Mega Millions jackpot jumps to $376 million, Powerball’s top prize is $341 million. How winners can protect their windfall

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Mega Millions gamers can let the daydreaming proceed.

With nobody hitting all six numbers drawn Friday, the jackpot has jumped to an estimated $376 million. And Powerball, with the subsequent drawing set for Saturday night time, is at $341 million.

Of course, due to taxes, these marketed quantities aren’t what you’d find yourself with should you handle to beat the astronomical odds of a single ticket successful ( 1 in 302 million for Mega Millions and 1 in 292 million for Powerball).

Nevertheless, the sudden windfall in your life would possible really feel overwhelming, specialists say. And when you is perhaps keen to declare your winnings, specialists say it is best not to rush over to lottery headquarters the day you uncover your luck.

In different phrases, take a deep breath.

“The first thing I’d recommend is to build a team of professionals to handle the many aspects of coming into that kind of money,” stated licensed monetary planner Doug Boneparth, president of Bone Fide Wealth in New York.

That workforce ought to embody an accountant, monetary advisor and lawyer. Here are another concerns should you hit the jackpot.

Annuity or lump sum?

The tax hit

Other stuff

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Written by Business Boy


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