It could happen to you.
It’s not likely, but it could.
And that long-shot chance keeps millions of Americans playing state or multi-state lotteries every week.
Even people who don’t normally gamble give it a try when jackpots reach insane amounts – such as the near-record $448 million Powerball payout in early August.
It’s OK to dream. The fact is someone wins these jackpots.
The 16 municipal employees from New Jersey who pooled their money for Powerball chances probably were as surprised as anyone when one of their tickets matched the winning numbers. Two other players also won, but the workers’ share to split 16 ways is a cool $86 million.
So the next time you’re fantasizing about a life-changing jackpot — whether that be a new home, college tuition for the kids or perhaps endowments for favorite charities — here’s some practical advice should you win big.
What are the very first things you should do if lottery lightning does strike?
- Sign and secure the ticket. Signing it ensures no one else can claim it as their own if you should somehow misplace it.
- That done, lawyer up. An attorney can help you through the decisions that need to be made immediately, such as whether to take your winnings in a lump sum or an annuity and whether you can anonymously claim your winnings (not a bad idea as some winners have discovered).
- You might want to hire a team of attorneys who specialize in such areas as business, tax, estate and trusts.
- You’ll also want a CPA and a Certified Financial Planner with experience helping people in your shoes — those who come into sudden wealth in a big way.
- Not many people’s jackpot dreams end in heartache, but it happens more often than one might realize. The best advice to avoid a bad end to a winning jackpot is to seek out an attorney, who can help you navigate through the wild and wonderful world of a lottery winner.