Review of: Win The Jackpot

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Win The Jackpot

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Win The Jackpot

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Once your ticket is signed, make photocopies of its front and back. Then, secure the original winning ticket in a very safe place, such as a safety deposit box.

You will only need this original ticket when you go to claim your prize. Once you win the jackpot, representatives of theLotter will contact you and coordinate how and when you will receive your winning ticket as in most cases, you will need to collect your jackpot prize in person.

Lottery winners are cautioned to keep quiet and not to broadcast their exciting lottery news to the world. Except for close, immediate family members, the advice is not to share the news with co-workers and friends.

Not yet, anyways. News of lottery wins travels fast. If word of your lottery win gets out before you are ready, acquaintances and long-lost relatives will approach you to see how they can benefit from your newfound wealth.

Charities will contact you and ask you to make donations and you may even be approached by people asking you to join them in questionable business opportunities.

For the first time in your life you are dealing with a tremendous amount of wealth and to handle this properly, you need to work with a team of experienced professionals.

The decisions you make even before you show up to collect your prize could drastically affect how much money you will receive. The first thing you should do is to retain a lawyer with experience representing lottery winners.

As regulations about lottery wins differ from jurisdiction to jurisdiction, the lawyer you hire should be familiar with working within the legal framework of the state where your winning lottery ticket was purchased.

Additional members of the team you form must include financial planners, accountants, and tax advisers.

It sounds like a lot but we're talking about an account with hundreds of millions of dollars in it. Based on your circumstances, the lottery you won, the amount of your prize, and your residence, your team will advise you whether to claim the prize yourself, whether they should claim it on your behalf, or whether they should help you create a legal entity so that you can claim the prize anonymously.

Laws and tax regulations differ from state to state and your professional team will advise you how best to proceed. When you win a jackpot playing Powerball or win first prize in Mega Millions , you can choose between two options how to receive your prize money.

You can choose to receive a one-time lump-sum cash payment of the prize which is a smaller amount , or you can choose to receive annuity payments of the jackpot.

While most lottery winners choose to take the cash option, there are advantages and disadvantages to each.

The amount of money you will have at your disposal to spend and to invest; the amount of taxes you will pay initially and later on; and even the value of the estate you will leave your children depend on the way you receive your lottery winnings.

Because this is all very complicated, work with your professional team to choose the best way forward. While some states allow lottery winners to remain anonymous when they collect their jackpot prizes , other states require that basic information about winners be released to the public, including name, city, and the amount won for all prizes, not only the jackpots.

Why is this so? The lotteries are striving for transparency in their operations. They want the public to know that ordinary people can, and do, win lottery prizes, even incredible jackpot prizes worth hundreds of millions of dollars.

Publishing the names of prize winners increases the public's trust in the fairness of lottery draws. If you choose to retain your privacy, your lawyer may be able to assist you even in states that require lottery winners to go public.

In certain cases, your lawyer will be able to establish a legal entity, or trust, which would be able to collect the prize anonymously on your behalf.

If on the other hand, you claim your prize publicly, you can expect to be barraged with media requests for interviews. Consider if this publicity is in your best interest.

In addition, you will need to deal with friends, relatives, and charities all asking and sometimes demanding a share of your good fortune.

No matter if you choose to go public or to remain anonymous, you should consider shutting down all your social media accounts. You have six months to a year to claim your lottery winnings depending on where you win.

You have probably heard tales of unclaimed prizes and stories of winning lottery tickets that were lost, so you want to make sure to collect your prize in time.

That said, there is no need to show up at lottery headquarters immediately. Assemble your team of professionals, as mentioned above, and work with them to determine how, and when, your prize will be collected.

Reduce your stress level by moving forward with this and get on with the rest of your financially-improved life. If you decide to go public with your win, make sure to have a public relations strategy in place before you show up to receive your over-sized publicity check.

The media is going to hound you for information so take this into account when you plan what to do when you win the lottery.

