Are you feeling lucky? The Mega Millions jackpot has now hit a record high. Earlier Tuesday, we caught up with some experts on what to do should you win the lottery.
The Mega Millions jackpot at 1.6 billion dollars is a record in U.S. history. Attorney Brad Kelley has five rules for winning the lottery. Dummy up, which he said means don't tell anyone. Lawyer up because you will need help. Take the cash lump sum, remain anonymous, and take a deep breath. Kelley said when it comes to taking the lump sum, you don't know what will happen to you or the state over the 30-year annuity.
"Once you took all of the lump sum money, then you have a lot of expense with professionals, accountants, lawyers, estate planners and all that. You have it one time so to speak. If you're getting an annual check for 30 years you're going to run into those professional fees every year for the rest of your life," said Attorney Brad Kelley.
Financial adviser, Matt Metzger, recommends the annual payout, because, even if you make poor financial decisions, you can make up for it.
"It's something that a lot of people probably need to do because year to year it gives you a chance that if maybe that first year goes by and you spent a lot of it, you still have 29 more opportunities in front of you because that annuitization of that is going to be over 30 years of time," said Matt Metzger.
The Mega Millions drawing is tonight at 10:59 p.m.
