What all lottery players should know if they win nearly $1B Mega Millions, Powerball jackpots

Jan 5, 2018, 8:49 am (35 comments)

Mega Millions / Powerball

Includes video report

One lucky winner could be hours away from taking home one of the largest jackpots in Mega Millions or Powerball history.

In more than two months without a winner, both the Mega Millions and Powerball jackpots have rolled over to an estimated combined total of nearly $1 billion.

The Mega Millions jackpot stands at $445 million, with a $277 million lump-sum option. The Powerball jackpot has reached $550 million, which is a $347.9 million lump-sum payout.

If anyone hits both jackpots the haul would be a whopping $995 million, the second-biggest payout in lotto history.

The best thing a winner can do is stay anonymous, financial adviser and CPA Kurt Panouses, who helped a Florida couple that won a portion of the largest jackpot ever, said.

"The initial concern of the ticket is probably the most important part of the planning aspect," Panouses said. "What the individual should do is protect the ticket, keep it safe, put it in a safe place, but do not sign the back of the ticket."

"Whoever signs the back of the ticket is the individual that has to claim the ticket and the proceeds," Panouses explained.

Panouses also suggested making a copy of the ticket and getting a tax professional and an attorney to help manage the funds and offer investment advice.

"The tax rate is the highest rate it's been at. In 2018 it's going to be 2.6 percent lower than in 2017. Again, if you're talking about $300 million, that could be seven to eight million dollars of finances that someone could actually have in their pocket by claiming it in 2018," he said of the payout under the new tax law.

A group of 20 co-workers from the North American Stamping Group who won a $420.9 million Powerball jackpot in 2016 split the winnings.

One of the women from the group has used the money to pay it forward to people in need, including her own family, she said.

"To see my family in better shape, it's a blessing," Amy O'Neal said.

If there is a winner, he or she could choose an annuity to receive 30 payments over 29 years or take a lump sum.

Experts suggest that players use the full range of numbers available and not limit their chances by playing just numbers such as birthdays because months have no more than 31 days and Powerball numbers go up to 69.

The biggest Powerball jackpot on record was a $1.586 billion prize in January 2016. People in California, Florida and Tennessee split the prize.

The largest Mega Millions jackpot in history was $656 million. Three winners from Kansas, Illinois and Maryland shared that record prize in March 2012.

Powerball is played in 44 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. Mega Millions is played in all the same jurisdictions except Puerto Rico.

The next Mega Millions drawing is tonight at 11 p.m. ET. The next Powerball drawing is Saturday at 10:59 p.m. ET.

VIDEO: Watch the report

ABC News

Comments

Bleudog101

Seriously all I want is just the Megaplier or Powerplay secondary prize; that's more than enough.

Raven62's avatarRaven62

You need Supersized Luck just to Win One of Them: God knows how much Luck you would need to Win Both of Them!

CDanaT's avatarCDanaT

Quote: Originally posted by Raven62 on Jan 5, 2018

You need Supersized Luck just to Win One of Them: God knows how much Luck you would need to Win Both of Them!

Amen Raven...........  1 jackpot would be an astronomical miracle but 2 ? Thud Holy Smoly... Probably have to give the entire amount away of the 2nd jackpot.. Too much money not needed for my remaining existence. Yes Nod

Here's hoping one of us wins tonight or tomorrow night  Thumbs Up

CDanaT's avatarCDanaT

Quote: Originally posted by Bleudog101 on Jan 5, 2018

Seriously all I want is just the Megaplier or Powerplay secondary prize; that's more than enough.

Thumbs Up

Sarge0202

Quote: Originally posted by Raven62 on Jan 5, 2018

You need Supersized Luck just to Win One of Them: God knows how much Luck you would need to Win Both of Them!

1 in 88,412,922,115,818,300

1 in 88 Quadrillion 

You have better chance getting bit by a shark in Kansas.

You have a better chance at sleeping with the Queen of England, past and present.

 

Any others?

music*'s avatarmusic*

"Do not sign your ticket."  ??? said the lawyer in the video. Good Luck claiming it if you lose it. Some have misplaced their ticket or forgotten where they hid it. If it is lost and a stranger finds it you might be out of luck.

 The lawyer might have been thinking that the winner should leave enough space above your signature for the name of your trust. 

 Of course, all States are different and have different rules. 

Dance

Sarge0202

Quote: Originally posted by music* on Jan 5, 2018

"Do not sign your ticket."  ??? said the lawyer in the video. Good Luck claiming it if you lose it. Some have misplaced their ticket or forgotten where they hid it. If it is lost and a stranger finds it you might be out of luck.

 The lawyer might have been thinking that the winner should leave enough space above your signature for the name of your trust. 

 Of course, all States are different and have different rules. 

Dance

Is anyone going to seriously lose the ticket?  Yes, people have lost winning tickets before, but that is usually a week or so after the drawing they hear someone locally won, so they go digging for it.  For this amount I am sure everyone will check the next morning.

 

The lottery will pay the name on the line, if it is your name, it's not anonymous (except for states that allow it).

Scan/copy/photo it, put it in a safety deposit box.  Give the copy to the lawyer, if he needs to see it before cash in day, take him to the bank.

With the scan/copy/photo (along with security video form store), if your house burns down or someone steals it, you can fight it in court.

fwlawrence's avatarfwlawrence

Don't sign the back of your ticket? Sounds like a crook who wants to sign his name!

gocart1's avatargocart1

OK, THE VIDEO GAVE ME THE Answer THAT I WAS LOOKING FOR .THE ODDS OF WINNING BOTH JACKPOTS . 1 in 88 QUADRILLION..PartyPartyUS FlagPartyPartyTHIS IS HUGE

gocart1's avatargocart1

Quote: Originally posted by fwlawrence on Jan 5, 2018

Don't sign the back of your ticket? Sounds like a crook who wants to sign his name!

