Winning the Mega Millions lottery can be dangerous if you’re not careful. Here’s a step-by-step guide on what to do.
First Steps After Winning: The First 24 Hours
The first day after winning is crucial. What you do (and don’t do) in these hours can affect the rest of your life.
Don’t Sign That Ticket Yet
Your first instinct might be to sign your winning ticket right away. Stop. Here’s why: Once you sign it, you can’t transfer it to a trust. A trust helps you stay anonymous and protects your money.
Keep Quiet About Your Win
The moment others know about your win, your life changes forever. Don’t tell anyone – not your best friend, not your family, not even your spouse (yet). Why? Mega Millions Lottery winners have faced:
- Robbery
- Death threats
- Endless requests for money
- Harassment
- Loss of privacy
Building Your Protection Team
Before you claim your prize, you need experts on your side. Think of them as your money protection squad.
The Six Essential Experts You Need
- A Lawyer
- Helps set up your trust
- Reviews contracts
- Protects your legal interests
- An Accountant
- Manages your taxes
- Tracks your spending
- Plans your budget
- A Tax Attorney
- Reduces your tax burden
- Ensures tax compliance
- Finds legal tax advantages
- A Security Team
- Protects you and your family
- Screens threats
- Sets up home security
- A Financial Advisor
- Plans your investments
- Manages your wealth
- Sets up long-term financial goals
- An Estate Planning Attorney
- Protects your assets
- Plans your legacy
- Sets up trusts and wills
Protecting Your Ticket
Creating Backup Copies
Make several copies of your ticket:
- Take clear photos (front and back)
- Make color photocopies
- Store digital copies in encrypted cloud storage
- Keep copies on an external hard drive
- Place the original in a secure location (like a bank safe deposit box)
Going Private: Your Strategy
Digital Cleanup Steps
- Delete All Social Media
- Remove Facebook, Instagram, Twitter, LinkedIn
- Close old accounts you might have forgotten
- Ask family members to keep your win private
- Change Your Address
- Get a P.O. Box
- Use it for all mail
- Don’t give out your home address
- New Contact Information
- Get a new phone number
- Create a new email address
- Use these only for financial and legal matters
Claiming Your Prize: The Smart Way
States That Allow Anonymous Claims
You can stay anonymous in these 12 states:
- Ohio
- Texas
- Kansas
- Arizona
- Georgia
- Michigan
- Maryland
- Delaware
- Mississippi
- New Jersey
- North Dakota
- South Carolina
Trust options exist in:
- Colorado
- Connecticut
- Massachusetts
- Vermont
Lump Sum vs. Annuity: Making the Right Choice
Take the lump sum. Here’s why:
- Annuities offer only 4.5% annual return
- The S&P 500 historically returns 11%
- You have more control over your money
- You can invest in better opportunities
- You can pass more wealth to your heirs
Frequently Asked Questions
What are my chances of winning the lottery?
You’re more likely to be struck by lightning twice than win the lottery jackpot. Driving one mile to buy a ticket makes you 8 times more likely to die in a car crash than win.
How long do I have to claim my prize?
Time limits vary by state, usually between 180 days to one year. Check your state’s lottery website for exact deadlines.
Should I tell my family if I win?
Wait until you’ve secured legal and financial advice. Then share the news only with immediate family members who need to know.
How can I avoid losing all my money?
Set up a trust, hire professional advisors, create a budget, and invest wisely. Don’t make major lifestyle changes in the first six months.
What percentage of winners go broke?
About 70% of lottery winners spend all their money within a few years. One-third declare bankruptcy.
Can I stay anonymous in my state?
Twelve states allow complete anonymity. Four others let you claim through a trust. Check your state’s laws or consult a lottery lawyer.
The post What to Do After Winning the Mega Millions: Lottery Winner’s Guide appeared first on Andrew Lokenauth.