $500k after taxes. That's basically a fairly normal semi-nice home in my area. I could win a $1m jackpot and own a fairly common house and have nothing else to show for it, still needing to work to pay taxes on said house, put food on the table, etc. Pretty amazing how different the reality is from the perception.

[@ecobar87]

Attorney and a accountant they would end up taking your money lol

[@johndaly3032]

hi everyone i won 4.3 million in the Irish lotto four years ago, and im still single, have everything except love, yep money cant buy you love

[@EnergyAndLightAwakening]

But it can buy lots of hookers lmao!

[@e.imccool8993]

are you gay?

[@jayb0nd007]

Maybe join a gym loose some weight and hope you'll find somebody .....with money need good looks too brother

[@armadillotoe]

You can rent "love," but once you are wealthy you will never know if somebody actually love you, or will just put up with you for your money.

[@fiddlesticksbessette398]

YOU NEVER EVEN SAW MORE THEN MABY $12,000.00 IN YOUR WHOLE,LOL

[@Commando303X]

Anchor: What's the first thing I should do if I win the lottery? Attorney: Hire an attorney. Me. Hire me.

[@rayhuckle]

If only...👍 (Thank you for my daily dose of day dreaming 😎)

[@neverevenheardofit]

Furthermore, state and local taxes can be deducted to reduce the pre-tax income on federal taxes - you don't just add federal + state. Do not hire this guy

[@Geno2733]

I live in an RTK state.. I'm curious whether or not a big jackpot winner can put a GAG ORDER on the Lottery to buy them time to relocate. That way, by the time the Dinner Bell for Carpetbaggers goes off, the winner will have since moved out of harm's way.

[@MegaBallPowerBall]

Geno2733 Depends on the state. What is your state?

[@jdoggg1119]

Here in Indiana, you are not allowed to write off your losses on gaming. I won a 1400 jackpot at a casino, and wasn't allowed to write off the losses.

[@ozzy5254]

wow that was interesting,thanks for the post!!!.

[@Commando303X]

The considerations being discussed here likely are more appropriate for a C.P.A. than for a tax attorney.

[@anysubject3500]

Lawyer and CPa are the last two clotures I'll ever go to... It's common sense when you win. Go to lotto office and get your check.... Automatic deposit then hire some good family members with guns to hard your house until after the storm clears.... Or just dussappeared quietly after you claim your prize....

[@brendanmah]

If you won.DONT TELL YOUR FRIENDS !!!!

[@domingosantos1292]

Friends and some families too sometimes families is worse they anybody God (•🙏•) bless you peace and love for all family 👪

[@RANDOMLESSNES]

I win but not shure were do I go iv already signed the ticket

[@alandenson6649]

I don't think about the taxes until I win.

[@anonymousbanana3144]

Where do you get the money? You have the winning ticket, but the first person you tell will attack you.

[@pinkgal206]

AnonymousBanana lol you don't tell anyone, idiot!

[@Aros138]

Don't like how he was rushing him

[@HentaiSweetie]

They are on a time limit.

[@iamlotteryjackpotwinnerbil2957]

Have to find him I'm going to need advice

[@meghaastrologychannel489]

What is the law regarding foreigners??

[@michaelwright9432]

Go on a vacation forever.

[@lordjassy9187]

Damn u guys are paying too much tax

[@roxanneworld11]

lord Jassy tell me about it..it's criminal, how they do us like that: the IRS, they are gangsters, extortionists. *:-/*

[@Camman010]

They have to pay to support the mega war machine because it sure as hell isn't going into things like medical.

[@fiddlesticksbessette398]

NOT REALLY,CAUSE WE DONT REALLY WIN,IT'S ALL BS,LOL

[@joe241able]

i whold not give any away

[@barbwirepupp]

misleading - the tax comes off the top.

[@mauricetamata4265]

Can i trust the CPA,LAWYER and FINANCIAL ADVISOR i don't know a lot of lottery winners have been scam by those dude..

[@jasonlin9311]

Why don’t invest all those money to real estate after paid off all the taxes. Easy way out

[@RODERICKMOLASAR]

My passport expires in 2024.

[@neverevenheardofit]

I would never hire this guy as my accountant, the 3.8% tax doesn't cover gambling income

[@VinnieAtlanta]

These guys looks so greasy and slick. The Jackpot is $650 million, after tax the net take home $280 million, and you're giving away $300 million. These guys can't do math.

[@Xcoming2]

tell only like 3 people.

[@mikemer79]

buy enron,worldcom stocks

[@briansibusisomahlangu]

LOL

[@boraselvi9960]

i won $500 LOL

[@domingosantos1292]

Matatan ☆ Ribirin HS 👀👈

[@Hockey567899]

I'm the 800th person to liked the video 😁

[@welder424]

geez just take that money to canada , they do not tax anywhere as much as in the USA. Plus better investments.

[@TheAnnoyingBoss]

welder424 You cant.Say you moved the 600m to Canada. You will still be taxed the amount that the state and country requires you to pay. The government made it this way because lots of the taxed money goes to schools and shit. they don't want you to just bypass the taxes by moving it. same goes with states. if you won 600m in Arizona with its 5% tax and you found out that Utah only taxes say 3% and you move the money to Utah to save yourself some dough. you will still be taxed Arizona's 5%. So basically the state you bought the ticket in is the state you will be taxed in. No matter what.

[@nudist1033]

+welder424 Also socialized medicine.....................that you pay for even when you aren't sick...

[@tonyzimmer2482]

i would ptoubly have a hart attack

[@Commando303X]

If you spent a thousand dollars on lottery tickets within one year, you maybe should revise your life prior to making any other decisions.

[@mauricetamata4265]

i wish i can play lottery from U.K. and CANADA zero taxes here in the United States you pay so much taxes no wonder the lottery winners go broke..

[@HOUSTON123A]

if I win this power ball I would give half to my high school waco midway the best high school in the world

[@theconquistador8862]

Sounds like you had a great high school expirience

[@aktarbokulplesshalpme6571]

please Sir halp me im Mencken Sir Pless sore Sir Pless halp me