There are now almost half a billion dollars in the Mega Millions jackpot.
With no ticket for all six numbers drawn on Tuesday, the game’s biggest prize pool rose to $ 490 million for Friday night’s draw. The Powerball jackpot is not far behind: $ 410 million for Wednesday night’s draw.
If you dream with understanding eyes about how you would use a heart of such magnitude, whether it involves buying items with big tickets or funding a charity (or both), be aware that winning is not the same. simple to claim the money and move on with your life.
“Your old life is over,” said Walt Blenner, a lawyer and founder of the Blenner Law Group in Palm Harbor, Florida. “You can’t go back to him.”
For the $ 490 million Mega Millions jackpot, the cash option – which most winners choose instead of an annuity – is $ 372.3 million. For the $ 410 million Powerball prize, it’s $ 316.4 million.
In addition to the financial aspect of the contingency – which involves things like taxes, investments and real estate planning – there are other issues that big lottery winners may face, sometimes even before they claim their prize.
“On the one hand it’s a fantastic experience, but on the other hand it can come with the necessary changes that can cause anxiety,” Blenner said.
Your safety
Depending on the condition in which you purchased the ticket, you may not be able to remain anonymous, which creates a whirlwind of public attention – not all of these are guaranteed to be temporary or innocent. Even if you can protect your identity, this word may leak in one way or another that you were (or could be) the winner, Blenner said.
When he represented the winner of a $ 451 million Mega Millions jackpot in 2018 – 20-year-old Shane Missler, then – Blenner had to tell Missler and her family the importance of the disappearance before the public found out who won (In Florida, lottery winners cannot remain anonymous).
It took me a while to get them to appreciate the potential danger of staying in their home.
Walt Blenner
Founder of the Blenner Law Group
They hesitated, so he went so far as to tell them that there was redemption and kidnapping insurance. This reached them and they rented a house 20 miles away under a pseudonym.
“It took me a while to get them to appreciate the potential danger they would face if they stayed in their home,” Blenner said.
Even obtaining the winning ticket at the lottery headquarters was done with safety in mind: Blenner and Missler took a private plane to Tallahassee, and lottery officials met them on the tarmac to receive the ticket.
Your daily work
When you reach extreme wealth through the lottery, it usually makes sense to give up your day job, Blenner said.
“You don’t need this income and having a job would indicate exactly where you are, which could pose a higher security risk,” he said.
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After winning Missler’s $ 451 million jackpot, Blenner was completely contacted by strangers.
“In the best six months, I received emails, letters and phone calls,” he said.
The messages came from a variety of people: those who offered to sell something (for example, real estate, a private jet), investment advisers who wanted to manage money, and people who were struggling financially and seeking help.
Exposure to processes
Whether you can remain anonymous or not, actually spending your money could reveal your newly found wealth.
This means that false claims against you are more likely if others think you have deep pockets. For example, someone might hit your car intentionally in hopes of collecting, Blenner said.
“When extreme wealth is involved, you’re a prime candidate for that,” Blenner said.
He said it was important to have insurance to protect against such potential claims.