There are now close to half a million dollars placed in the Mega Millions award.
With no tickets to match the six numbers drawn on Tuesday, the game’s top prize has risen to $ 490 million for Friday night’s draw. Powerball’s grand prize is not far behind: $ 410 million for Wednesday night’s raffle.
If you want to daydream about how you would use a lot of adventures of this magnitude, whether it’s buying cheap items or funding a charity (or both), keep in mind that winning isn’t as easy as claiming. the money and go there. with your life.
“Your old life is over,” said Walt Blenner, a lawyer and founder of Blenner Law Group in Palm Harbor, Florida. “You can’t go back.”
For the $ 490 million Mega Millions prize, the cash option (which most winners choose instead of an annuity) is $ 372.3 million. For the $ 410 million Powerball award, that’s $ 316.4 million.
Aside from the financial aspect of unexpected things, which include taxes, investments, and estate planning, there are some other issues that big lottery winners may face, even before claiming their prize.
“On the one hand it’s a fantastic experience, but on the other hand it can lead to the necessary changes that can cause anxiety,” Blenner said.
Your safety
Depending on the state in which you purchased the ticket, you may not be able to remain anonymous, which creates a whirlwind of public attention, which is not guaranteed to be innocent or passing. Even if your identity can be protected, it’s possible that a word can filter in one way or another that has been (or could be) the winner, Blenner said.
When he represented the winner of a $ 451 million Mega Millions award in 2018, Shane Missler, then 20, Blenner had to put pressure on Missler and her family the importance of disappearing before the public found out who won (in Florida, lottery winners cannot remain anonymous).
It took me a while to make them appreciate the potential danger they would face if they stayed at home.
Walt Blenner
Founder of the Blenner Law Group
They were doubtful, so he ended up telling them that there was a rescue and kidnapping insurance. This came to them and they rented a house 20 miles away under an alias.
“It took me a while to make them appreciate the potential danger they would be in if they stayed home,” Blenner said.
Even getting the winning ticket at the lottery headquarters was done with safety in mind: Blenner and Missler took a private plane to Tallahassee and lottery officers found them on the tarmac to receive the ticket.
Your daily work
When you get to extreme wealth through the lottery, it usually makes sense to quit your day job, Blenner said.
“You don’t need that income and having a job would require where you are, which could pose a security risk,” he said.
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After $ 451 million earned by Missler, Blenner was contacted by strangers.
“For most of six months, I received emails, letters, and phone calls,” he said.
The messages came from several people: those who offered to sell something (i.e., real estate, a private jet), investment advisers who wanted to manage the money, and people who struggled financially and sought help.
Exposure to lawsuits
Whether you can remain anonymous or not, spending money could reveal your newly found wealth.
This means that false claims against you are more likely if others think you have deep pockets. For example, someone could bump into your car on purpose in hopes of picking you up, Blenner said.
“When there’s extreme wealth involved, you’re a prime candidate for something like that,” Blenner said.
He said it is important to have insurance to protect yourself from these possible claims.