If you’ve recently won the lottery, you’ve probably wondered how to handle your newfound wealth. Many lotteries require winners to publicize their name and P.O. box, but if you’d rather keep your identity private, you can always form a blind trust. While this will not protect your privacy, it can help you avoid the media’s scrutiny. To avoid these problems, it’s important to seek the advice of an experienced tax advisor before you claim your prize.
Some stories about lottery winners go beyond the jackpot. In 1993, William Hurt, a Chicago resident, won $3.1 million in a lottery. However, two years later he relapsed into cocaine addiction. His wife eventually left him and he lost custody of his children. Another lottery winner, Abraham Shakespeare, won $30 million in Florida in 2006. The next year, he disappeared, and his body was discovered one year later. But it wasn’t until recently that he was finally identified.
The couple, Paul and Sue Rosenau, won $181.2 million in the 2008 Powerball drawing. The money will help fund research into Krabbe disease, a devastating condition that strikes one in every 100 newborns. Sadly, Krabbe Disease receives very little funding, and the disease usually kills its victims within two years. Thankfully, the Rosenaus’ money will help them fight this terrible disease and give back to their community.