How to protect your privacy if you win Mega Millions or Powerball

There is a possibility that at least a couple of people will end up in 2020 much richer than most of us.

With no tickets to match the six numbers drawn on Tuesday in Mega Millions, the grand prize has risen to $ 401 million for Friday night’s draw. The top Powerball prize is not far behind, with $ 363 million for Wednesday night’s draw.

If you’re lucky enough to be the next big winner, experts say part of protecting your benefits is to protect your identity if you can.

“Four hundred million dollars would attract many [attention]said lawyer Kurt Panouses, founder of Panouses Law Group in Indialantic, Florida, and an expert in helping lottery winners.

Keeping your victory silent will help protect you from strangers and scammers who want a piece of the prize.

However, states do not always facilitate privacy: only a handful allow winners to remain completely anonymous. In others, you may be able to claim the award through a trust or limited liability corporation, or LLC, that does not have your name, although you may need to plan for it.

Here are tips for big lottery winners to try to maintain their privacy.

The standard tip is to sign the back of the ticket. However, if you are in a state that allows a trust or LLC to claim the award, you may want to retain that signature if your privacy is important.

“Obviously, you want to protect the ticket, but any name that appears on the back of the ticket is the one that is identified as the beneficiary,” Panouses said. “The back of the ticket is important for privacy reasons.”

In most states, he said, if you use an LLC or trust to claim the money, you can avoid public disclosure of your name.

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Panousas said he has also created trusts whose beneficiaries are the so-called sub-trusts rather than the winners. This adds an extra layer of privacy protection.

While you may want to share your exciting news, experts say that the fewer people know about it, the better.

“Keep the small circle of people who know or don’t tell anyone,” Panouses said.

Also, if you claim the win jointly with, say, other family members (i.e., through a trust or LLC as a shared prize), all people involved should sign non-disclosure agreements, Panouses said.

In addition to choosing experienced professionals to help you navigate unexpected things, it may also be advisable to avoid professionals in your hometown if you are concerned about leaking news about your victory.

“Someone in this office might say to others, ‘Oh, this is the lottery winner,'” Panouses said.

“When I open accounts with them, I know the information will not be disclosed,” Panouses said.

It’s probably a good idea to skip a bit of the city after claiming the prize.

“We make sure the winners have a plan to go somewhere for a week or so after claiming,” Panouses said. “If people find out you’ve won, they might show up at your house.”

It’s also worth changing your cell phone number, he said. If you have a landline, it should also be changed.

You may also want to close your social media accounts if you are unable to remain anonymous.