The record Powerball jackpot is certain to yield mostly losers, but not the states that sell tickets — with a haul that keeps coffers stocked to benefit everything from education to treatment for compulsive gambling.
Swollen by an estimated $289 million in tickets sold since Saturday's drawing yielded no winners, the jackpot has reached $500 million — $327 million for the cash option — for Wednesday night's drawing. It's the highest Powerball ever, and second only to March's $656 million Mega Millions prize among U.S. lottery jackpots. Officials say the fever sparked by huge prizes prompts casual players to buy tickets and hard core players to buy more than usual, with the extra money going to ever-bigger prizes and fat takes for the states that participate.
So if you win do you really know what to do first? Well if you don’t we’re gonna help you out.
This is from Forbes....
10 Things To Do When You Win The Lottery
The first precautionary step you should take between now and the drawing is to sign the back of the ticket. Meaning that whoever signs the ticket and presents a photo ID can claim the prize.
1. Remain anonymous if your state rules permit it.
2. See a tax pro before you cash the ticket.
3. Avoid sudden lifestyle changes. For the first six months after you win the lottery, don’t do anything drastic, like quitting your job, buying a McMansion, or trading up for a luxury car.
4. Pay off all your debts.
5. Assemble a team of legal and financial advisers.
6. Invest prudently.
7. Live within a budget.
8. Take steps to protect assets.
9. Plan charitable gifts.
10. Review your estate plan.