Jackpot! 10 Pieces of Financial Advice for New Powerball Winner

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Staff Writer
AccountingWEB
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[Note: This article was originally posted on May 23, 2013.]

There’s one person – or maybe a group of people – who has yet to claim the largest Powerball jackpot in history: an estimated $590.5 million.

The ticket was purchased on May 18 from a Publix supermarket in Zephyrhills, Florida. The winner has 60 days to claim the lump-sum cash option – estimated to be around $376.9 million – at the Florida Lottery office in Tallahassee.

Under Florida law, lottery winners in the state cannot remain anonymous; their names and city of residence must be made publicly available to anyone who asks. As of the morning of May 22, the Powerball winner has not yet surfaced.

So what if that person or group of people came to your firm before the prize was claimed and asked for advice on how to manage and invest his/her/their winnings? What would you say?

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Do i have to use the financial advisor in the state i won it in or can i go elswhere to new york city to find one

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No, but you want to make sure wherever the financial adviser is located that they understand the tax and estate laws of the state. You should also make sure the adviser its located in country no matter what. You should also work with a large national and/or global form and find a team within that firnm that has experience with working with large clients.

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