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Powerball Jackpot Has Now Climbed Past Half Billion

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The Powerball jackpot for tonight’s drawing has climbed past the half-billion dollar mark.  Whoever matches five white balls and the red Powerball drawn tonight wins or shares the prize, minus any federal taxes.  Sioux Falls financial advisor Neil Graff says that large of windfall requires a team of assistants for proper fund management.

“The person has to have more than a financial adviser as part of their team.  And I think that’s the key phrase there—they have to have a financial team.  The financial adviser would certainly be an integral part of that; but in addition to the financial adviser, they need a CPA and they need an attorney, says Graff.  And it would be this financial team that would help the winner kind of put together a longer-term strategy, to try to make sure that these winnings, that these funds would help this individual achieve their financial goals.”

Graff says any South Dakota winners are in a better position than in most states, since there’s no income tax here.  He says charitable donations made before the end of the year would help to reduce the winner’s tax burden