The Mega Millions lottery recently reached $656 million dollars. Currently, it is being reported that three tickets were sold with the winning numbers: 2-4-23-38-46 and had the Mega Ball 23. One winner has come forward from Kansas, an Illinois ticket is still outstanding and the third ticket was sold in Maryland and split between three people. Even with three people splitting a third of the jackpot they will receive $35 million each and that is a lot of money! I will admit we bought a couple of tickets and spent some time dreaming of what we would do with all that money (not quitting my job of course—then I wouldn’t get to write my fun blogs).
There have been a lot of articles on what you should do if you win the lottery. One important thing I noticed that was overlooked was seeing an estate planning attorney. When you come into a windfall it is important to remember your estate planning. There are many issues to be dealt with, not only at your death, but dealing with your money during your lifetime. Your estate planning attorney can help with much more than just “where does my money go when I die?” planning. Don’t forget about planning should you become incapacitated and also gifting during your lifetime—some ways are better than others to pass money along to your loved ones and charities.
A windfall isn’t always just winning the lottery; it can be a significant bonus from work or inheriting money. And don’t forget, 2012 is an important year for gifting as there are currently very favorable gifting laws.
If you would like more information about gifting options, please contact our office to schedule a complimentary consultation with one of our attorneys.