Financial adviser offers advice to lottery winners as Mega Millions jackpot grows
FRIDAY MEGA MILLIONS WINNING NUMBERS: 67-45-57-36-13 (Golden Ball: 14)
MYRTLE BEACH, SC (WMBF) — The Mega Millions jackpot has risen to $1.28 billion ahead of Friday night’s draw, the second-highest prize in 20 years.
People rushed to gas stations to buy a $2 ticket dreaming of how many houses they would buy and where they would go first on vacation.
Which brings us to an age-old question: what would you do if you won the lottery?
“What you want to do is start by building a team,” said Joe Taylor, the founder of Oak Street Advisors in Myrtle Beach. “You want a CPA. You need a competent tax and estate attorney and, of course, a certified financial planner. »
Taylor has worked in the financial advisory industry for over 30 years. He also says people need to think about how they will claim the money and where the money will go.
“You want to consider charities,” he said. “That’s probably more money than you can spend in your lifetime. So think about others who are in need and if you have charitable desires, you can use a donor-advised fund or a charitable trust to avoid paying taxes on some of the money.
It also says you need to consider your security and job security.
“You might want to buy a new cell phone. Get a new number,” Taylor said. “You’re probably going to have everyone in the world texting you now and you probably don’t want to deal with it. You can also plan a trip for an extended period. Get out of town. There will be many people who have sad stories or who need help and it is difficult. It’s hard to say no to people. So maybe take a break. Give yourself time to get your toes under your feet.
Lottery winners can choose to take the entire jackpot paid out as an annuity over 29 years or choose a one-time cash payout.
“If you’re young you might consider that – but the problem with the annuity is that that’s a lot of income each year that you’re going to have to have a tax problem versus the one-time tax problem and being able to control your taxes work on your taxes with the lump sum,” Taylor said.
If no one wins the Mega Millions jackpot on Friday night, lottery officials will hold the next draw on Tuesday.
If that were to happen, the prize would reach the nation’s biggest lottery prize of $1.7 billion.
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