Here's Some Advice For Future Lottery Winners

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via    With tonight's giant Powerball Jackpot over $345-Million and Friday's Mega MIllions surging to a ridiculous "Dr. Evil amount" of $900-Million, ticket buyers are all asking themselves the same thing; "What do I do after I win?"

According to the experts, the eventual Winner (or Winners) should sign the back of the ticket and leave space above your name in case you end up signing it over into a Trust. Then make sure to photo copy the front and back of the big winner. Step three,  which should be obvious,  is to put that little life-changer in a secure place like a fire safe of safety deposit box. That is, after the initial shock and awe have settled down. Next consult with a reputable financial planner or attorney before going to the lottery headquarters. They will be able to go over the pros and cons of whether to take the cash option, which would now be $513 million (for Mega Millions), or an annuity, with one initial payment and annual installments over 29 years. Historically, most winners opt for the lump sum. However, the annuity has advantages, as it reduces the tax bill a little and offers consistent flow of income that climbs by 5 percent annually. 

I know, not a terrible problem to have, right? For more FAQ and other lottery advice, click HERE  Oh, and Good luck! 

Kenny Young

Kenny Young

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