You can ask one of them to serve as quarterback, coordinating the group effort.
Depending on where you live and where you bought the ticket, state and local income taxes further reduce the winnings.
(Those taxes may not be withheld, so factor that in as another tax bill come due next April.).
Tallied up, a state and local tax bill could shave as much as another 15 percent 130.2 million off the lump sum, she said.
How Will You Know When You Win the Powerball Lottery?"My general feeling on that is, get a good accountant, pay all the tax and be done with.".M lists the odds of winning a Powerball prize.If you want to check the winning numbers online, see my list of winning lottery numbers by state for the right links.The 2012 tax law offers more flexibility than ever before.A lottery ticket is a bearer instrument, she explains, meaning that whoever signs the ticket and presents a photo ID can claim the prize.One drum holds 69 white balls, while the other drum holds 26 red balls."You definitely need to be planning for cash-flow issues and setting aside that money Labant said.
But from the moment that you claim that prize, you will be descended upon by vultures who want a hefty helping of those winnings.
In situations like this it's very hard to know "who's trying to help you and who's trying to use you says Ely.
Don't fall for investments that you don't understand or that sound too good to be true.
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The best defense is to erect a variety of roadblocks that make it difficult, if not impossible, for creditors to reach your money and property.But there's more to Powerball than just the jackpots.You can start by having a fee-only advisor put together a long-term financial plan and running it by the group for comment.When you buy your ticket, you'll select five numbers (these winning numbers will be drawn from the first drum with the white balls) and one Powerball number (the winning Powerball number will be drawn from the second drum with the red balls).One drum is used for the white balls and one for the red ball which gives the Powerball Lottery its name.
Jacobs, a lawyer and journalist, is the author of Estate Planning Smarts: A Practical, User-Friendly, Action-Oriented Guide. .
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