You need to know this, if you win the Mega Millions jackpot!

How should you spend a billion dollars?

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According to advisors, making such a large claim will probably attract tax authorities, con artists, and friends and relatives.

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What you SHOULD NOT do if you possess the winning ticket is the first and most crucial piece of financial advice.

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Azoury Financial owner Steve Azoury suggests that you first speak with a tax lawyer and a tax accountant before beginning a plan with a financial advisor.

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Most winners will wait to claim their money because they need time to make a strategy.

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In the event that you win the Mega Millions lottery, you'll probably be taxed at the highest federal rate.

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What you pay in state taxes can vary significantly depending on where you live and where you purchased the winning ticket.

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The magnitude of your lottery jackpot can help you calculate any taxes you may owe and the level of financial stability you can expect.

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A lump sum can just be more convenient if the sum is on the smaller side.

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