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Do this if you win the $ 1 billion lottery




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A customer shows his purchased Powerball tickets on Friday, August 1

8, 2017 in Hialeah, Florida, estimated at $ 535 million for Saturday night AP Photo / Alan Diaz)

What would you do if you were to win $ 1 billion?

There are nearly a billion dollars in the latest Powerball and Mega Millions jackpots.

Here's what you need to know and what to do Keep going if you get rich.

1. Stay anonymous

If you win the lottery, your natural inclination is that everyone knows you're going to hit the jackpot. [19659003] Imagine how many long-lost cousins ​​and childhood friends suddenly seem to be celebrating their newfound wealth.

It is best, however, to remain anonymous.

While the rules on the Anonymity varies by state, Some states demand that all lottery winners reveal their identity.

You can remain anonymous if you win the lottery in six US states: Delaware, Kansas, Maryland, North Dakota, Ohio, and South Carolina

The remaining states where Powerball is sold, including Washington, DC, Puerto Rico and the US Virgin Islands require their identity from the winners, including their name, city and price.

One way to protect your identity is to accept your lottery prize through a legal structure such as a blind trust.

2. Sign Your Lottery Ticket

Make sure you sign your lottery ticket.

Why?

A lottery ticket is considered a bearer certificate, ie whoever signs the ticket can request the lottery prize. [19659003] However, what you write on the lottery ticket could affect your anonymity. Therefore, think twice about it and consult a lawyer before signing the ticket.

3. Deciding How to Pay

When you win the lottery, you decide how you want to get paid: either a prepayment, a one-time payment, or a pension.

With the one-time payment you now receive the money in a single payment. Or you can receive pension payments over the next 30 years.

For Mega Millions, the jackpot is the biggest of all time: $ 654 million. If you choose the prepayment, the payment is approximately $ 372 million. For Powerball, the Jackpot is the 17th largest ever at $ 345 million. If you opt for the Prepay option, the payment will be approximately $ 199 million

Which payout option is better?

Just think this: A dollar is worth more than a dollar today. With a one-time payment, you can invest the money today and achieve a financial return.

With the annuity lump sum option, staggering payments over a 30-year period can help reduce potential incentives for reckless spending.

4. Get professional advice

Do not go alone.

Make sure you've put together a world-class team of experts who can help you with your asset management goals.

At a minimum, your advisory team should include a financial, legal, and tax adviser to manage your investments, tax planning, insurance and estate planning, and other important aspects of managing your assets.

No matter how many consultants you hire, always remember to sign your own checks.

After all, it's your money, so make sure you know where it's going.

5. Pay Your Existing Debt

With your new wealth, make sure to simplify your financial life ..

Pay your student loans. Destroy your credit card debt. Get your financial life in order.

Yes, maybe you could get a higher financial return if you can stand the debt and invest in the stock market.

However, a simple finance house will make your life easier.

Remember: winning the lottery is all about enjoying the simple life.

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A customer shows his purchased Powerball tickets in Hialeah, Florida on Friday, August 18, 2017. An estimated $ 535 million for (AP Photo / Alan Diaz)

What would you do if You Won $ 1 Billion?

There are nearly a billion dollars in the latest Powerball and Mega Millions jackpots.

Here's what you need to know, and what to do next, when you get rich. [19659003] 1. Stay Anonymous

If you win the lottery, your natural inclination may be to let everyone know that you have the jackpot

Imagine how many long-lost cousins And childhood friends could suddenly turn into celebrity

It's best to remain anonymous.

While the rules governing anonymity vary by state, some states require that all lottery winners reveal their identity. [19659003] You can remain anonymous if you win the lottery in six US states: Delaware, Kansas, Maryland, North Dakota, Ohio, and South Carolina.

The remaining states where Powerball is sold, including Washington, DC, Puerto Rico, and the US Virgin Islands, these winners demand their identity, including their name, city and price.

One way to protect your identity is to accept your lottery prize through a legal structure, such as a blind trust.

2. Sign Your Lottery Ticket

Make sure you sign your lottery ticket.

Why?

A lottery ticket is considered a bearer certificate, ie whoever signs the ticket can request the lottery prize. [19659003] However, what you write on the lottery ticket could affect your anonymity. Therefore, think twice about it and consult a lawyer before signing the ticket.

3. Decide How You Want to Be Paid

When you win the lottery, you decide how you want to get paid: either a prepayment, a one-time payment, or a pension.

With the one-time payment you will receive the cash now in a single payment. Or you can receive pension payments over the next 30 years.

For Mega Millions, the jackpot is the biggest of all time: $ 654 million. If you choose the prepayment, the payment is approximately $ 372 million. For Powerball, the Jackpot is the 17th largest ever at $ 345 million. If you opt for the Prepay option, the payment will be approximately $ 199 million

Which payout option is better?

Just think this: A dollar is worth more than a dollar today. With a one-time payment, you can invest the money today and achieve a financial return.

With the annuity lump sum option, staggering payments over a 30-year period can help reduce potential incentives for reckless spending.

4. Get professional advice

Do not go alone.

Make sure you've put together a world-class team of experts who can help you with your asset management goals.

At a minimum, your advisory team should include a financial, legal, and tax adviser to manage your investments, tax planning, insurance and estate planning, and other important aspects of managing your assets.

No matter how many consultants you hire, always remember to sign your own checks.

After all, it's your money, so make sure you know where it's going.

5. Pay Your Existing Debt

With your new wealth, make sure to simplify your financial life ..

Pay your student loans. Destroy your credit card debt. Get your financial life in order.

Yes, maybe you could get a higher financial return if you can stand the debt and invest in the stock market.

However, a simple finance house will make your life easier.

Remember: winning the lottery is all about enjoying the simple life.


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