How to Cash in Your Michigan Lottery Jackpot
One Allegan County man has won two Michigan Lottery jackpot prizes within a month. The winner, who chose to remain anonymous, purchased his ticket at the Main Street Pub in Kalamazoo on April 20. His winning ticket was for the Club Keno The Jack game worth $95,231 and was not a scratcher. Despite his winnings, the couple is divorcing. It is unknown if the man will receive the money he has won.
The first step in cashing in your winnings is to build your financial dream team. You’ll need to hire a wealth management firm, estate-planning lawyer, certified public accountant, private bankers, and insurance experts. Once you have secured your team of professionals, you can start assembling your new financial life. Here’s how to start your dream team. You’ll need to choose between an immediate lump-sum payout or annuity payments.
Hitting the Lottery Jackpot is an interesting critique of the state’s reliance on lotteries. The author, David Nibert, emphasizes the conflicting role of the state as gambling promoter. The authors also point out the conflict of interest in the state’s lottery promotion, with television stations, advertising agencies, and ticket vendors benefiting from the promotion of the lottery. Even with the vast profits, less than half of lottery wagers end up as prizes, and lower-income and minority groups are particularly affected.
Another important decision for lottery winners is the amount they wish to receive in a lump-sum. A lump-sum payment is much less exciting, but it will allow lottery winners to pay their taxes over several years. Then, if self-control problems interfere with the decision, annuities can provide more money for later. If you’re unable to make an informed decision about which payout option is best, you can use AfterLotto’s lottery payout calculator.