A scheme for allocating prizes by drawing lots, often for money or goods. Some governments outlaw lotteries, while others endorse them and regulate them to some extent. The lottery has become a popular form of gambling in many countries.
In the early 1700s, American colonists used a lottery to raise funds for a variety of public projects, including construction of the Mountain Road and cannons for the Revolutionary War. Benjamin Franklin and John Hancock were among the early proponents of this painless form of taxation.
The earliest known lottery was held during the Roman Empire as an amusement at dinner parties. Guests would receive tickets and the winners were guaranteed gifts, such as fancy dinnerware. These early lotteries were a precursor to modern-day state-sponsored lotteries, which are designed to fund various public usages and have become one of the most popular forms of gambling in the world.
Lottery winners must be careful to manage their windfalls wisely. In some states, winnings are subject to hefty income taxes. In order to minimize the tax bite, you can establish a charitable entity such as a private foundation or donor-advised fund. These entities can provide a significant current income tax deduction, while allowing you to make charitable distributions over time.
Richard Lustig has won seven major lottery jackpots, and he has shared his expert tips in this book to help you achieve success in the game of your dreams. Read on to learn his nine expert tips for becoming a life-changing lottery winner.