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There is a chance that at least a few people will end 2020 much richer than most of us.
Without a ticket to match all six numbers drawn in the Mega Millions on Tuesday, the jackpot rose to $ 401 million for Friday night’s draw. Powerball’s top prize was not far behind, at $ 363 million for Wednesday night’s draw.
If you are lucky enough to be the next big winner, experts say that part of protecting your heart protects your identity if you can.
“Four hundred million dollars would attract a lot of [attention]said lawyer Kurt Panouses, founder of Panouses Law Group in Indialantic, Florida, and expert in helping lottery winners.
Maintaining your earnings helps you protect yourself from strangers and crooks who want a share of the prize.
However, states do not always make privacy easy: only one hand allows winners to remain completely anonymous. In others, you may be able to claim the award through a trust or limited liability company or LLC that does not have your name – however, you need to plan this.
Here are some tips for big lottery winners to try to keep their privacy.
Ticket management
The standard tip is to sign the back of your ticket. However, if you happen to be in a state that allows a trust or LLC to claim the award, you may want to waive that signature if privacy is important to you.
“Obviously you want to protect the ticket, but whatever name is on the back of the ticket is what is identified as the beneficiary,” Panouses said. “The back of the ticket is important for privacy reasons.”
In most states, he said, if you use an LLC or a trust to claim the money, you can avoid publicly disclosing your name.
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Panousas said he also created trusts whose beneficiaries are so-called sub-trusts instead of winners. This adds an extra layer of privacy protection.
Keep silent
Although you may be eager to share your interesting news, experts say that the fewer people you know, the better.
“Keep the small circle of people who know or don’t tell anyone,” Panouses said.
In addition, if you apply for the win along with, say, other family members – that is, through a trust or LLC as a joint prize – everyone involved should sign non-disclosure agreements, Panouses said.
Money management
In addition to choosing experienced professionals to help navigate the heart, it may also be wise to avoid home-based professionals if you are worried about news about your earnings.
“Someone in that office might say to others, ‘Oh, this is the lottery winner,'” Panouses said. It is based on a large and reliable investment company with a history of serving wealthy households.
“When I open accounts with them, I know the information will not be disclosed,” Panouses said.
Plan an escape
It’s probably a good idea to skip the city a bit after claiming your prize.
“We make sure the winners have a plan to go somewhere for about a week after they claim,” Panouses said. “If people find out you won, they might show up at your house.”
It’s also worth changing your cell phone number, he said. If you have a landline, this should be changed as well.
You may also want to close your social media accounts if you can’t remain anonymous.