Planning on winning the $1 billion Powerball jackpot? Why not! You’ve got just as good a chance as anyone else. So now you have a new problem: how to keep people from shaking you down for cash after you claim your winnings.
Massachusetts is not among the states that allow lottery winners to remain anonymous, but there are ways to keep your name out of the headlines.
In Massachusetts, lottery winners can create a trust used to claim the winning ticket. In doing so, a trustee is the one who turns in the ticket, receives the check, and then deposits it into a back account set up for the trust’s beneficiaries.
That means the trustee is the one who is photographed and whose name is broadcast to the media.
Baker Law Group, which provides estate planning and finance advice, and specifically talks about the lottery, writes on its website that remaining anonymous is one of the top pieces of advice new lottery winners receive.
“If your name and photograph is published, there’s a strong chance you could find yourself quickly harassed with calls and requests for money,” the website states.
Unsurprisingly, the use of trusts to claim large lottery prizes has increased over the years, according to Massachusetts State Lottery spokesperson Christian Teja.
Tickets still need to be signed to be claimed, though the trust created can sign the ticket, as well.
“The longer you leave the ticket unsigned, the more you risk someone taking it and claiming it for themselves,” according to the Baker Law Group. “If you must sign it before the trust is created, sign it small so you can leave space to add trustees and the name of the trust you’ll establish.”
The final piece of advice from Baker Law: Don’t tell anyone.
“Keeping the lottery win a secret is probably the hardest step of all for most lottery winners. Obviously, winning the lottery can be an exciting, life-changing moment. But as soon as you tell even one other person, the chances of the word getting out greatly increases.”
The Powerball jackpot increased after no winners emerged on Monday. It is now worth an estimated $1 billion.
The Powerball jackpot was last hit April 19 in Ohio. The prize was worth $252.6 million. Since then, there have been 38 consecutive drawings without a jackpot winner, the lottery said.