I Agree!  PartyUS FlagParty

golfer1960's avatargolfer1960
See the source image
2018 Cadillac XT5
golfer1960's avatargolfer1960
See the source image
2018 Cadillac CT6
golfer1960's avatargolfer1960
See the source image
TPC SAWGRASS, 17TH HOLE
golfer1960's avatargolfer1960

COMFY CRAFTSMAN

lejardin's avatarlejardin

Although a Mercedes Benz S550 is my car of choice, THIS Caddy is nice!  Ooops, it didnt show what I responded to.  It is the CT6!

golfer1960's avatargolfer1960

Quote: Originally posted by lejardin on Jan 5, 2018

Although a Mercedes Benz S550 is my car of choice, THIS Caddy is nice!  Ooops, it didnt show what I responded to.  It is the CT6!

YEAH MAN, S550 IS SWEET!!!!!

lejardin's avatarlejardin

Quote: Originally posted by golfer1960 on Jan 5, 2018

YEAH MAN, S550 IS SWEET!!!!!

YEP, that's the one!  Thanks for posting my dream car!

Good Luck tonite and tomorrow night!

golfer1960's avatargolfer1960
  • 142 Lippincott Rd, Little Silver, NJ 07739 
    • 32 Queens Dr E, Little Silver, NJ 07739 
      • 136 Winding Way, Little Silver, NJ 07739
        ALL THESE HOMES ARE 1 MILE FROM THE NJ SHORE. ASKING $1.4M TO $1.350M.
MotoX2

It's strange how there are opposite advice, one says to sign the back of your ticket immediately and others say don't like that man in the video, don't play 1-31 as it will decrease your chances of winning than people are winning jackpots with only birthday numbers, don't play qp's or pick your own numbers, etc.   To me it's just all random.

Slick Nick's avatarSlick Nick

Just a few million is good enough for me! Drum

TheGameGrl's avatarTheGameGrl

I think if reading correctly- The reason to refrain from Signing the back is to give the "holder" Time to set up some Entity (llc or trust) to claim anonymously , thus retaining some privacy in their ongoing ventures. Thats just my summation...

My advice to the winner is simple:ENJOY IT! Beyond that stay of good character. 

Good luck to the posters here !

Slick Nick's avatarSlick Nick

GameGrl, I think you hit it on the head. However, I'm unsure that that move is legal in New York. I remember reading something about it. It said New York has the right to announce your name. What a bummer that is.

CDanaT's avatarCDanaT

My new acquired vehicle, after one of the jackpot wins this weekend

KY Floyd's avatarKY Floyd

"The reason to refrain from Signing the back is to give the "holder" Time to set up some Entity (llc or trust) to claim anonymously"

Even if you can't claim anonymously there are good reasons to claim a big prize as some kind of legal entity instead of as an actual person. All of the people saying the advice not to sign your name to the ticket is a bad idea are proof that consulting a professional who actually knows what they're doing is a good idea.

And if you're worried that you'll lose the ticket how stupid are you? If you rarely buy tickets and don't know you've got the jackpot winning ticket it would be ne thing, but knowing that you've got the winning ticket and still losing it requires almost as much stupidity as not being able to find your ass with both hands.

CDanaT's avatarCDanaT

Quote: Originally posted by golfer1960 on Jan 5, 2018

YEAH MAN, S550 IS SWEET!!!!!

Why not the Maybach S560 edition ?   Yes Nod

shy1979

Quote: Originally posted by Sarge0202 on Jan 5, 2018

1 in 88,412,922,115,818,300

1 in 88 Quadrillion 

You have better chance getting bit by a shark in Kansas.

You have a better chance at sleeping with the Queen of England, past and present.

 

Any others?

Still better odds than picking a perfect March Madness bracket, which is 1 in 9,223,372,036,854,775,808 (or  1 in 9.2 quintillion).  Warren Buffett offered $1billion a few years ago for that See Ya!

Kyle7824's avatarKyle7824

Quote: Originally posted by lejardin on Jan 5, 2018

Although a Mercedes Benz S550 is my car of choice, THIS Caddy is nice!  Ooops, it didnt show what I responded to.  It is the CT6!

1955 Benz 300 SL Gullwing

goes for about $1.2M

quicksloth35

https://thediplomat.com/wp-content/uploads/2015/04/thediplomat_2015-04-07_22-25-28-553x360.jpg

 

  Yes Nod

Perfecttiming2's avatarPerfecttiming2

Quote: Originally posted by TheGameGrl on Jan 5, 2018

I think if reading correctly- The reason to refrain from Signing the back is to give the "holder" Time to set up some Entity (llc or trust) to claim anonymously , thus retaining some privacy in their ongoing ventures. Thats just my summation...

My advice to the winner is simple:ENJOY IT! Beyond that stay of good character. 

Good luck to the posters here !

"Don't sign the back of the ticket"

GameGrl I think your guess is correct!

To others who don't understand this advice....

When a financial adviser says don't sign the back of the ticket, it is not bad advice... they are trying to get you to think how to claim anonymously....

AND

That advice is coupled with the instructions that the ticket be placed in a safe place such as a safety deposit box in a bank.

By not signing the ticket, you can put the name of your LLC or Claiming Trust on the back of the ticket once you have established it.

(This only works in states that will allow you to claim under a trust).

Most people do not have an LLC or Trust set up yet.............So leaving the ticket in a locked secured environment is the way to go until you secure a name for your claiming entity.....and then put that name on the back of the ticket.

If you sign the ticket with your name.........that is the information that gets released to the media.

Subscribe to this news story