About half a billion dollars have now been invested in the Mega Millions Jackpot.
The game’s top prize has been raised to $ 490 million for Friday night’s drawing, without matching all six numbers drawn on Tuesday. Powerball’s jackpot is not far behind: $ 410 million for Wednesday night’s drawing.
If you are considering how you would use such a magnitude, whether it involves buying yourself high-ticket items or funding a charitable cause (or both), keep in mind That winning is not as easy as claiming money and going on with your life
“Your old life is over,” said Walt Blenner, a lawyer in Palm Harbor, Florida and founder of the Blenner Law Group. “You can’t go back to it.”
For the $ 490 million Mega Millions jackpot, the cash option – which most winners choose instead of an annuity – is $ 37 million dollars. For the Powerball prize of $ 410 million, it is $ 316.4 million.
Apart from the financial aspect of windfall – which includes things like taxes, investments and estate planning – there are some other issues that big lottery winners may face, sometimes even before they claim their prize.
“On the one hand it’s a great experience, but on the other hand it can come with the necessary changes that can cause concern,” Bleiner said.
Depending on which state you purchased the ticket from, you may not be able to remain anonymous, which distracts the public’s attention – all of this is not guaranteed to pass or go unpunished. Even if you can shield your identity, it’s possible that the word may have leaked in one way or another that you were (or might be) the winner, Blaineer said.
When he represented the winner of the $ 451 million Mega Millions Jackpot in 2018 – then 20-year-old Shane Missler – Blenner came to know the importance of disappearing before going public to press on Missler and his family who won (in Florida, Lottery) winners cannot remain anonymous).
They were hesitating, so they told them that ransom and kidnapping insurance was available. It got through them, and they rented a house under a nickname 20 miles away.
Blenner said, “It took me a while to appreciate the potential danger for him.
Even obtaining a winning ticket to the lottery headquarters was done keeping safety in mind: Blenner and Miesler took a private jet to Talhasi, and the lottery-receiving officers boarded them on the tarmac to get tickets Had a meeting.
Your day job
When you get into excessive money through a lottery, it usually makes sense to quit your day job, Blainer said.
“You don’t need that income, and having a job will help you know where you are, which can be more than a security risk,” he said.
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After Missler’s $ 451 million jackpot win, Blenner was approached by complete strangers.
“For the better part of six months, I was receiving emails, letters and phone calls,” he said.
Messages came from many people: those offering to sell something (ie, real estate, a private jet), investment advisors who wanted to manage money, and individuals who were struggling financially and asking for help Were.
Whether you can remain anonymous or not, actually spending money can reveal your new found wealth.
This means that fake claims against you are more likely to happen if others think you have a deep pocket. For example, someone might crash into your car in the hope of crashing, said Blainer.
“When excessive money is involved, you’re a prime candidate for something like this,” Blenner said.
He said that it is necessary to have insurance to protect against such potential claims.