Overnight millionaire: Don't lose your head - Advice to the winner of the
$37-million lottery

MONTREAL, Aug. 27 /CNW Telbec/ - Many people dream of winning the lottery and becoming a multimillionaire, but this dream really did come true for one person, who became 37 million dollars richer on August 20. Desjardins Group's experts in Specialized Financial Services recommend that before taking a trip around the world, dressed to the nines, staying in the most luxurious hotels or buying the hottest sports car, the winner take some time to talk with qualified advisors.

Keeping a cool head and one's feet on the ground is the first piece of advice put forth by Ms. Ermès De Dominicis, Manager for Business Development under the Specialized Financial Services team with Carrefour Desjardins in Montréal. "First of all," states Ms. De Dominicis, "it is important not to act hastily, but instead speak with a qualified professional whose expert advice you can fully trust. I would recommend starting by investing this amount for a short period in a safe fund. That will help you think clearly so you can prepare your next plan of action with a little perspective."

The first thing many winners do is give away vast amounts to their family members and closest friends. Although this is a commendable initiative, even here, it is prudent to talk to a professional first. "In fact, if it is difficult for the winner to properly manage a large fortune, it will quite likely be just as hard for his or her children, who also suddenly become millionaires. Rather than writing cheques for several million each, I recommend opening a personal trust for beneficiaries—one that includes a regular payout or one lump-sum payout," emphasizes Ms. De Dominicis.

Also, this type of gain will significantly affect fiscal aspects, which must be accounted for. Each investment decision has tax implications that cannot be overlooked. At Carrefour Desjardins, Ms. De Dominicis always starts each meeting with new clients with a complete analysis of their needs. This way, she can draw up an organized plan where the impact of each step will have already been calculated. Afterwards, it becomes much easier to advise winners and for fortunes to grow in the long term. "For someone who has only a basic understanding of tax matters, financial and insurance products, it's not easy to know what to do first after becoming a multimillionaire. This is why I once again recommend that they consult with experts in Specialized Financial Services."

Remember that Desjardins Group, thanks to its wide network of caisses and its subsidiaries, has been putting its expertise in personal finances and private management to work for members and clients for 110 years, now.

About Desjardins Group

Desjardins Group is the largest cooperative financial group in Canada and the sixth largest in the world, with assets of over $173 billion. Drawing on the strength of its caisse network in Québec and Ontario, and its subsidiaries across Canada, it offers a full range of financial products and services to its 5.8 million members and clients. Desjardins specializes in Wealth Management and Life and Health Insurance, in Property and Casualty insurance, in Personal Services, in Business and Institutional Services. As one of the largest employers in the country, Desjardins is supported by the skills of its 42,200 employees and the commitment of over 6,200 elected officers. For more information, visit www.desjardins.com.

For further information:

(for journalists only):
Caroline Phémius
Advisor, Media Relations
Desjardins Group
514-281-7000 or 1-866-866-7000, ext. 7646
[email protected]