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☆ Mega Millions jackpot hits $1.1 billion — and the big winner could face these costly pitfalls
  + stars: | 2024-03-25 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +2 min
However, you must redeem the winning ticket in the state where you bought it, meaning an out-of-state purchase in a high-tax state could trigger a bigger bill. But the annuity payout could save on future state taxes, depending on where you choose to live, Stoltmann said. Otherwise, anyone who holds the winning ticket can file a claim to collect the proceeds. Avoid a 'legal catfight' on shared ticketsYou could also have winning ticket issues when pooling money with friends or co-workers, according to Stoltmann. "The nastiest legal catfights happen when a group of people buy a ticket together" and one person claims they bought the winning ticket alone, he said.
Persons: Justin Sullivan, Uncle Sam, Andrew Stoltmann, Stoltmann, Michael Whitty, Smith, Gambrell, Russell, there's Organizations: Getty Locations: Chicago, California, Florida , New Hampshire, South Dakota , Tennessee , Texas, Washington, Wyoming
☆ Powerball jackpot hits $1.4 billion. Here's 'the toughest thing' for lottery winners, lawyer says
  + stars: | 2023-10-06 | by ( Kate Dore | Cfp | Jamie Berger | ) www.cnbc.com   time to read: +1 min
The Powerball jackpot soared to an estimated $1.4 billion as of Oct. 6, 2023, according to the Multi-State Lottery Association. The Powerball jackpot has soared to an estimated $1.4 billion ahead of Saturday night's drawing — and financial experts have tips for the lucky winner. As the third-largest prize in the game's history, the winner will pick between a lump sum worth $614 million or an annuitized prize of $1.4 billion. The biggest pitfalls for lottery winners are excessive spending, poor investment choices and family members asking for money, said Andrew Stoltmann, a Chicago-based lawyer who has represented several lottery winners. "Saying 'no' to family might be the toughest thing that lottery winners have to do," he said.
Persons: Andrew Stoltmann Organizations: State Lottery Association Locations: Chicago
☆ Powerball jackpot hits $1.2 billion. What’s the best payout option? Experts weigh lump sum versus annuity
  + stars: | 2023-10-03 | by ( Kate Dore | Cfp | Winnie Sun | ) www.cnbc.com   time to read: +2 min
The Powerball jackpot hit $1.2 billion on Oct. 3, 2023, the third-biggest prize in the game's history. Scott Olson | GettyThe Powerball jackpot has climbed to an estimated $1.2 billion — the third-largest prize in the game's history — without a winner Monday night. Among the winner's big decisions will be the choice between a lump sum payout worth $551.7 million or an annuitized prize of $1.2 billion. The lump sum payout is 'a mistake'"Virtually everybody who wins the lottery picks the lump sum distribution," said Andrew Stoltmann, a Chicago-based lawyer who has represented several lottery winners. While the lump sum payout could be a good financial move for some winners, he agreed that others may benefit from the spending guardrails of annuitized payments.
Persons: Scott Olson, Andrew Stoltmann, doesn't, Stoltmann, it's, John Loyd Locations: Chicago, Fort Worth , Texas
☆ Winner of record $1.6 billion-plus Mega Millions jackpot should watch out for these pitfalls, experts warn
  + stars: | 2023-08-09 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +2 min
The Mega Millions jackpot grew to more than $1.6 billion on Aug. 9, 2023. Justin Sullivan | Getty ImagesThere's finally a winner for the massive Mega Millions jackpot — but the lucky ticketholder may face unexpected pitfalls, experts say. A single ticket sold in Florida matched all six numbers Tuesday night, marking the game's largest prize in history, according to Mega Millions. While Florida doesn't tax lottery winnings, there's an upfront 24% federal tax withholding that goes to the IRS. 'The curse of the lottery is real'In addition to taxes, the Mega Millions winner will likely encounter other obstacles, experts say.
Persons: Justin Sullivan, there's, they'll, Andrew Stoltmann, Let's, Stoltmann, Warren Racusin, Lowenstein Sandler, Sam Organizations: Mega, Stoltmann Law, Republicans Locations: Florida, Chicago
☆ The Mega Millions jackpot hits $1.55 billion. What's the best payout option? Experts weigh lump sum vs. annuity
  + stars: | 2023-08-07 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +2 min
The Mega Millions jackpot hit a record $1.55 billion on Aug. 7, 2023. VIEW press | GettyThe Mega Millions jackpot has ballooned to an estimated $1.55 billion after months without a winner. If you pass away before collecting all 30 payments, Mega Millions will make the remaining payments on schedule to your designated beneficiary or your estate. Picking the lump sum payout is a 'big mistake'Andrew Stoltmann, a Chicago-based lawyer who has represented several lottery winners, says 95% choose the lump sum option, which he describes as a "big mistake." Tuesday's Mega Millions drawing comes about three weeks after a single ticket sold in California won Powerball's $1.08 billion jackpot.
Persons: Andrew Stoltmann, Tommy Lucas, Moisand Fitzgerald Tamayo Locations: Chicago, Orlando , Florida, California
☆ The Mega Millions jackpot is $785 million. Taking the lump sum is 'typically a big mistake,' lottery lawyer says
  + stars: | 2023-01-03 | by ( Jessica Dickler | ) www.cnbc.com   time to read: +1 min
This could be a very good year for one lucky winner of the fourth-largest jackpot in Mega Millions history. "The curse of the lottery losers is very real," said Andrew Stoltmann, a Chicago-based lawyer who has represented several recent lottery winners. One of the very first decisions a winner must make — whether to accept the jackpot as a lump sum or as an annuity — often ends up being their downfall, Stoltmann said. The upfront cash option — which most jackpot winners choose — for this drawing is $403.8 million, as of midday Tuesday. Still, "over 90% of winners take the immediate lump sum," Stoltmann said.
☆ So you won the lottery. What now?
  + stars: | 2022-11-09 | by ( Allison Morrow | ) edition.cnn.com   time to read: +3 min
New York CNN Business —So, you won the lottery. Before you broadcast your sudden windfall to the world, and even before you contact lottery officials, you’ll be wise to surround yourself with a team of lawyers and financial advisers. Make copies of both sides of your lottery ticket, and then lock it up somewhere only you can access it. But there’s one big piece of the lottery puzzle that you can’t farm out to lawyers, and that’s your mental health. “The curse of the lottery losers is very real,” Andrew Stoltmann, a lawyer who has represented lottery winners, told CNBC.
☆ The Powerball jackpot is $1.9 billion only if you take the annuity. Here's why the lump sum may be overrated
  + stars: | 2022-11-07 | by ( Jessica Dickler | ) www.cnbc.com   time to read: +1 min
It's hard to imagine what it would be like to win Powerball's $1.9 billion prize. "The curse of the lottery losers is very real," said Andrew Stoltmann, a Chicago-based lawyer who has represented several recent lottery winners. One of the very first decisions a winner must make — whether to accept the jackpot as a lump sum or as an annuity — often ends up being their downfall, Stoltmann said. The upfront cash option — which most jackpot winners choose — for this drawing is $929.1 million. Still, "over 90% of winners take the immediate lump sum," Stoltmann said.
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