Who’s going to become America’s next billionaire?
Your odds in winning tonight’s $1 billion jackpot is one out of 302 billion but that lucky winner could be you.
The mega million, now the mega-billion is on everyone’s mind today.
“I don’t play but it’s going to hit $1 billion so I have to play for that one,” said one lotto player.
And people know exactly how they want to spend it.
“A big house in a brand new car.”
“Probably a new house in the country.”
“I’ll have all kinds of new friends I’m sure.”
But before you go buying a new convertible Ferrari, a trust fund may be the best way to protect your winning ticket.
“When everyone that comes into see me I tell people that we have to plan on your demise,” said attorney Jay Michael.
Jay Michael, a probate attorney in German Village says the worst thing a person can do is not legally protect their winnings after coming into big money.
“If you want to remain anonymous as it relates to your winnings, what you do is you set up what is called a beneficiary trust. Then that trust is directed to the first trust, then a beneficiary trust is directed to give that trust to or transfer the fund to a blind trust,” Michael said, adding that allows you to remain anonymous.
He said he know how to do that.
But Michael suggests not buying a big ticket item right away. Instead, he advises to spread out that cash in the form of annuity payments.