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Forbes: 10 Things to Do When You Win the Lottery

1. Remain anonymous if your state rules permit it.

Once people know you’re suddenly wealthy, you’ll be badgered by requests for handouts from everyone from charities to long-lost friends and relatives–not to mention all the financial “experts” who will be vying for your business. So check state rules to see whether you can dodge them all by remaining anonymous.

Although Mega Millions is a national lottery, rules on winner publicity vary by state. In New York, for example, winners’ names are a public record. Elsewhere it may be possible to maintain your anonymity by setting up a trust or limited liability company to receive the winnings, says Beth C. Gamel, a CPA with Pillar Financial Advisors in Waltham, MA. A client of Gamel’s who won a past lottery did that, and had a lawyer claim the prize on behalf of of the trust.

Depending on where you bought the ticket, prize winners have between 180 days and one year from the date of the drawing to claim their prize. So find out what the state rules are and plot a course.

(iStock)

More from Forbes:
The Biggest Lottery Winners Ever
15 Top Foreign Retirement Havens
The 25 Best Places to Retire



The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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