If you’ve won a lottery jackpot, there are a few things you should do immediately. First, make sure you’re financially ready to receive your prize. Take a picture of your ticket stub and store it in a safe place. Next, assemble your financial dream team. Getting the help of a certified public accountant, estate-planning lawyer, and private banker can be helpful when handling a large sum of money. You’ll also need to hire an insurance expert to protect your money and ensure its future.
Most lottery winners prefer to receive their jackpot in a lump sum payment. They want access to all their funds immediately, and a lump sum is the best way to do that. Asset managers, money managers, and estate lawyers generally prefer this method because it’s less complicated to manage, but it’s a good idea to consider the financial and tax implications of each option. While some lottery players may be anxious to receive a lump sum, many of them aren’t going to live long enough to collect it.
Hitting the Lottery Jackpot is an insightful, well-written book that argues against the monopoly role that lotteries play in state-funded entertainment. Nibert examines the state’s conflicting role as gambling promoter and the fact that a majority of lottery wagers are returned as prizes, reducing the chance for middle-class people to win the big prize. If you have won a lottery jackpot, you should consider how much you would like to get from the prize.