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Home / Business / Mega Millions and Powerball are up to $ 1.5 trillion. Here's What to Do If You Win Both.

Mega Millions and Powerball are up to $ 1.5 trillion. Here's What to Do If You Win Both.



The Mega Millions jackpot climbed to an astounding $ 1 billion on Friday, the second-largest lottery prize in United States history, just hours before the drawing. The Powerball jackpot on Saturday is not too shabby either: $ 470 million.

Just imagine if you won both. Nearly $ 1.5 billion! Congratulations;

So: You are now the 1,650th-richest person in America! You knocked out Herb Chambers, a self-made billionaire who turned a $ 500 loan from his mother into an empire of car dealerships in Massachusetts, down one spot on the Forbes World Billionaires list. $ 1

.5 billion.

After the winning numbers are drawn in Mega Millions and Powerball, you'll be holding the tickets and wondering what to do. Will you take the lump sum? How about 30 years of annual payments?

• Announce that you won

• Buy expensive things, or anything at all, unless you can already afford it

• Quit your job

• Sign the winning ticket

Dennis J. Siciliano has given that critical advice to jackpot winners who have hired him to help them collect their prizes. Mr. Siciliano, an estate and business lawyer in Independence, Ohio, helped win the title of winner of a $ 52 million Mega Millions jackpot in August 2004,

"The bottom line is that the first thing they should do is secure the ticket," Mr. Siciliano said. "Do not tell anyone except close people."

Mr. Siciliano, who has also helped win much of their money. Slow down and be methodical.

"Proper planning upfront is really beneficial," he said.

In addition to hiring a lawyer, you should find a wealth adviser and an accountant, Mr. Siciliano said. A wealth adviser wants to help you avoid spending all your money too fast, a problem for some winners, and help you invest it so it lasts for years.


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