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The Mega Millions jackpot climbed to $ 1 billion on Friday, the second-largest lottery lot in US history, just hours before the draw. Saturday's Powerball jackpot is not too bad: $ 470 million.
Imagine if you have won both. Nearly $ 1.5 billion! Congratulations; you are about to hear parents of your ninth cousin who have been mutated twice and who swear not to have seen the news and know how you are going.
Also: You are now the richest person in the world in America! (Forget the taxes for a moment, we'll come back to that later.) You knocked out Herb Chambers, a self-styled billionaire who turned a $ 500 loan from his mother into a car dealership empire in Massachusetts, to a lower rank Forbes World Billionaires List. On the other hand, faced with a chance on a quadrillion out of 88, you sold nearly $ 1.5 billion in lottery tickets.
After the draw of the winning numbers in Mega Millions and Powerball, you will have the tickets in hand and ask what to do. Do you want to take the lump sum? How about 30 years of annual payments? As you think about this and browse the islands for sale online, it's best to avoid the following:
• Announce that you have won
• Buy expensive things, or really anything, unless you can afford it
• Resigns
• sign the winning ticket
Dennis J. Siciliano gave this critical opinion to the winners of the jackpot who hired him to help them recover their prizes. Mr. Siciliano, a lawyer specializing in estates and businesses in Independence, Ohio, assisted the winner of a $ 52 million jackpot in August 2004 for $ 52 million. He also acted as trustee of a blind trust created to preserve the confidentiality of the winner's name.
"In the end, once someone finds out he's won the lottery, the first thing to do is secure the ticket," Siciliano said. "Do not tell anyone except people close to you."
Mr. Siciliano, who also helped the winners of much smaller jackpots, worth about a million dollars each, said he was warning people to resist their instincts. Slow down and be methodical. After all, it can take months to receive your winnings, he said.
"Good planning from the start is really beneficial," he said.
In addition to having a lawyer, you should find a wealth advisor and an accountant, said Siciliano. A wealth management advisor will help you avoid spending all your money too quickly, which is a problem for some winners, and will help you invest in it to keep it for years. An accountant can reduce your federal, state and local taxes, as well as other unforeseen taxes that you may encounter.
Before drawing, as you thought about how you would spend the jackpot – perhaps buying a boat, paying off a student loan, or moving to the mountains – you might have thought about sharing it with family members and friends. But it's not so easy.
Distributing some of your earnings to others may be subject to many taxes, including federal tax on donations and inheritance tax. To share your price without paying additional taxes, you may have to prove that you bought the ticket from these people, said Siciliano.
"When is it really a joint purchase or a winner who offers to others?", He said. "Is the I.R.S. investigate? Sure."
These three counselors should help identify other potential problems. For example, if you buy the winning ticket in one state and then decide to move, both states may try to collect taxes on your price.
Another potential problem: if you signed your name on the back of the ticket, it might be difficult to remain anonymous. A New Hampshire woman who recently won $ 560 million signed her ticket after the draw but then wanted to remain anonymous. She had to continue successfully to keep her name private.
Over the years, many winners have avoided the limelight by accepting their prices under the name of trust. Mr. Siciliano created the ABC Blind Trust to collect the $ 52 million prize, which the winner received in the form of a lump sum of $ 21.8 million after tax. A group of collaborators in Manhattan won a jackpot of $ 58 million in 2015 under the name of Lucky 16 Trust. In 2016, $ 49 million was claimed in Texas by It Will Buy Me, a Revocable Trust.
But in all likelihood you will not have to worry about these important issues. Because you will not win and you will be back to work on Monday morning.
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