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What to do if you suddenly win millions

By: Wendy Enneking Email
By: Wendy Enneking Email

It's likely you've thought about what it might be like to win the lottery. If you are ever lucky enough to buy a winning ticket, would you know the best way to handle all that extra money?

27 NEWSFIRST spoke with structured settlement consultant Don McNay who specializes in assisting those who suddenly find themselves with a lot of extra money.

McNay says that most lottery winners burn through the cash in five years or less. He says it's important that winners follow simple tips in order to maximize their new-found wealth.

To begin with, McNay says you should not tell anyone if you win a large lottery jackpot. He advises to hire an attorney who specializes in trusts and estates. That way, you can claim the money anonymously.

Another important tip from McNay is to take the award over a long period of time. This, he says, will prevent you from over-spending in a short amount of time.

He also advises big winners to consider donating part of the money to charity.

Finally, McNay advises the most recent Powerball winners to wait until the new year to cash in their ticket. He says this will allow them a longer period of time to get the money managed properly for tax purposes.


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