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What should you do if you win the Mega Millions lottery?

Posted: 5:11 PM, Jul 26, 2022
Updated: 2022-07-26 20:43:37-04

(KERO) — The Mega Millions jackpot just keeps growing and growing. The jackpot continues to draw closer to the $1 billion mark.

The estimated $830 million up for grabs Tuesday night is the third largest jackpot amount in Mega Millions game history. The drawing happens at 8 p.m. on Tuesday and tickets have to be purchased by 7:45 p.m. to be eligible.

If someone hits the jackpot and opts to take the lump sum cash prize that would be worth an estimated $487.9 million before federal taxes.

If no one hits the jackpot, it will roll over to just over a billion dollars for Friday’s drawing.

If you win you may be wondering what you need to do. A report from Forbes explains the process starting with the fact that you need to sign your lottery ticket. That way if you lose your lottery ticket, no one else can claim your prize.

Next, determine if you can remain anonymous. Consult a trust and estate attorney to determine how to accept your lottery prize. Then choose between lump sum and annuity payments. You can receive an up-front lump-sum cash payment or annual lottery payments. Make sure you understand the difference.

Finally, hire the right advisors, winning the lottery is one thing: holding onto your winnings is another. Make sure you have the correct legal and financial team to help protect your wealth.