There is now almost half a billion dollars located in the Mega Millions jackpot.
With no ticket matching all six figures drawn on Tuesday, the highest prize of the match rose to $ 490 million for the draw on Friday night. Powerball’s jackpot is not far behind: $ 410 million for the draw on Wednesday night.
If you’re daydreaming about how to use a windfall of such magnitude, whether you’re buying a high ticket item or financing a charity (or both), you should know that winning is not as simple as to claim the money. going on with your life.
“Your old life is over,” says Walt Blenner, a lawyer and founder of Blenner Law Group in Palm Harbor, Florida. “You can not go back after that.”
For the $ 490 million Mega Millions jackpot, the cash option – which most winners choose instead of an annuity – is $ 372.3 million. For the Powerball price of $ 410 million, it is $ 316.4 million.
Apart from the financial aspect of the windfall – which involves things like taxes, investments and estate planning – there are still some issues that big lottery winners face, sometimes even before claiming their prize.
“On the one hand, it’s a fantastic experience, but on the other hand, it can come with the necessary changes that can cause anxiety,” Blenner said.
Your safety
Depending on the condition in which you purchased the ticket, you may not be able to remain anonymous, which creates a whirlwind of public attention – which does not guarantee that it will pass or be innocent. Even if you can protect your identity, it is possible that the word may somehow leak that you were the winner (or maybe), Blenner said.
When he represented the winner of a $ 451 million Mega Millions jackpot in 2018 – the then 20-year-old Shane Missler – Blenner had to lose importance to Missler and his family before the public found out who won (in Florida). , lottery winners can not remain anonymous).
It took a while before I realized the potential danger they would be in if they stayed in their home.
Walt Blenner
Founder of Blenner Law Group
They were reluctant, and eventually he told them that ransom and kidnapping insurance was available. It penetrated to them, and they rented a house 20 miles away under an alias.
“It took a while before I realized the potential danger they would be in if they stayed in their home,” Blenner said.
Even getting the winning ticket to the lotto headquarters was for safety reasons: Blenner and Missler took a private jet to Tallahassee and lottery officials met them on the tarmac to receive the ticket.
Your daily task
If you get extraordinary wealth through the lottery, it usually makes sense to quit your day job, Blenner said.
“You do not need that income, and having a job will determine where you are, which could be a greater security risk,” he said.
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Following the $ 451 million victory in Missler, Blenner was contacted by strangers.
“For most of six months, I received emails, letters, and phone calls,” he said.
The messages come from different people: those who offer to sell something (ie real estate, a private plane), investment advisers who want to manage the money and individuals who are struggling financially and seeking help.
Exposure to lawsuits
Whether you can remain anonymous or not, spending your money can reveal your newfound wealth.
This means that false claims against you are more likely than others think you have deep pockets. For example, someone may have deliberately crashed into your car in hopes of collecting it, Blenner said.
“If there is extraordinary prosperity involved, you are an excellent candidate for something like that,” Blenner said.
He said it was important to have insurance to protect such claims.