Mega Millions jackpot has soared to $490 million and Powerball prize is $410 million. Winners need to prepare for their ‘outdated life’ being over

There’s now almost a half-billion {dollars} nestled within the Mega Millions jackpot.

With no ticket matching all six numbers drawn on Tuesday, the sport’s high prize has ballooned to $490 million for Friday night time’s drawing. Powerball’s jackpot is not far behind: $410 million for the Wednesday night time drawing.

If you are daydreaming about how you’d use a windfall of such magnitude, whether or not it might contain shopping for your self high-ticket gadgets or funding a charitable trigger (or each), remember that profitable is not so simple as claiming the cash and occurring along with your life.

“Your old life is over,” stated Walt Blenner, an lawyer and founding father of Blenner Law Group in Palm Harbor, Florida. “You cannot go back to it.”

For the $490 million Mega Millions jackpot, the money possibility — which most winners select as a substitute of an annuity — is $372.3 million. For the $410 million Powerball prize, it is $316.4 million.

Aside from the monetary facet of the windfall — which entails issues like taxes, investments and property planning — there are another points that huge lottery winners might face, typically earlier than they even declare their prize.

“On one hand it’s a fantastic experience, but on the other hand it may come with necessary changes that can cause anxiety,” Blenner stated.

Your security

Your day job

When you come into excessive wealth through the lottery, it sometimes is smart to give up your day job, Blenner stated.

“You don’t need that income, and having a job would pinpoint where you are, which could be more of a security risk,” he stated.

More from Personal Finance:
Not all end-of-life choices are coated in a will
How Social Security funds are dealt with when somebody dies
Avoid these errors when divvying up property in divorce

After Missler’s $451 million jackpot win, Blenner was contacted by full strangers.

“For the better part of six months, I was getting emails, letters and phone calls,” he stated.

The messages got here from a wide range of individuals: these providing to promote one thing (i.e., actual property, a personal jet), funding advisors who needed to handle the cash, and people who have been struggling financially and searching for assist.

Exposure to lawsuits

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Written by Business Boy


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