Doug Sheahan Shares Advice for Powerball Winners with NBC News
Many of us probably raced to our local convenience store or gas station to buy a Powerball ticket in the last week.
The idea of winning $1.5 billion — or even a sliver of this amount — would be life-changing for most people. But do you know what you’d do if you actually won the lottery? Most people don’t, and that’s why it’s critical to get advice from a qualified financial advisor before you claim your prize.
I recently shared my thoughts on this topic with NBC News in an article they published, “If You Won a Piece of Powerball Jackpot, Read This Before You Collect.”
The first thing most people need to do is decide whether they want to take the lump sum or annuity payment. There are pros and cons — and tax implications — depending on what route you choose to go. How and when you claim your prize also is important.
Read the article to learn more about what financial steps you should take after you win the lottery. Hopefully, some of us will be fortunate enough to need this advice one day.