Caroline Humphrey

CIED 1003

GOOGLE SCHOLAR CLASS RESEARCH

Name of U of A class: FINN 1003- Your money and Credit

Name of topic of search: “The lottery curse”

Name of article: Winner’s Curse: The Necessity of Estate

Planning for Texas Lottery Winners

Name of author of article: Eduardo Montemayor

Year article was published: 2014

URL to the article reviewed: https://ttu-

ir.tdl.org/handle/2346/73643

Summary of article: This article explains the struggles people face

when winning big lotteries, such as “Lotto Texas” and “Texas
Powerball”. They explain that since winning the lottery is seen to
be such an impossible task to achieve, people are just focused on
winning the big money, that they don’t think of how they will spend
their earnings wisely and/or how they should plan their new found
money out. The article explains the major importance of estate
planning and investment, or things can turn terribly wrong for the
lottery winners. They tell a story of Mr. Post who won $16.2
million dollars in a jackpot prize in 1988, who a series such of
unfortunate events happen to him, making him completely broke
until his death. This article is essentially a manual for people like
Mr. Post, who when the lottery and don’t know what to do next.
They talk about estate planning, The American Taxpayer Relief
Act, portability, and Federal income taxes, to provide tips and
tricks to lottery winner, so that they won’t end up like Mr. Post.