What to do when you win the lottery

What to do when you win the lottery

Wednesday’s Powerball jackpot of $ 448 million, the fourth-largest lotto jackpot ever, will be split by the holders of three lucky tickets, two in New Jersey and one in Minnesota.

A single winner would have taken home more than $ 250 million—a point that underscores the magnitude of recent lottery jackpots.

Since March 2012, when a record-setting $ 656 million Mega Millions jackpot was awarded, the U.S. has awarded four of the largest lottery prizes ever. One reason for the life-altering jackpots has been a boost in Powerball ticket prizes, which has sweetened the pot considerably.

Payouts of this size are rewriting the conventional financial wisdom about how the lucky winners can best handle their good fortune, from tax advice to the shape of their reconfigured lives. “Buy that Rolls and save the rest” has become “Lawyer up and start a foundation.”

Click ahead for the new rules for the Powerball age:

By Paul O’Donnell
Posted 8 August 2013

Timothy A. Clary | AFP | Getty Images

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