What To Know And Do If You Win The Mega Millions Jackpot
What To Know And Do If You Win The Mega Millions Jackpot
Medora Lee and Amaris Encinas, USA TODAY Updated Thu, December 26, 2024
'Keep it quiet:' Here's what to know and do if you win the Mega Millions jackpot
Whether you bought a ticket yourself or got some as a stocking stuffer, could that $1.15 billion Mega Millions jackpot have your name on it? The odds may be against you − like 1 in 302.6 million − but that doesn't mean you can't prepare.
If there is a winner, 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 begin to get ready for a windfall like that?
The "smartest thing" you can do, in the event that you do win, is keep calm and carry on, financial advisers shared with USA TODAY back in March. And avoid posting any and all details of your win on social media.
"If you’re lucky enough to win the lottery, keep it quiet," Rob Burnette, an Ohio-based financial adviser at Outlook Financial Center. "Get organized and make a plan. Consider staying anonymous, if it’s a possibility.”
Who, if anyone, do I tell about my Mega Millions win?
If you find yourself in a situation where you stand to inherit millions of dollars, the best people to get in touch with financial experts right off the bat so scammers don't get the chance to bleed you dry before you even get the chance to cash in.
"Crooks usually try to get you to wire money for 'taxes' or 'fees,' or may try to get you to provide them with a bank account number, which they will then clean out," Mega Millions said. "No real lottery tells winners to put up their own money in order to collect a prize they have already won."
No Mega Millions representative would ever call, text, or e-mail anyone about winning a prize so be especially wary of who contact you out of the blue. In certain states, you can 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.’”
"Get a tax attorney and a tax accountant right off the bat and then a financial adviser,” according to Azoury. “They’ll work hand in hand to figure out the plan.”
The "plan" will help you get some things squared away, such as whether you will opt to take an immediate cash payout, or if you'd prefer the cash distributed over time.
The Difference Between The Two Is Outlined Below:
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