What to do if your client wins the lottery
Brian Mercado, financial planner, JSF Financial
Consider the client’s entire circumstances before electing how to receive winnings. While the so-called sensible winner tends to favor an annuity, it may not be the best choice. A 60-something client may not live to complete a 30-year payout. If they are older, they may be in a lower tax bracket or have health problems, plus will likely not have to pay state tax on winnings. Another tip: Avoid publicity! Long-lost relatives as well as every form of salesperson will have you in their sights.