Do This If You Win The $810 Million Lottery Jackpot
Here’s what to do if you win the $810 million Mega Millions lottery jackpot.
Here’s what you need to know.
Lottery: Mega Millions
The Mega Millions lottery now costs $810 million. The next draw is tonight at 11 p.m. What should you do if you are tonight’s winner? Do these 5 things:
1. Sign your lottery ticket
A lottery ticket is considered a bearer instrument, meaning anyone who signs the ticket can claim the lottery prize. If you lose your lottery ticket, there is no record that you picked the winning numbers. Don’t become the subject of a TV movie. Be sure to sign your lottery ticket.
2. Determine if you can remain anonymous
Although it is important to sign your lottery ticket, you must first determine the name to be on the lottery ticket. Consult with a trusts and estates attorney to determine how to accept your lottery prize. For example, in a minority of US states, including but not limited to Delaware, Kansas, Maryland, North Dakota, Ohio, South Carolina, Texas, and others , you can remain anonymous when claiming a lottery prize. In other states, including Washington, DC, Puerto Rico and the US Virgin Islands, winners must publicly disclose their name, city and prize amount. To protect your identity, you may claim your lottery prize through a legal entity such as a trust. Check with your local jurisdiction and an attorney to determine rules regarding trusts, lottery prizes and anonymity. If you choose to use a trust, this may impact the signature on the back of the lottery ticket.
3. Choose between a lump sum payment and an annuity
If you win the Mega Millions, you will choose how to receive your money. You can receive an initial lump sum cash payment or annual lottery payments. Make sure you understand the difference. The initial lump sum cash option for Mega Millions is $470.1 million (less mandatory withholding tax). Alternatively, you can choose 30 payments over 29 years (and you will be responsible for paying taxes as you receive each annual payment). Which option to choose? It’s a personal choice. Financially, the lump sum payment is preferable. Why? According to classic financial wisdom, “A dollar today is worth more than a dollar tomorrow”. You can invest the money you receive now and hopefully earn a higher rate of return. However, if you’re worried about spending your money too quickly, choosing the annual payment option may be beneficial. It’s not necessarily the best financial choice, but it can help you control your spending and stay organized.
4. Hire the right advisors
Winning the lottery is one thing; keeping your gain is another. Make sure you have the right legal and financial team to help protect your wealth. Start with a reputable lawyer who has experience with trusts and estates. Your attorney can help you claim your award and structure your estate. You may want to consider a licensed financial advisor who can help you manage your investments, pursue charitable interests, and achieve your financial goals. When you win the lottery, expect to be contacted by all the long-lost cousins and “best friends” from high school. Similarly, you will likely be approached by several advisors offering their services. Do not rush. Find the best partners for your trip. Above all, be sure to sign your checks so you can track your money. Do not delegate check signing authority to an advisor.
5. Pay off your debts
If you win the Mega Millions, pay off your debt. Becoming a lottery winner is a great opportunity to pay off a student loan, mortgage, credit card debt, car loan, or personal loan. Yes, you could invest your earnings and get a return on investment that is greater than the cost of your debt. However, make your life easier so you don’t have to keep up with monthly payments.
Mega Millions Lottery Questions and Answers
How to play Mega Millions?
Choose five numbers from 1 to 70 and one Mega Ball number from 1 to 25. You can also select Easy Pick / Quick Pick and the numbers will be selected automatically for you. You win when you match all six numbers.
Where can I play Mega Millions?
Mega Millions is available in 45 states, Washington, DC and the US Virgin Islands.
How much does it cost to play Mega Millions?
Each ticket costs $2. There is no limit to the number of tickets you can purchase.
What are the odds of winning the Mega Millions jackpot?
The odds of winning the Mega Millions jackpot are approximately 1 in 302 million.