![]() If a lucky individual secures the current prize, they can choose between one of $614million or the $1.4 billion prize paid in installments over 30 years - both figures are subject to tax.įinancial planner John Loyd told the news outlet his advice to clients would be to "do nothing" at first and instead take time to assess what is about to change and get organised. Powerball winners can choose between a lower lump sum or an annuity payment that increases by five percent every year after one immediate payment. "They don’t have the experience managing money or establishing the financial team." "Lottery winners historically are from lower socio-economic backgrounds,” Stoltmann told CNBC. ![]() An attorney or two also wouldn't go amiss. ![]() First, lottery winners should gather together the relevant money experts including financial advisors and tax professionals.
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