According to a lottery lawyer, opting for the lump sum payment is "usually a tremendous error."

If you're one of the fortunate winners of the fourth-largest prize in the history of Mega Millions, this may be a very fantastic year for you.

However, beginning the year 2023 with 785 million dollars can have some unintended consequences.

Andrew Stoltmann, a lawyer based in Chicago who has recently represented a number of individuals who have won the lotto.

According to Stoltmann, one of the very first choices a winner must make is whether or not to take the jackpot as a one-time payment or as an annuity.

"Most people make a serious error when they do it."

In spite of this, "almost 90% of winners accept the initial lump money," according to Stoltmann. 

As a result, the annuity option is now more valuable than it was in the past, in comparison to the cash option.

According to the Multi-State Lottery Association, rising interest rates make it easier for games to finance greater annuitized prizes.

This is the option that the vast majority of jackpot winners choose.

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Have you won the Mega Millions lotto drawing worth $785 million that took place on Tuesday?

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