Two lucky winners in Arizona and Missouri will be able to claim the record-shattering $580 million Powerball jackpot after Wednesday night’s drawing, but they will also face taxes and need financial advice.
Experts say that the first thing a lottery winner should do is sign their ticket, put it in a safety deposit box and consult a financial advisor or attorney before stepping forward to claim their winnings. It would also be a good idea to check with an accountant and tax planner, especially with tax rates scheduled to rise next year unless Congress and the White House can agree what to do about them.
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