Seek the advice of a professional in financial or legal matters, whether it be an accountant, lawyer or financial planner. We cannot ethically recommend professionals to you, however, we want to help you make informed decisions.
If you already have a financial professional you know and trust, great! If not, we recommend you obtain recommendations and referrals from people you trust and/or reputable professional organizations. Attorneys, accountants and financial planners can be valuable resources for you as you face questions about what to do with your winnings and how to make that money work for you in the long-run.
As with any big investment, be an informed consumer. Check out every offer and investigate every person you choose to trust.
The Taxpayer Services Division of the Colorado Department of Revenue has prepared these answers to frequently asked questions. These answers may or may not apply to you, and should not be considered tax advice. Many of these questions are directed toward those who choose the annuity option. For specifics about your tax situation, consult a tax professional.