No doubt Michiganders have heard about the 81-year-old woman who won over $336.4 million in a Powerball jackpot last week, and all thanks to a family member who had a craving for something sweet. Asked if she wanted anything from the store the woman decided she would go with her family member just so she could purchase a lottery ticket. She learned of her winning numbers while watching the announcement only a few hours after returning home from her visit to the local Stop and Shop.
The winner waited nearly a month to claim her $210 million lump sum payment under the newly created "Rainbow Sherbert Trust." The winner said that rainbow sherbert was the name of the sweet treat her family member was craving and is really what started it all. Sources said the new millionaire did everything right by hiring professionals experienced in creating and administering trusts before claiming her prize.
It can be incredibly overwhelming, even stressful to come into such a vast amount of money and hiring an estate planning attorney to help you sort through the process can go a long way in making it a more enjoyable experience. There a numerous tools and strategies available for various trusts, including living trusts, special needs trusts and life insurance trusts that can reduce her estate taxes and secure each of her family members' financial futures.
A proper estate plan that includes a will and trust will ensure the latest Powerball winner's estate and all its assets are administered to her exact specifications during her lifetime and well into the future. The $336.4 million prize is the sixth-largest in the United States.
Powerball is a non-profit association owned and operated by the Multi-State Lottery Association and its 32 members from state lottery associations and the District of Columbia lottery. Michigan is not a member of the Multi-State Lottery Association.
Source: 7 News WHDH.com, "$336.4M Powerball winner is 81-year-old woman," March 06, 2012