Are you a winner? Tips on the journey to claim your prize and beyond

Mega-Powerball_Winner.pngCongratulations! There’s often a rush of emotion once a player realizes they’ve won. If you’ve won a substantial amount of money, here are a few thoughts to help you navigate your win:

1.    Put your ticket in a safe place. Your ticket is a bearer instrument so treat it with care. You may want to sign the back of the ticket as well.

2.    Determine your priorities for the money. Is there a special purchase you want to make?  Would you like to help out your children or a charity or other good cause? Make a plan to help you achieve your goals.

3.    Get some guidance. Consider talking to a financial planner and attorney to determine the best way to claim the prize money. You might begin by working with a certified financial planner. To hold this credential, a certified financial planner has to meet certain educational and experience requirements and ethical standards in which your best interests come first.

Jackpot prizes and some others offer winners a choice of an annuity over a period of time or a lumpsum payout. You’ll want to determine what is best for your personal situation. You’ll also want to consider taxes – federal, state and local taxes too. Keep your paperwork in order and take the time to review. 

4.    Know the deadline to claim. Winners have 180 days from the draw date to claim any draw game prize or 180 days from the closing date of a scratch-off to claim. Note that there are special claiming options available during the pandemic, as part of the Governor’s State of Emergency. Give the Ohio Lottery a call at 1-800-686-4208 and we would be happy to answer your questions. You can also check out our website for prize claiming details.

Posted: 1/14/2021 8:44:20 AM