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One of the biggest winners of the Powerball will be the IRS, which gets its cut in federal income tax, Herzig says, but you can offset some of your tax liability by using philanthropy as a way to receive a charitable deduction. (Your neighbor Gary the CPA might be a great pal who’s done your taxes before, but he almost certainly hasn’t dealt with an influx of wealth like the one you, lucky lotto winner, are dealing with.)Īnother thing to keep in mind: It pays to be a good person. Next up, you’ll need an accountant and a financial adviser to protect your wealth from “creditors and predators,” as Herzig puts it.Īgain, you’ll want to look for experts at larger institutions who have experience figuring all this out. That means aiming for a specialist at a large national law firm.

“Find an attorney who has experience dealing with people with this level of wealth, because it is different,” says Herzig. Hiring a lawyer should be a top priority. “I think it can be more of a curse than a blessing for some, just in all of the work that has to be done,” Belinda Herzig, senior wealth strategist at BNY Mellon Wealth Management, told CNN late last year when the Powerball jackpot was last this high. Make copies of both sides of your lottery ticket, and then lock it up somewhere only you can access it. Most states will not let you claim the prize anonymously, which means you’ll need to act fast to protect yourself before you’re inundated with vultures or new-found relations.Īnd while this might seem obvious, don’t forget to document your win. Shop owner scores $1 million bonus for selling the winning Powerball ticket

CA Lottery officials presented a CA Lottery's retailer selling bonus check for 'One Million US Dollars,' for selling the lottery ticket that won a record $2.04 billion Powerball jackpot. Business owner Joe Chahayed smiles as he holds a check with his sons, Joe Chahayed, Jr., left, and Daniel Chahayed, right, outside his Joe's Service Center in Altadena, northeast of Los Angeles Tuesday, Nov.

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