Mega lottery fever
1.6 billion reasons to join in the fun
With no winners of Friday night’s giant Mega Millions lottery jackpot, the grand prize for the next drawing Tuesday will grow to a record-breaking $1.6 billion, the lottery game announced yesterday. “It’s truly astounding to think that now the jackpot has reached an all-time world record,” said Mega Millions lead director Gordon Medenica in a statement yesterday. “It’s hard to overstate how exciting this is — but now it’s really getting fun.” Should a Hub resident win the jackpot, here’s what you should do, according to experts: First, an individual that holds the winning ticket should “keep the ticket secured at all cost,” said Michael Baker, an attorney who specializes in lottery planning in Massachusetts. “Then, keep the news as secret and confidential as possible,” Baker said. “Some of my clients don’t want their neighbors or family members to be aware of the winnings.” Baker also recommends hiring a team that consists of an experienced lottery lawyer, financial adviser, tax attorney and an accountant. “There’s 1.6 billion reasons to having a team work in your best interests,” he said. “These planners can help prioritize a lottery winner’s needs and develop an investment plan.” Some people have squandered their jackpot winnings or have friends and relatives come out of the woodwork demanding a share of the pie, or buckle under the pressure of a financial windfall they were not prepared to handle. “In my experience, most of my clients take that one-time payout and used it smartly to invest it towards retirement or purchase a home,” Baker said. “They’re excited and in disbelief.” For folks who win big in Massachusetts, there is a way for winners to keep their identity anonymous when they claim their prize at the state Lottery headquarters in Braintree, known as trusts. “I would meet with the client and establish a trust,” Baker said. The Massachusetts Lottery will then “take the winner’s Social Security number and last name for tax purposes. I set an appointment to claim the ticket and I would open a bank account and transfer the money to the beneficiary the next day.” According to consumer finance website LendEDU.com, Americans in 2016 spend an average of $223 per year on the lottery. Hub residents, however, spent the most nationwide on lottery per capita, at $763 per year, the website reports.
‘It’s truly astounding to think that now the jackpot has reached an all-time world record.’ GORDON MEDENICA, Mega Millions lead director