One of us could wake up Wednesday and be in a different tax bracket. Tuesday night’s Mega Millions jackpot is a whopping $636 million dollars!
We all have a list of things we would love to do with the winnings, but here are some of the most important things to do:
1. Sign the ticket.
Sign it, Sign it, Sign it! — Whoever has an unsigned ticket when it gets turned in can call dibs on it. It’s best to sign in when you first purchase it. Better yet, take a “selfie” with you and said ticket.
And then find a hiding place for that ticket. A safe deposit box is probably, yes, safest. Or go get a portable home safe.
2. Contact people who have dealt with large sums of money before
Contact an experienced attorney and look for a seasoned certified financial planner. You don’t want to contact more than a few people, lest the word get out before you even get the big cardboard check.
Your biggest decision right now is whether to take the cash prize (the actual money in the pot) or take an annuity (the estimated value of the cash option plus whatever interest it will earn over 30 years).
The lawyer you pick will also need to hook you up with specialists in subjects like estate planning, taxes and such. You might want to know if it’s best to buy mom a house or just give her some cash each year or set up some sort of trust fund.
3. Figure out if you can stay anonymous
Only a few states like South Carolina allow it, so you may want to hire a media consultant. Let someone else plan your appearances after you claim your winnings.
4. Plan a trip
Try to stay out of sight after going public with the big win. One set of winners went straight from the news conference to the airport. If disappear for a few weeks, you probably won’t come back to find the news media parked in front of your house.
5. Don’t give up just because you didn’t win the top prize
Every year a few of the people who match five numbers and win the runner-up prize, fail to collect their winnings.
So, check those tickets to see if you might have won $1 million. You don’t want to be among the 2% of people who threw away a million bucks.
Last year there were $800 million in unclaimed lottery prizes.
But if you do get a piece of the top prize, you’ll be in rare territory. Tuesday’s jackpot is the second-largest in U.S. history. (The biggest was a $656 million Mega Millions prize, shared by three winning tickets in March 2012.)
Tuesday’s drawing is at 11 p.m. ET. Good luck!
