It’s that time again…time to dream big. Tomorrow morning’s Mega Millions jackpot is an estimated $1.55 billion. That would be a cash option of roughly $757 million, before the government takes their cut. Mega Millions is played in 45 states, and the odds of winning are 1-in-302.6 million. Still, there’s no shortage of people who’ll shoot their shot in hopes of striking it rich. If that winner ends up being you, here are the six things you should have planned before even considering cashing that winning ticket.
- Don’t Sign The Ticket – Most states give you 180 days to cash the winner, so use that time to get your affairs in order
- Safe Storage – Find a safe place to store the ticket while you’re getting things together, and don’t tell anyone where it is or how they can get into it
- Lawyer Up – Find out how to set up a trust, and protect yourself by claiming the cash anonymously
- Financial Planner – Find a financial advisor you trust to help you navigate the world of the instantly wealthy
- Documents – Get your paperwork and identification ready, including the IRS forms, because no one escapes the tax man
- Make An Appointment – In the post-COVID world, many lotto offices require appointments to claim winnings, and there is a backup of slots…so plan ahead, and don’t just show up and waste the trip
Also, remember your social media friend circle is likely to expand drastically once word gets out of your newly found fortune. Seriously consider ditching social media and changing your phone number. By the way, there’s no charge for this advice, but if you’re feeling generous, we’d be fine with 5%…before taxes, of course.
Source: Play USA News