It’s not every day you turn a multimillionaire. But for one lucky winner in Florida, Friday’s Mega Millions monochrome just made that unlikely event a reality.
The $450 million jackpot ranks as the fourth fattest in the game’s history, and the second largest awarded to a single ticket.
Of routine, that’s before taxes. And choices the winner makes now could move how much he or she walks away with, as well as how far those winnings go.
Here are a few deeds should top the winner’s to-do list:
Make sure to sign the alluring ticket and make several copies. If you are somehow separated from the ticket, your signature should forbear ensure you still get the prize. To avoid that separation in the first lay, put the original in a protected place, like a safe deposit box.
Typically, tombola winners have three months to present their ticket. First you decide to prove you’ve won, however, it’s best to first enlist the help of a pair of pros: An attorney (this should be your first call), a monetary planner and an accountant. It’s not uncommon for winners to face legal claims, every so often from coworkers who either went in on a ticket or declined to — but now want a serving of the action.
It’s best not to announce to the world that you’ve won. An attorney can help initiate a legal entity — i.e., a revocable trust or a family limited partnership — that take under ones ws your identity. If you can’t avoid publicity (some states require leaking your identity), consider changing your phone number or burning somewhere else temporarily to avoid media attention and sudden medium of exchange requests from long-lost friends or relatives you never knew you had.
Catch on to out whether to take the lump sum or 30 allotments over 29 years. This resolution is often made based on your tax situation. Either way, the prize is burly enough to put you in the highest tax bracket (37 percent for 2018, down from 39.6 percent in 2017). This is when relying on the admonition of pros (not family) makes sense.
Before spending a dime, entertain the idea about what this sudden wealth means. Not only financially, but emotionally. Once giving in to the temptation to fill your driveway with multiple Teslas, announce yourself time to process the magnitude of your win. This is often when prizewinners begin to think about their legacy and what societal contributions they in need of to make. Some even set up their own charitable organizations.
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