Have you ever thought about what you need to do if you actually win?
With the Powerball jackpot at $500 million -- its sixth highest amount ever -- lottery hopefuls are lining up at convenience stores and gas stations around New Jersey to buy that lucky winning ticket.
Plans of what to do with the money, should a New Jerseyan win, are vast and varied - but a house (or 10), buy a yacht, buy an island, etc. But, what would you do first if you actually won?
New Jersey Lottery spokeswoman Judith Drucker broke down the steps that someone should actually take if they have a winning ticket Wednesday night.
- Relax, put a cool compress on your head, and let the moment sink in.
- Sign the back of the ticket. This, Drucker said, is "extremely important," and needs to be done, "right away."
- Put the ticket in your safe place. Over the years, Drucker said she has heard of big jackpot lottery winners putting their tickets everywhere from in a fireproof safe to in the middle of a Bible. So long as it doesn't get lost or destroyed, it'll work.
- Contact your closest family members or friends to confer with them, and make sure you are all on board with the news of the win.
- Contact a financial advisor, accountant, or someone who you trust to discuss the implications of the huge influx of cash. "It is huge, so you want people who are knowledgeable about finances to advise you," Drucker said.
- Call the NJ Lottery commission at (609) 599-5800. You will be invited to lottery headquarters in Trenton so your ticket can be verified.
- At HQ, you will file a claim form, and have your ticket verified and validated. The whole process takes about an hour, she said.
Michael H. Karu, a CPA certified in financial forensics, cautioned potential winners from making the news of the win public right away.
"The minute you turn (the winning ticket) in, everyone knows," Karu said. "You should have everything that you are planning to do figured out beforehand."
For example, Karu said, dividing the winnings before amongst your spouse and children, can prevent a winner from having to pay hefty estate taxes in the future. Having a plan before cashing in is key, he said.
After taxes and a cash out reduction, Karu said the winnings are closer to $200 million than $500 million. But, once the planning is through, "then the excitement really begins," Drucker said.
"I've actually been speaking to a number of past winners today...and the bottom line is, it's all good. I haven't met anyone yet who wants to give the money back."
Could playing these winning Powerball numbers increase your odds?
The drawing takes place at 10:59 p.m. and airs on WABC-7 in the New York City area and WPVI-6 in the Philadelphia area. If you're not near a television check NJ.com for results.
Jessica Mazzola may be reached at jmazzola@njadvancemedia.com. Follow her on Twitter @JessMazzola. Find NJ.com on Facebook.
