Powerball Jackpot Winners: Do Your Homework To Protect Your Loot

DENVER (CBS4)– Tonight’s Powerball jackpot is a record $550 million and that has a lot of people heading to convenience stores to get their quick picks before the 7:30 p.m. Wednesday deadline.

Colorado Lottery ticket sales have increased 92 percent over the past week because of the record Powerball jackpot.

“Everybody gets caught up in the excitement and the dream of winning. It’s really fun just to see everybody thinking about what they would do if they won this money. Especially around the holidays. I think people want to get a little nostalgic about what they do and how they would help other people,” said Colorado Lottery spokeswoman Heather Black.

CBS Moneywatch experts advise winners to the following:

  • Read the rules on the ticket.
  • Sign your name on the back of the ticket.
  • Assemble your team including financial advisers. Don’t disclose how much you’ve won until you hire them.
  • Decide whether to take the full payout or annual payments.
  • Determine the legal structure of your investment holdings.
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