Choosing the Right Legal and Financial Team After Winning a Lottery Jackpot

lottery jackpot

A super-sized lottery jackpot is an effective way to attract more players and gain free publicity on newscasts and news sites. It also increases the likelihood of jackpot carryover and boosts stakes and public interest. However, it is also important to choose the right legal and financial team for your winnings. An attorney is essential to claiming your prize, while a licensed financial advisor can help you manage your money, pursue your charitable interests, and reach your financial goals. Many lottery winners are approached by multiple advisors, so it is important to take time to find the best possible partners.

In recent years, the largest lottery jackpot in the US was $1.586 billion. This prize was split among three winners in California, Florida, and Tennessee. When Schultz realized he had won, he immediately called attorneys and financial advisers to help him navigate his newfound wealth. These professionals can be invaluable when you have no experience with millions of dollars and don’t know where to start.

While winning a lottery jackpot can be a life-changing experience, it’s important to remember that the federal government will tax your winnings. Generally, lottery winners must pay at least two-fourths of their winnings to the IRS. However, there are many smaller jurisdictions that also levy taxes on lottery winnings.