Orlando Sentinel

Assemble team to help with lottery winnings

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Q: I won the lottery and want to make sure I’m making the right decisions. Who should I talk to first? — Name withheld

A: Hold off on announcing to everyone you’ve won the lottery. It is important to start assembling a team that includes a financial adviser, estate planning attorney and tax adviser. A financial adviser might be able to help you select other profession­als. Talk with several advisers to find one you feel comfortabl­e with before investing with them. You can search for a local planner by visiting plannersea­rch.org — Colby Winslow

Q: I am a widow and selling my home to move in with my daughter. Will I have to pay taxes on the proceeds? — B.J., Orlando

A: Since the home is your primary residence for two out of the past five years, and your capital gains will be around $210,000, the simple answer is no. As a single owner of the home, you can have up to $250,000 in capital gains without any taxation. — Helen Von Doltern Fournier Have a question? E-mail askan expert@fpafla.com. Include your name (only your initials will be printed), hometown and phone. Questions are answered by Certified Financial Planners from the Financial Planning Associatio­n of Central Florida. Answers are for educationa­l purposes only; you should also consult a financial profession­al. Questions and answers may be edited for space considerat­ions.

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