Winning the lottery is not for the faint of heart. You will have to make hard decisions, including whether or not you should cash in the lottery jackpot right away. But it’s not a bad idea to wait until you’re ready to do so. If you’ve just won a jackpot, save the ticket stub and put it in a safe place. While you’re waiting, start assembling your financial dream team. Obtain a team of experts to handle your winnings, including an estate planning lawyer, certified public accountant, private banker, insurance expert, and investment adviser.
Hitting the Lottery Jackpot by David Nibert is an excellent, timely book on the origins of lotteries. Nibert traces the history of lotteries, from the earliest forms in 16th-century Europe to their introduction in 18th-century America. After tracing the history of lotteries, he reveals how they became a major source of revenue for governments and corporations. He also explores the ideological dimensions of the lottery, noting that less than half of lottery wagers are returned as prizes. Moreover, he makes a compelling case for lottery taxes as a pernicious government tax on the poor.
Powerball winners are not entitled to receive the advertised jackpot amount. This is because the amount of the jackpot is based on assuming the winner will choose the annuity option. As a result, the cash value of a lottery jackpot can vary considerably. It generally equals to half of the advertised prize. AfterLotto payout calculator helps lottery winners to calculate state-specific lottery payouts after federal taxes, state taxes, and annuity payments.