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What to do if you win the Mega Millions or Powerball Jackpots?

LANSING, MI – It's something that lottery players talk about all over the country.

"What would you do first if you had won?"

And while the answers are typically between luxurious vacations or buying a new home, helping family and other things we all would like to do, that's a lot to do before you can even spend money.

The first thing to do is to secure the ticket in a safe place while you prepare to receive your prize. The best solution is to put the ticket in a safe or safe.

Some experts say that you want to sign the back of the ticket immediately, so no one can get it back if you lose it. In this way, you can also lose your right to privacy.

Earlier this year, a New Hampshire woman had to file a lawsuit to receive a $ 560 million Powerball award because she immediately signed her ticket. Civil servants argued that she had to go public because she signed the ticket under her name, not in the name of a trust that is legal in the state.

Next, you want to consult financial planners and possibly a lawyer specializing in large estate. They have just won nearly $ 1

billion. There are experts who can help you to make a proper plan for managing your newly acquired wealth.

These experts can also help you decide if you want to use the cash option or if the annuity is more useful to you and your family. You will also be able to assist in building a trust in order to possibly protect your identity if you wish.

Remember that only six states allow Anonymous to remain anonymous, Delaware, Kansas, Maryland, North Dakota, Ohio and South Carolina. For those of us here in Michigan, the names of Mega Millions and Powerball jackpot winners are part of the public record.

Having a financial planner in place will also help ensure that you pay all relevant taxes. While the lotteries take federal tax off the jackpot, you still have to pay your state and local taxes. Having the right consultants is the key to making sure you get everything you deserve, and that you're out of money due to a lack of tax payments.

Finally, take time to make sure you handle everything correctly. You have at least six months, depending on the state in which you purchased the ticket, and up to a year to claim your prize.

Use this time to find the right team. Make plans about what you should do with the money and how to get the news to the people closest to you. If you are a private person and you are worried about becoming a public figure, prepare for a short break to avoid the chaos that will arise after your performance.

Once you've done all this, you should be in the right place to contact your state lottery office to let them know you have the ticket and are ready to sign up.

This may seem overwhelming, but it's a good problem. I mean, you just won $ 900 million, how stressed should you really be?

More stories about the excitement surrounding the formidable Mega Millions and Powerball jackpots can be found in the following stories:

Crazy Ways to Spend $ 900 Million Mega Millions Jackpot If You Win

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Is this the luckiest lottery retailer in Michigan? A few $ 4 million winners sold this week say

The 10 Richest Powerball and Mega Millions Winners in Michigan and US History

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