• Funding
  • Investing
  • Lending
  • Insurance
  • Banking
  • Wealth
  • Fintech
  • Venture
  • Crypto
Subscribe
No Result
View All Result
  • Equity Funding
  • Stocks
  • Mutual Funds
  • Credit Cards
  • Loans
  • Insurances
  • Savings
  • Crypto Trading
Home News Feed Personal Finance

Powerball jackpot surges to $384 million, Mega Millions now $401 million as no one wins top prizes

CNBC NewsbyCNBC News
January 2, 2021

MARK RALSTON | AFP | Getty Images

There’s a chance that at least a couple of people will start off 2021 far wealthier than they expected.

With no ticket matching all six numbers drawn Wednesday in Powerball, the jackpot has jumped to $384 million for Saturday night’s drawing. Mega Millions’ top prize is even higher: $401 million for Friday night’s drawing.

If you’re lucky enough to be the next big winner, experts say part of protecting your windfall is shielding your identity if you can.

“Four hundred million dollars would attract a lot of [attention],” said attorney Kurt Panouses, founder of Panouses Law Group in Indialantic, Florida, and an expert in helping lottery winners.

Keeping your win quiet helps protect you from strangers and scammers who want a piece of the prize.

Yet, states don’t always make privacy easy: Only a handful allow winners to remain completely anonymous. In others, you may be able to claim the prize via a trust or limited liability corporation, or LLC, that doesn’t have your name on it — yet you need to plan for that.

Here are tips for big lottery winners to try to maintain their privacy.

Handling your ticket

The standard advice is to sign the back of your ticket. However, if you happen to be in a state that allows a trust or LLC to claim the prize, you might want to hold off with that signature if privacy is important to you.

“Obviously you want to protect the ticket, but whatever name is on the back of the ticket is what is identified as the payee,” said Panouses. “The back of the ticket is important for privacy purposes.”

In most states, he said, if you use an LLC or trust to claim the money, you can get around public disclosure of your name.

More from Personal Finance:
Avoid these mistakes when divvying up assets in divorce
These are three of my worst money mistakes
Covid is making it harder to get into a top college

Panousas said he also has created trusts whose beneficiaries are so-called sub-trusts instead of the winners. This adds an extra layer of privacy protection.

Keep quiet

While you might be eager to share your exciting news, experts say the fewer people who know, the better.

“Keep the circle small of people who know, or tell no one,” Panouses said.

Additionally, if you are claiming the win in conjunction with, say, other family members — i.e., via a trust or LLC as a shared prize — everyone involved should sign non-disclosure agreements, Panouses said.

Money management

In addition to choosing experienced professionals to help navigate the windfall, it also might be wise to avoid your home-town professionals if you’d worry about news of your win leaking.

“Someone in that office could tell others, ‘Oh, that’s the lottery winner,'” Panouses said. He relies on a large investment and trust company with a track record of serving wealthy households.

“When I open accounts with them, I know the information won’t be disclosed,” Panouses said.

Plan an escape

It’s probably a good idea to skip town for a bit after you claim your prize.

“We make sure the winners have a plan to go somewhere for a week or so after they claim,” Panouses said. “If people find out you won, they might show up at your house.”

It’s also worth changing your cell phone number, he said. If you have a landline, that should be changed as well. 

You also might want to shut down your social media accounts if you cannot remain anonymous.

Read The Original Article on CNBC News

Related Topics

Stocks making the biggest moves midday: Poshmark, JPMorgan, Wells Fargo, Zoom, Spotify & more

Bitcoin

Donald Trump Banned From Twitter in Final Days of Presidency

Prev Next

You May Like

Stocks making the biggest moves midday: Poshmark, JPMorgan, Wells Fargo, Zoom, Spotify & more

Bitcoin

Donald Trump Banned From Twitter in Final Days of Presidency

Investing

Fintech start-up SoFi to go public via SPAC backed by Chamath Palihapitiya

Personal Finance

Mega Millions jackpot is now $490 million while Powerball is $470 million

Financial News

Bitcoin

Josh Brown on Bitcoin’s ‘Respectability Rally’ and Why We’ll See Dow 100,000 in Our Lifetime

CoinDesk
by CoinDesk
Bitcoin

Bitcoin’s Price Finally Showing Signs of Macro Decoupling from the Stock Market

Blockchain News
by Blockchain News
Investing

The bar is raised for news that can lift the market as the crowd now believes next year will be good

CNBC News
by CNBC News
Investing

Michael Farr says Tesla is too risky a bet for most investors

CNBC News
by CNBC News
Personal Finance

How AOC stays productive and positive: ‘I’m always trying to do less’

CNBC News
by CNBC News
Personal Finance

Dwayne ‘The Rock’ Johnson on starting a tequila business: ‘I am learning on-the-go’

CNBC News
by CNBC News
Personal Finance

How to navigate uncomfortable money matters with your family

CNBC News
by CNBC News
Bitcoin

Looking Back, Moving Forward: Crypto’s Most Influential in 2020

CoinDesk
by CoinDesk
Load More

© 2020, FinanceLane

Home | Contact | Terms and Conditions | Disclaimer | Privacy Policy

  • Home
  • News Feed
    • Equity Funding
    • Debt Funding
    • Crowdfunding
    • Real Estate Funding
  • Investing
    • Stocks
    • Bonds
    • Mutual Funds
    • Private Equity
    • Merging & Acquisition
    • Real Estate
  • Lending
    • Personal Loan
    • Business Loan
    • Credit Card
    • Microfinance
    • Peer-to-Peer Lending
  • Insurance
    • Life Insurance
    • Auto Insurance
    • Education Insurance
    • Health Insurance
  • Banking
    • Business Banking
    • Payments Bank
    • Investment Banking
    • Individual Banking
  • Wealth
    • Earning
    • Savings
    • Investments
    • Budgetting
    • Credit Management
    • Tax Planning
    • Retirement
  • Fintech
    • Alternative Financing
    • Payments
    • Asset Management
    • Digital Banks
    • Softwares
  • Venture
    • Startup Ecosystem
    • Merging & Acquisition
    • Equity Investing
    • Franchising
    • Business Offers
  • Fintech
    • Alternative Financing
    • Asset Management
    • Digital Banks
    • Softwares
    • Payments
  • Crypto
    • Crypto Investing
    • Crypto Trading
    • Crypto Coins
    • Bitcoin
    • Blockchain
    • DAPP
  • Subscribe
  • Contact
  • Login

© 2020 FinanceLane - Terms and Conditions | Disclaimer | Privacy Policy

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

← Stocks making the biggest moves premarket: Exxon Mobil, Tribune Publishing, Apple, Tesla & more ← Trading legend Art Cashin shares his poem to say goodbye to 2020 and welcome the New Year
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.