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What should I do if I win a lottery?

Buy a fire- and flood-proof home safe, or keep the ticket in a safe deposit box at the bank. Naturally, you'll be incredibly excited about your win and want to share the good news. But you need to do something tough: tell as few people as possible. The fewer people who know about your win, the better. ...

How much money does a $100 million jackpot pay?

For example, on a $100 million jackpot, the first payment would be about $1.5 million, and future payments would increase to approximately $6.2 million. This cushions winners against inflation. Most winners choose to take the cash option, but which one is right for you depends on a number of factors. ...

Can you remain anonymous if you win a Mega Millions jackpot?

In March 2019, the winner of the $1.5 billion Mega Millions jackpot in South Carolina chose to remain anonymous and had a lawyer claim the prize on her behalf. In Virginia, you can remain anonymous if you win $10 million or more. ...

Do you need an LLC to win a Mega Millions jackpot?

A group of co-workers in Long Island, New York set up an LLC to protect their identities when they won a $437 million Mega Millions jackpot on January 1, 2019. In other states, your name, city, and the prize amount will be made public. Some lotteries also require you to have pictures taken or attend a press conference. ...

Should you stay anonymous if you win a lottery?

Consider staying anonymous if it is allowed by your state. Currently, nine states give winners the option to remain totally anonymous: Delaware, Kansas, Maryland, New Jersey, North Dakota, Ohio, South Carolina, Texas and Wyoming. ...

How much does a 5% jackpot increase a year?

Each payment is 5% larger than the previous one, so the 5% is relatively small at first, but rises over the 29 years of payments. For example, on a $100 million jackpot, the first payment would be about $1.5 million, and future payments would increase to approximately $6.2 million. This cushions winners against inflation. ...

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