Playing the lottery is something you do for fun and it is certainly not something you do to improve your financial situation.

If, however, you get lucky and win big, you need to make plans. No one would want to squander their fortune like some previous prize winners have done.

Hasty decisions and poor planning have more often than not resulted in bankruptcies. If you're wondering where do you go if you win the lottery, your advisers will advise you how to achieve your financial goals by helping you pick the best way to save your money and make sound investments.

Together with your professional team, you will create a solid asset management plan for you and your immediate family. Whether you want to set aside money for a little nest egg or your children's education, invest in business opportunities or buy real estate properties, or even spend money on the finer things in life, a financial planner can help you reach your goals.

Pay off your debts! Many advisers say that paying off one's debts is the best investment that one can make. Avoid big purchases!

Although you may be inclined to immediately spend your fortune on a seaside mansion and a fleet of Jaguars and Rolls Royces, these extravagant purchases will attract a lot of unwanted attention.

Invest wisely! As a wealthy lottery winner, you will find many opportunities to invest but many of the people who approach you may be suggesting shady business deals.

Work together with your financial planners on short- and long-term investment strategies and don't put all your eggs in one basket. Save money for the future.

Don't spend it all at once! When you buy a lottery ticket, keep it somewhere where you can find it again easily. Jot down the drawing date and time in your calendar if you're afraid you might forget it.

Check the numbers against your ticket, and double-check them, just to be sure. Also, make sure that you are looking at the numbers for the correct date.

Some people like to have convenience store clerks verify their tickets to be sure they don't make a mistake while checking their numbers.

Another option is to use a lottery app to help you keep track of the drawings. OK, so your numbers didn't come up in the drawing. That means it's time to toss your lottery ticket, right?

Many lotteries offer second-chance drawings on non-winning tickets. Fill out the form on the back, send it in, and you'll have a bonus chance to be a winner.

On June 8, , a TheBalance Everyday reader reported a big lottery win. She didn't win because of the numbers she played when she bought the ticket, but because she entered the second-chance game in the Kentucky Lottery.

So don't give up just because you didn't win the first time. If your lottery game includes a second-chance drawing, entering could be your ticket to winning.

A lot of people throw out their lottery tickets after a drawing, but that doesn't mean that the tickets are worthless.

Perhaps they didn't bother to check the numbers, or they checked the wrong drawing or misread the winning numbers.

If you find a discarded lottery ticket, it's worth taking the time to double-check. Even if the discarded ticket is a loser, there's a chance you could still win with it.

If you are lucky enough to win the lottery, the last thing you want to do is let the prize slip through your fingers. To protect yourself, the first thing you should do after you receive a lottery ticket, even before you know whether it's a winner or not, is to sign it.

Your signature on the back of a lottery ticket can help prove it's yours if it gets lost or stolen. Also, never hand a ticket to a clerk at a lottery location and ask if you've won.

Use a computer terminal to determine if you're a winner, ask the clerk for the winning numbers and verify them yourself, or check online or in newspapers to find the winning numbers.

It's easy for an unscrupulous clerk to pocket your ticket and tell you it was a loser. If you intend to cash a lottery ticket by mail, make sure you make copies of both sides of the ticket, in case it gets lost in transit.

While it's impossible to predict which numbers will be chosen in any given lottery drawing, picking certain numbers might have a slight advantage, not for your chances of winning, but for your payout.

If you win a lottery jackpot, there's a chance you might have to split the payout with other people who picked the same numbers.

So all things being equal in that all numbers are equally likely to be picked , you might as well try to select rarer numbers to improve your odds of keeping more of the pot for yourself.

So how do you know which numbers are rare? Some people try to use statistics to find out which numbers are chosen least often.

Others look at combinations that other people tend to avoid, like consecutive numbers. Using a lottery app might help you select and remember numbers to play.

Unfortunately, many scammers try to take advantage of people's dreams of winning the lottery.

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