Texas

If you love playing the lottery, here’s how to secure your winnings

SAN ANTONIO$1.1 billion jackpot staked in the big Mega Million draw for a cash payout of over $500 million. Tuesday evening numbers are: 07, 13, 14, 15, 18 and Mega Ball: 09.

Anyone who is handed over millions of dollars overnight will have limited information on how to handle it. Jay Bailey, a dedicated probate and estate planning expert with experience helping people who won the Texas Lottery.

“The biggest mistake people make early is that they try to let too many people know about it,” Bailey said.

He advises people to secure the ticket and keep quiet about their winnings.

Bailey said certified accountants or attorneys who have been vetted or highly recommended by others and have some experience in lottery winnings are a good place to start.

“You don’t want to be around people who will try to take advantage of this unexpected good fortune, this blessing that has come to you,” he said.

Trust your gut for the accountant or lawyer you hire, and read every document to make sure you’re the beneficiary of any money being transferred, Bailey says.

You should also be familiar with keywords and actions.

– There will be trust documents that you will be interested in drafting. In all likelihood, there is the concept of a fiduciary duty. For example, your lawyer has a fiduciary duty to seek your best interests. This lottery win won’t do any good [an attorney or accountant]. It should benefit and bless your family,” Bailey explained.

He said that winning the lottery is like taking on the responsibility of a small business. Most people would need to hire an expert to help them get this up and running.

Bailey says it’s best to do all this homework before you win the lottery if you happen to hit the jackpot.

Copyright 2023 by KSAT – All rights reserved.

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