Prior to last night's draw, the last winner in the USA's Powerball lottery game was on March 13, 2010. The Powerball commission reports, "The New Jersey Lottery announced on the 20th of April that Sandra Mcneil of Morristown, Morris County, has come forth as the sole winner of the $211.7 million jackpot from the Powerball drawing held on March 13. Ms. Mcneil chose the cash option, which means she will receive approximately $101,600,000."
Last night, a single winning Powerball ticket was sold that will, when claimed, be worth approximately $252,000,000. This is an exceptional amount of money and in some cases, if not managed correctly could be squandered which would result in heartache and financial ruin for the winner and his/her immediate family.
At this point, the winner has not stepped forward, but with vast amounts of money being paid out to individuals, we once again ask the question:
What is the best option when claiming a vast Powerball lottery jackpot or MegaMillions jackpot win? Does one take the cash option or the annuity over time?
How would you structure your Powerball winnings in order to maximise your income over the rest of your years? Would you ensure that succession planning is put in place by your financial advisers, or would you even consider trusting financial advisers with your wealth in the first place?
Tell us how you would plan for the future and you could win a 1 month subscription to both the US Powerball and MegaMillions lotteries courtesy of PlayHugeLottos.com. Submit your financial plan as a comment on this post and the post we consider to be the most informative will receive the prize. The winning announcement will take place as a comment on this post on the 31st of May 2010.
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