How to Claim Lottery Winnings

Most of us do not need to worry about how to claim lottery winnings. In fact, it's a problem that most people wish they had to solve. But people win the lottery all the time and the first thing they do is tell everybody about it. Unfortunately, this is not always the best idea. If you want to claim lottery winnings, there are some things to do to protect yourself, your family and your jackpot. If you've been thinking about picking the right numbers, consider the following steps to collect your money and protect it.

Things You'll Need

• Winning lottery ticket

Instructions

1. Stay silent for a few days. After the lottery drawing, keep your winning ticket a secret from even your closest loved ones. Before you claim your lottery winnings, act as if nothing had happened so nobody learns your secret.

2. Think about what you want to do with the money once you receive it. You can daydream about the things you want to buy or think about its practical uses.

3. Decide if you want to take the lump sum or the monthly payments. Know that the lump sum amount is approximately half of the jackpot amount, meaning that if you won $100 million dollars, in most cases you would only receive a lump sum of about $50 million before taxes.

4. Consult with an attorney. Many attorneys specialize in helping people that have come into large sums of money in a short period of time. They help lottery winners, heirs to huge estates and others.

5. Create a blind trust. The attorney that you speak with will likely have experience with doing this and they will help you each step of the way. With a blind trust, you can claim your lottery winnings without your name being broadcast to the public.

6. Know your particular state's laws and regulations. In some states, a lottery winner must inform the state government about their new winnings for tax and child support purposes.

7. Visit your state's lottery facility to claim your prize. Be sure to inform the lottery officials that you wish to claim your winnings in the form of a blind trust to ensure your anonymity.

Tips & Warnings

• Know that opting for the monthly payments rather than the lump sum means that you cannot leave the remainder of the payments to a beneficiary if you die before receiving the entire payout.

• Learn the regulations of your particular state. Most rules are universal, but some rules and guidelines vary between different states.

• Contact your state's gambling hotline if you feel you have an addiction to the lottery.

• Do not assume that you don't need to pay taxes when you claim lottery winnings. The federal government has ways of keeping track of winners and they will get their share.

• Do not consider the lottery as a form of income. Be responsible with the money you spend on tickets and make sure it fits within your budget.