Two major lottery jackpots are both worth more than 300 million dollars. The Mega-Million drawing is tonight and worth an estimated 393 million dollars. The Powerball jackpot drawing is tomorrow and is worth an estimated 356 million dollars.
Playing the lottery? Here are some things you need to know
1) Make sure you sign the back of the ticket.
Imagine having the winning ticket and have someone else claiming your money. It could happen if a stranger or relatives gets hold of an unsigned ticket and turns it in as their own.
2) Stay incognito if possible
Many states differ on whether or not winners are able to remain anonymous or if their name is legally required to be made public once they claim their ticket.
If anonymity is possible take that option. In states where you are not allowed to remain anonymous, there are ways to try to keep your winnings private. Create LLCs or non-profit entities that can protect your identity. The organization then claims the jackpot without revealing the name of the actual winner.
Put together a Money Management Team
Hire a certified financial planner and do background checks on the individuals that you hire to help you. In addition, hire an estate planner, a certified financial planner and an accountant before claiming the ticket. Also,confirm their fees before signing any paper work.
If at all possible Once You Win, Don’t Spend
Experts suggest to wait at least six months, maybe a year before making any purchases to insure you don’t blow your winnings.
ODDS of Winning
The odds are one in 292.2 million. However, you have no chance of winning if you don’t buy a ticket.
Pooling your Money
If you pool your money, lay down rules and guidelines in writing for splitting the prize, so there will be no misunderstandings and legal issues.