What to Do After Winning the Lottery: Expert Advice from a Family Office

Winning the lottery can be a dream come true, but it also brings unique challenges. After helping multiple winners navigate their new reality, Andrew Jeffery from Northwood Family Office offers valuable advice. The first six months following a lottery win are critical, as impulse purchases, lifestyle changes, and gifts to family and friends can lead to long-term issues. Jeffery recommends a "cooling off" period to adjust to your new circumstances. This involves keeping the news private, avoiding significant lifestyle changes, and surrounding yourself with trusted advisors.

Managing newfound wealth can be overwhelming, and it's essential to engage professional advisors who can help structure your finances effectively. These advisors should have experience working with individuals of significant wealth, as it's a completely different ballgame. Key advisors to consult include financial planners, tax experts, and legal professionals.

For more insights, read the full article on Canadian Family Offices: https://canadianfamilyoffices.com/commentary/so-you-just-won-the-lottery-advice-from-a-family-office/