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Forbes: 10 Things to Do When You Win the Lottery

10. Review your estate plan.

If your winnings have made you suddenly wealthy, this may be the first time that you need to plan for estate tax. The sweeping tax overhaul of 2010 offers more flexibility than ever before. Each person has a $5 million limit on tax-free transfers, which can be applied during life, when you die or some combination of the two. If Congress doesn’t act by the end of this year, that exclusion amount will revert to $1 million and the tax rate will increase to 55%. So if you want to share some of your largess with family and friends, this is the ideal time to do that.

(iStock)

More from Forbes:
The Biggest Lottery Winners Ever
15 Top Foreign Retirement Havens
The 25 Best Places to Retire



The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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