Des Moines, IA – What would you do if you won a Mega Millions jackpot? (The odds of winning are 1 in 176 million.) After hysterically crying and jumping up and down with joy, you would call a team of attorneys and accountants to help plan your estate prior to receiving that massive check.
ARTICLE: How to buy Mega Millions tickets online
In case you need help deciding what to do with millions of dollars in cash, here are 10 ways to spend Mega Millions’ jackpot:
- Pay off Uncle Sam the least possible amount. With the help of your lawyers and accountants, set up a trust in order to minimize your tax bill.
- Pay off all your credit cards, car notes, consumer debt, credit cards, student loans, and mortgage. Pay off your family’s and friends’ debt.
- Buy several mansions and real estate properties in Texas and Florida. Why these states? Because Texas and Florida offer homestead protection for homeowners. Basically, once you buy residences in these states, it’s yours for good.
- Live in a state that doesn’t have a state income tax. They are Alaska, New Hampshire, Tennessee, Florida, South Dakota, Washington, Nevada, Texas and Wyoming.
- Get your affairs in order. Buy property, life, and health insurance for yourself, family and friends. Get bodyguards. Hire security personnel to guard your gated estate. Hire private investigators to ensure no one is plotting to do harm to yourself or your family, or plotting to steal your hefty fortune. Hire a secretary to sift through your pile of mail from people asking for donations.
- Treat yourself. Buy furniture, clothing, and fancy cars. Hire the world’s best fitness trainer.
- Fancy toys. Yes, you can have a private plane, helicopter, and RV home.
- Investments. Open up Swiss bank accounts. Only buy stock that pay dividends. Buy fixed income instruments such as tax-free municipal bonds. Don’t just buy assets; invest in assets that periodically give you cash flow.
- Travel the world. Bring your family and friends. There are about 180 countries in this globe. Let’s say 140 are safe enough for your group to visit. Taste exotic culinary dishes. Bring bodyguards with you. Enjoy Chile, Greece, Rome, Thailand and Tibet.
- Pay the $1 million fee for your “Spending Consultant” (that would be me).
ARTICLE: How to buy lottery tickets online
About Mega Millions >
Mega Millions is played in 42 states plus the District of Columbia and the U.S. Virgin Islands. The contact number for MUSL is (515) 453 – 1400. The organization’s address is:
Multi-State Lottery Association
4400 NW Urbandale Dr.
Urbandale, IA 50322
For legal purposes, sign the back of your ticket and keep it in a safe place. When players purchase Mega Millions tickets, half of the funds are allocated as cash prizes. About 35 percent go to member states to support government services, and 15 percent funds administration costs.
Source(s): Mega Millions
Copyright 2012 Marv Dumon. This material may not be published, rewritten or redistributed. All rights reserved.