How to Use Your Lottery Jackpot For Charity

lottery jackpot

If you win the lottery, you will be able to use it for charity. Many people do. Last year, in the Canadian Powerball drawing, Paul and Sue Rosenau won $181.2 million. The money will help the nonprofit Legacy of Angels, which raises awareness and funds promising research on Alzheimer’s disease. The board members of this organization hope the prize money will help other families save their loved ones from this horrible disease. In 2008, Tom Crist, who won the lottery for the first time, donated his entire prize to a cancer charity in Canada.

When you win the lottery, you should pause and learn about best practices. It may seem that you don’t need to know about these best practices to handle your newfound wealth, but you should still seek professional advice to protect yourself. The more you know, the better. If you do win, you’ll have a better chance of avoiding the pitfalls and getting your money safely in your possession. So, before you claim your prize, consider these tips:

One way to handle your lottery prize is to receive the cash in a lump sum. Generally, lottery winners opt for this option because they want to have access to the money immediately. Having full access to the funds is important for many people, and most money managers, accountants, and estate lawyers prefer lump sums. In addition, annuity payments are more tax-efficient because you don’t have to pay taxes in the year you receive your money.