How should you spend a billion dollars?
According to advisors, making such a large claim will probably attract tax authorities, con artists, and friends and relatives.
What you SHOULD NOT do if you possess the winning ticket is the first and most crucial piece of financial advice.
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.
Most winners will wait to claim their money because they need time to make a strategy.
In the event that you win the Mega Millions lottery, you'll probably be taxed at the highest federal rate.
What you pay in state taxes can vary significantly depending on where you live and where you purchased the winning ticket.
The magnitude of your lottery jackpot can help you calculate any taxes you may owe and the level of financial stability you can expect.
A lump sum can just be more convenient if the sum is on the smaller side.