Many Americans are likely to double-check where their Powerball tickets are tonight, as the jackpot sits at a whopping $1.9 billion ahead of Monday night’s drawing.
It is the largest US lottery jackpot in history and also the largest Powerball lottery jackpot in history – by $486 million.
The draw will take place on Monday November 7th at 10:59pm ET.
The cash option would net one lucky winner $929.1 million — minus 37% federal taxes and all applicable state income taxes, according to FOX Business.
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Andrew Santana, corporate co-chair of the Philadelphia law firm Fox Rothschild LLP, endorsed a 2018 jackpot winner by signing the ticket on the person’s behalf – leaving the anonymous winner with the nearly $200 million after-tax prize .
Santana emailed Fox News Digital on Monday about some key considerations in the exhilarating moments after winning the $1.9 billion Powerball prize.
Andrew Santana, corporate co-chair of the Philadelphia law firm Fox Rothschild LLP, endorsed a 2018 jackpot winner by signing the ticket on the person’s behalf – leaving the anonymous winner with a prize of almost $200 million (according to Steer).
(Fox Rothchild LLP)
“Don’t lose the ticket and don’t be careless with it,” he said.
“Also, do not sign the ticket until you understand whether the signer’s information will become public if the prize is claimed.”
It’s important not to tell anyone “other than a lawyer specifically hired to help collect the prize,” he said, and “the people you co-purchased the ticket with, if any.”
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A lottery ticket is a “bearer instrument,” Santana said.
This means that “whoever holds the ticket can claim the prize as long as the name on the back of the ticket matches the person presenting the ticket to claim the prize.”
In most cases of winning the lottery, it’s easy to “make too many commitments and spend too much money quickly.”
Santana also said: “A lost or stolen ticket cannot be presented by its rightful owner to claim the prize. If other people know you have the ticket, they can try to claim it.”
For example, he said: “Someone might claim that you agreed to buy the ticket together and split the price. Worse, someone could try to steal the ticket from the rightful owner.”
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Santana also advised, “Don’t quit your job right away or otherwise change your routine.”
Also, don’t commit to any purchases, gifts, or other significant expenses.
After you win a lottery, it’s very important to understand how much money you’re actually going to keep, said attorney Andrew Santana.
(REUTERS/Andrew Kelly)
You might even alert others to your big win by making extravagant purchases, Santana said.
“If you commit to significant expenses like buying a new house, an expensive luxury car or an extravagant vacation – if it’s unusual for you – others may assume that you’ve won the lottery,” he explained.
“In that case, those people will want something from you,” he continued.
You might even alert others to your big win by making extravagant purchases, Santana said.
It’s very important to understand how much you’ll actually keep before you go on a shopping spree, Santana said.
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“A significant portion of the prize money may be withheld by the state paying the prize and will be subject to additional taxation,” he said. “So it’s best to understand how much money you’ll have after taxes before you start spending.”
In most lottery winning cases, it’s easy to “make too many commitments and spend too much money quickly,” Santana said. This could give the winner “far less money than a winner should have”.
A Powerball ticket shown at left; Andrew Santana is on the right. It’s easy to “make too many commitments and spend too much money quickly,” he said.
(iStock/Fox Rothchild LLP)
It’s important to be careful and thoughtful when spending money, at least initially, Santana said, until you develop good money management practices.
If you want to remain an anonymous winner and are working with an attorney to maintain anonymity, it’s best to go about your normal routine until you’re prepared for questions about the prize, he also said.
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“Quiting a job immediately after the winning ticket was announced, particularly if it was announced that the winning ticket was sold near your home or office, may lead colleagues, friends and family to assume you’ve won the prize,” he said he .
If they do, he continued, “they will ask you questions about it, claim a portion of the prize, or make demands — and it’s going to be very difficult to safely claim the prize and resolve the other issues that will arise.”
The services of an attorney are very important after a person wins a life-changing lottery prize, he said.
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“An attorney will assist the winner in properly claiming the prize, while maintaining the winner’s anonymity where possible,” notes Santana.
An attorney will also “assist in facilitating the claim and obtaining funds” and “assist in protecting the funds,” he added.
