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The following is an archived video story. The text content of that video story is available below for reference. The original video has been deleted and is no longer available.

How to Safegaurd Your Millions if You Win the Lottery

MIAMISBURG -- A shot at $636 million has folks lining up for a chance at a Christmas miracle. We sat down with a financial adviser about how to protect your millions if you're the lucky ticket holder.

Tuesday's ticket-buying frenzy inflated the Mega Millions jackpot to $636 million! And if you have the winning ticket, you'll have important decisions to make besides what color Porsches to buy your family for Christmas.

Investment adviser Joe Zaidain says before you think about making purchases, even before you turn the ticket in, you should sit down with a team of specialists.

"I want to get the attorney, the financial planner, sit down, go through it," Zaidain, CPA at Miamisburg's MVZ Financial Planning explained Tuesday. Then I want to plan it out so I have the best use of those funds."

"I've got family. At this point, take care of family," Vandalia's Lionel Johnson Jr. said while buying a ticket Tuesday at Dixie Stop.

Not only can taking care of loved ones make you the favorite in the family, Zaiden says it can save you millions in taxes.

"I don't want to take the entire tax hit by myself because I'm going to be at the maximum level, so if we can split that income out.," Zaidain continued.

Family is one thing, but what if you are splitting millions amongst co-workers.

"We've bought $125 worth at work. A pool. And my daughter in Atlanta she's went out and bought $110 at work in a pool," Kurt Holdman of Butler Township said with a smile while buying more last-minute tickets.

If you're one of the millions of people in a lottery pool, safeguards are more important than ever.

"First as a group I would see an attorney, as a group," Zaidain advises.

Experts say you should have a picture of the ticket and documented correspondence of every individual involved.

One of the budget decisions your team of experts will help you determine is if you should select the $341 million cash payout or the 30 annual payments.

Zaidain says taking the cash lump sum is a safer and more sound financial choice.

 
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