How to Claim a Lottery Jackpot

The last time a person in a low-income family won a lottery jackpot, they were still living on peanuts. That wasn’t the case in 2002, when 19-year-old construction worker Jack Whittaker won $314 million in the Powerball lottery. He spent his fortune on drug-fueled parties and materialistic excesses. However, his life turned out to be a cautionary tale for others. He reveled in giving out handouts, including millions to church members, diner waitresses, and local strip club.

After winning a $5 million Virginia lottery prize in 1991, Ibi Roncaioli’s life took a dramatic turn. She was found guilty of poisoning her husband, Dr. Joseph Roncaioli, after discovering her double life and lottery winnings. Her money, gynecologist husband’s salary, and luxury lifestyle led to a divorce a few years later. As a result, Ibi Roncaioli’s life took a downward spiral.

After winning a lottery jackpot, a lottery winner must wait to claim his prize. Usually, winners are allowed to delay the cashing-in process until they are ready. In the meantime, they must gather a financial dream team and start implementing the plan. Typically, lottery winners should hire a variety of specialists to handle such a large sum of money. The best professionals to include in the team are estate-planning attorney, certified public accountant, insurance expert, and investment adviser.

Although many lottery winners opt to remain anonymous, some still prefer to remain anonymous. Anonymity has several benefits. It keeps journalists and people looking for money off their backs away from you. Furthermore, anonymity gives the winner more control over their life. However, this option is not always possible. Most jurisdictions would like to announce lottery jackpot winners so that the public can know that the prizes were awarded legitimately. It’s also beneficial for their family.