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The Powerball jackpot has jumped to $435 million, after Wednesday's drawing failed to yield a winner for the top prize.
If you are lucky enough to pick the winning combo for this weekend's drawing, there's one thing you need to do right away: pause.
Even before you claim your winnings after the 10:59 p.m. ET Saturday drawing, it's smart to assemble a team of experts.
The experts should include a lawyer, an
"There needs to be some consideration of what letting the world know you won the lottery will mean for your life," he said.
Put the money in a savings account or certificate of deposit, and leave it there for at least a few months, said certified financial planner Hans-Christian Winkler, an independent advisor with ClaraPhi Advisory Network in New York.
"Emotions range up, down, sideways, and when you're emotional, excited, you tend to make the wrong decisions," he said. "Let it sink in."
That pause gives you an opportunity to think through all your aims for that
Lottery site USAMega.com estimates the federal tax withholding on the $273.1 million lump sum would be nearly $68.28 million, and state taxes could knock out up to another $24.1 million (with New York the worst offender). Those figures are just the amounts withheld up front; your final tax burden is likely to be even higher.