Powerball Winners Beware

In2002, Jack Whittaker, West Virginia resident, won the largest everPowerball jackpot of $314 million dollars. After winning the jackpot Whittakersaid he would pay tithes to his church, start a charitable foundation, andprovide jobs in the community. “I’m not going to buy anything formyself,” Whittaker explained at a news release. “The very first thingI’m going to do is, I’m going to go home. I’m going to sit down and make outthree checks to three pastors for 10% of this check. That’s the very firstthing I’m going to do.” Because Whittaker was already a millionaire viahis construction company, he believed the money would not change anything.

However,in 2007 Whittaker’s life has taken a devastating turn. He suffered many tragic personal losses. In addition,Whittaker’s windfall was completely gone. He issued a statement to the CircuitCourt explaining, “On 9-11, a team of crooks went to 12 different (CityNational Banks) cashed 12 (checks) and got all my money.”  Whittaker is unable to pay outstandingclaims against him because he is broke.

Shockingly, almost 70%  of all lottery winners lose their winnings within a few years. Whittaker’s onlyadvice to future lottery winners is to stay anonymous. Only six states permitlottery winners to avoid the state’s limelight. Those states are: Delaware,Kansas North Dakota, South Carolina, Maryland, and Ohio. Michigan does havesome exceptions but Powerball winners do not qualify.  

See CNN Staff Sudden Lottery Fortune No Panacea, CNN, Sep. 24, 2012. 

Special thanks to David S. Luber (Attorney at law, Florida Probate Attorney Wills and Estates Law Firm) for bringing this article to my attention.