“If You’re Lucky:” How to Handle “Mega Millions” Level Riches

Whether you bought a ticket yourself or picked one up as a gift for your stash, could the $1.15 billion Mega Millions jackpot be your name? The odds may be against you—about 1 in 302.6 million—but that doesn’t mean you can’t prepare.

If there is a winner, the Mega Millions jackpot would be the fifth largest jackpot in Mega Millions history, making the take-home prize a lump sum payment of an estimated $516.1 million after taxes. How do you even prepare for such a stroke of luck?

The “smartest” thing you can do if you win is to stay calm and carry on, financial advisors told USA TODAY back in March. And avoid posting all the details of your win on social media.

“If you’re lucky enough to win the lottery, keep it a secret,” says Rob Burnette, an Ohio-based financial advisor at Outlook Financial Center. “Get organized and make a plan. Consider remaining anonymous if possible.”

Who, if anyone, do I tell about my Mega Millions win?

If you find yourself in a situation where you could inherit millions of dollars, it’s best to contact financial experts immediately so that scammers don’t bleed you dry before you even have a chance to make money.

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“Crooks usually try to get you to wire money for ‘taxes’ or ‘fees,’ or try to get you to give them a bank account number, which they then clean up,” Mega Millions said. “No real lottery requires winners to wager their own money to claim a prize they have already won.”

No Mega Millions representative would ever call, text or email anyone about winning a prize. So be extra careful if you are contacted out of the blue. Certain states allow you to remain anonymous if you win.

Steve Azoury, owner of Azoury Financial in Troy, Michigan, who has advised many lottery winners, including a $181 million winner “who said, ‘If I didn’t know you before, I don’t want to know you now.'”

“Hire a tax attorney and an accountant immediately, and then a financial advisor,” Azoury said. “They will work hand in hand to come up with the plan.”

The “plan” will help you clarify some things, such as: B. whether you decide on an immediate cash payment or whether you prefer the money to be distributed over a longer period of time.

The difference between the two is explained below:

A pension option makes an initial annual payment followed by 29 annual payments. Each payment is 5% higher than the previous one.
The cash option is a one-time lump sum payment equal to the entire amount of money in the jackpot prize pool. In Tuesday’s drawing it’s $413.5 million.

However, the decision will likely depend on your goals, your age, and the lottery rules that allow beneficiaries to continue receiving payments or whether you’re likely to splurge on a lump sum. According to Mark Steber, chief tax officer at Jackson Hewitt, the amount of lottery winnings and your current and projected winnings are some things you should consider.

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Your financial professional or professionals can also help you find a “case guy,” a person or advisor “who will stop you from lending to anyone who tells people that all the money that’s in investment is not available,” Azoury said. “We have nothing available to help you and we are not interested in your project.”

How do I decide what to do with my Mega Millions winnings?

Only you and your financial advisor or advisors can help you find the best way to protect you and your money.

Most people don’t claim their price right away and take some time to find a plan that’s right for them. Mega Millions claim periods, which range from 90 days to one year from the drawing date, vary from state to state.

“Winning tickets must be redeemed in the state in which they were purchased, but lotteries typically have the option to claim prizes by mail for most prize tiers,” Mega Millions said.

However, it may be in your best interest to “park” the income until you can hire and meet with a financial advisor, accountant and attorney that is right for you.

“One suggestion would be to deposit your profits into a brokerage account, as many brokerage firms can spread cash deposits across multiple banks,” says Azoury. “Up to $4 million can be insured within a brokerage account if you are single, and up to $8 million can be insured in a joint account.”

How much of my Mega Millions winnings will I take home? And when will I get it?

The exact net amount you receive depends on which state you win the Mega Millions jackpot in. Lottery-related regulations and laws vary from state to state. While there’s no set time frame for the claimed prize to reach you, it shouldn’t take longer than “a few weeks,” Azoury said.

If you win the lottery, you will likely be bumped into the highest federal tax bracket. The state you live in and the location where you purchased the winning ticket can greatly affect what taxes you pay and how many states you may need to file taxes in.

California is one of twelve states, including Alaska, Delaware, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming, that do not tax lottery winnings.

“This is where a tax expert comes in,” says Steber. “State taxes can be very tricky.

When is the next Mega Millions drawing? And how do I play?

The next drawing to determine the winning numbers for the $1.15 billion jackpot will take place on Friday, December 27th at 11:00 p.m. ET. Mega Millions drawings take place every Tuesday and Friday at 11:00 p.m. ET. Tickets are available until 15 minutes before the drawing.

To win the jackpot, you must match all six winning numbers in a drawing. However, players can select up to six numbers from two separate number pools.

Five of the numbers come from white balls, whose numbers range from 1 to 70, and the final number comes from the gold mega ball, whose numbers range from 1 to 25. Players can also choose the “Easy Pick” or “Quick Pick” options, which causes the computer to randomly generate a sequence of six numbers.

The “Megaplier”, a $1 add-on feature that can increase non-jackpot prizes by 2x, 3x, 4x or 5x. The Megaplier is drawn before every regular Mega Millions drawing. Out of a pool of 15 balls, six are labeled “3X,” five are labeled “2X,” three are labeled “4X,” and one is labeled “5X.”

Where can I buy lottery tickets?

Lottery tickets can be purchased at local supermarkets, gas stations, grocery stores or online – in a few states. Some airport terminals may even sell lottery tickets.

You can also order tickets online through Jackpocket, the USA TODAY Network’s official digital lottery courier, in the following U.S. states and territories: Arizona, Arkansas, Colorado, Idaho, Maine, Massachusetts, Minnesota, Montana, Nebraska, New Hampshire, New Jersey , New Mexico, New York, Ohio, Oregon, Puerto Rico, Texas, Washington, DC and West Virginia. The Jackpocket app allows you to select your lottery game and numbers, place your order, view your ticket and collect your winnings – all from your phone or home computer.

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