How to protect your privacy if you win Mega Millions or Powerball

There’s a chance that at least a couple of people will end 2020 far wealthier than most of us.

#With no ticket matching all six numbers drawn #Tuesday in #Mega #Millions, the jackpot has jumped to $401 million for #Friday night’s drawing. #Powerball’s top prize isn’t far behind, at $363 million for #Wednesday night’s drawing.

#If you’re lucky enough to be the next big winner, experts say part of protecting your windfall is shielding your identity if you can.

“#Four hundred million dollars would attract a lot of [attention],” said attorney #Kurt #Panouses, founder of #Panouses #Law #Group in #Indialantic, #Florida, and an expert in helping lottery winners.

#Keeping your win quiet helps protect you from strangers and scammers who want a piece of the prize.

#Yet, states don’t always make privacy easy: #Only a handful allow winners to remain completely anonymous. #In others, you may be able to claim the prize via a trust or limited liability corporation, or LLC, that doesn’t have your name on it — yet you need to plan for that.

#Here are tips for big lottery winners to try to maintain their privacy.

The standard advice is to sign the back of your ticket. #However, if you happen to be in a state that allows a trust or LLC to claim the prize, you might want to hold off with that signature if privacy is important to you.

“#Obviously you want to protect the ticket, but whatever name is on the back of the ticket is what is identified as the payee,” said #Panouses. “The back of the ticket is important for privacy purposes.”

#In most states, he said, if you use an LLC or trust to claim the money, you can get around public disclosure of your name.

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#Panousas said he also has created trusts whose beneficiaries are so-called sub-trusts instead of the winners. #This adds an extra layer of privacy protection.

#While you might be eager to share your exciting news, experts say the fewer people who know, the better.

“#Keep the circle small of people who know, or tell no one,” #Panouses said.

#Additionally, if you are claiming the win in conjunction with, say, other family members — i.e., via a trust or LLC as a shared prize — everyone involved should sign non-disclosure agreements, #Panouses said.

#In addition to choosing experienced professionals to help navigate the windfall, it also might be wise to avoid your home-town professionals if you’d worry about news of your win leaking.

“#Someone in that office could tell others, ‘#Oh, that’s the lottery winner,'” #Panouses said. #He relies on a large investment and trust company with a track record of serving wealthy households.

“#When I open accounts with them, I know the information won’t be disclosed,” #Panouses said.

#It’s probably a good idea to skip town for a bit after you claim your prize.

“#We make sure the winners have a plan to go somewhere for a week or so after they claim,” #Panouses said. “#If people find out you won, they might show up at your house.”

#It’s also worth changing your cell phone number, he said. #If you have a landline, that should be changed as well.

#You also might want to shut down your social media accounts if you cannot remain anonymous.