![]() ![]() Winning a few million dollars would tempt any person to make a big purchase or lifestyle change - but private wealth managers at Cresset Capital advise against this. ![]() "Write down your personal, financial, lifestyle, family and charity goals, and return to that plan later to help keep things on the right track for the long run," the insurance company says. While forming a team of financial experts is an important step for most lottery winners, State Farm says winners should make a general list or plan about what they wish to do with their money. The insurance company notes that some winners might be able to form a blind trust through their attorney, so that winnings can be anonymously received. box beforehand to avoid being inundated with requests," State Farm writes. "Be sure to change your phone number and set up a new P.O. This is because many lotteries share names or require interviews or press conference participation for transparency reasons. Winners should also be prepared to change their contact information. 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. LAS VEGAS SLOTS PLAYER WINS $15.5M JACKPOT ON CHRISTMAS EVE 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 consideration, 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. HOW TO UP YOUR CHANCES OF WINNING THE LOTTERY 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. KENTUCKY WOMAN WINS $146K LOTTERY, OFFERS GIFT CARDS TO OTHERS: 'PAYING IT FORWARD' "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.
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