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.