State Farm says lottery winners should keep their winning private before they turn in a ticket. "In some cases, signing your ticket might prevent you from creating a blind trust later," notes the insurance company’s "What to do if you win the lottery" article. State Farm also warns that lottery winners should read each game’s rules and contract before signing their winning ticket. These copies can be shown to lawyers or accountants while the original ticket remains stored in a personal safe or bank deposit box. ![]() Lottery winners should make "several copies" of their winning ticket, according to State Farm. ![]() The National Council on Problem Gambling has affiliate locations in 34 states, while Gamblers Anonymous has hotlines in each state along with in-person and virtual meetings. Two organizations the lottery board recommends are the National Council on Problem Gambling and Gamblers Anonymous. If a lottery winner or someone close to a lottery winner has a gambling addiction, Mega Millions says getting help from a gambling addiction association might be a key step. Lawyers and financial advisers could also be worth considering, according to State Farm Insurance. The lottery board recommends that winners look into resources, financial planning tools and personal specialists from the American Institute of Certified Public Accountants, a national professional organization that has more than 428,000 CPAs affiliated with it. Lottery winners should put together a team of financial experts if they’ve won a large prize, Mega Millions says "No real lottery tells winners to put up their own money in order to collect a prize they have already won," Mega Millions notes. The lottery board also warns that people should be suspicious if a contact asks to keep correspondence confidential or asks for banking information. Helpful tips that Mega Millions offers include being suspicious of any lottery winning from a game that’s never been played, as well as being suspicious of emails that come in with "misspellings or poor grammar." Scammers can also ask for personal information or payments that they claim are for "taxes" or "fees." Lottery scammers are "persistent," use real or made-up company names, and offer a "free play" or "prize" to try to look legitimate, warns Mega Millions. "No representative of Mega Millions would ever call, text or e-mail anyone about winning a prize," the multi-jurisdictional lottery board’s website says. Some scammers falsely identify themselves as lottery employees to steal money from unsuspecting people, Mega Millions warns. Lottery players need to look out for scams whether they’ve won or not. Here’s what lottery boards, insurance companies, and private wealth management advise lottery winners do to keep their personal life and funds safe and secure. That prize remains the world’s largest lottery prize ever won on a single ticket. The record jackpot is $1.537 billion, won in South Carolina on October 23, 2018. The odds of winning the Mega Million jackpot are 1 in 302.5 million.Īccording to Mega Millions, Friday’s prize is just shy of the $1.050 billion jackpot won in Michigan on January 22, 2021. However, nearly every person who wins the prize selects the cash option, worth an estimated $602.5 million. The $1.02 billion is the value of the annuity option paid annually over 30 years. The new jackpot is the fourth-largest U.S. ![]() READ: Raising Cane’s founder buys Mega Millions tickets for all employeesĪs for Friday night's drawing, the Mega Millions jackpot is now $1.025 billion.
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