Lottery mania has been electric across the U.S. and it’s no surprise with the Mega-Million reaching a record high of 1.6 Billion dollars! Here are a few things to keep in mind if you happen to be the lucky winner.
- Don’t Tell Anyone – Confidentiality and discretion is very important. The attention will be insane and nothing you could ever imagine. You will have businesses, thieves, con-artists, former friends, and distant family members reaching out to get a piece of your winnings. It is also a good idea to avoid injecting yourself into any type of stardom or appearing on celebrity talk shows. You want to keep a low-profile and avoid announcing you’ve won on any type of social media.
- Secure The Ticket In A Safe Place – Make sure you place the ticket in a location where only you have access. Preferably placing it in a fireproof safe that can handle over 500 F in which you are the only one with the combination.
- Contact A Trusted Advisor – Reach out to an acquaintance who has an ability in legal/financial matters who has no interest in the ticket. It’s important to understand that you won’t have to worry about making a tax payment because withholding will occur from the lottery but taxes on prize itself will be subject to income tax.
Know How Long You Have To Present Winning Ticket – Each state varies when it comes the time period in which you have to turn in your winning ticket. Pennsylvania for example has a 180 day period in which you can claim your winnings. Make sure to research the state in which you purchased the ticket and find out the amount of time you have to claim your winnings.