When you win the lottery, there are several steps you should take to maximize your prize and minimize tax implications. One of the most important is hiring a team of experts to help you preserve and grow your wealth. A team of experts can manage investments, guide your philanthropic interests, and help you reach your financial goals. The team you hire should be vetted and you should sign all checks. Here are some tips for handling large sums of money.
The first step is to calculate the exact amount of money you can expect to receive after taxation. The advertised jackpot value is not the amount the winner actually receives. This figure assumes the winner takes the annuity option. As a result, the current cash value of a lottery jackpot varies considerably. In general, it is half of the advertised prize. The AfterLotto payout calculator calculates the state-specific payouts for lottery winners, as well as federal and state taxes.
Powerball: This multi-state lottery has the biggest jackpot in U.S. history – $1.586 billion! There are three winning tickets in the Powerball game, which makes the jackpot the highest-valued lottery win ever. Powerball draws are held after 11 p.m. ET on Monday, Wednesday, and Saturday. The website for Powerball has more information, as well as the winning numbers. While the jackpot may seem high, it’s not impossible to win – there are no guarantees that you will be the next big lottery winner!