With 29 consecutive drawings without a winner, anticipation is building for Wednesday's Powerball drawing at 10:59 p.m. ET.

The lucky winner will be faced with a decision on how to receive their winnings. They can choose between annuitized payments totaling $572 million or a lump sum payment valued at $286.7 million. These options are pre-tax estimates and offer different financial strategies.

The odds of winning the Powerball jackpot stand at approximately 1 in 292 million, but claiming the prize is just the beginning. Winners typically have a limited time window to redeem their ticket, ranging from 90 days to one year, depending on the location of the ticket seller.

Certified financial planner John Loyd, owner at The Wealth Planner in Fort Worth, Texas, advises winners to consider waiting until 2024 to claim their prize. This is due to looming tax law changes anticipated for 2026, including a potential increase in the top federal income tax bracket from 37% to 39.6%. Loyd emphasizes the significance of these changes, stating, "That's a lot of money."

Another consideration for the winner is federal estate taxes. While the exemption is set to rise to $13.61 million per individual or $27.22 million for married couples in 2024, these limits are expected to decrease by approximately half in 2026. Robert Dietz, national director of tax research at Bernstein Private Wealth Management in Minneapolis, highlights the estate tax exemption change as a major concern among high-net-worth clients.

In comparison, the Mega Millions jackpot currently stands at $57 million, with odds of winning at approximately 1 in 302 million.

It is worth noting that Wednesday's Powerball drawing marks two months since a single ticket sold in California won the astounding $1.765 billion jackpot. The excitement continues to grow as players hope to be the next fortunate winner.

As the countdown begins for Wednesday's drawing, many are eagerly keeping an eye on the Powerball jackpot, wondering who will become the latest multi-millionaire.