KALAMAZOO (WKZO-AM) — Other than buy a mansion and a sports car, what are you supposed to do after you hit the Powerball on Saturday and win the record $700 million prize?
Ron Wiser with the Wiser Financial Group in Kalamazoo says first, pay your taxes. Uncle Sam will demand 45 percent of your winnings if you opt for the lump sum.
Next, assemble a team to help manage all of that money.
“Hire an attorney and a certified financial planner,” Wiser said. “Take a month or two, get your ducks in a row and really think it through.”
He also says to keep track of what you give to family members and friends. Gift taxes apply if you give a person more than $14,000.
– Anthony Pollreisz
