Don’t make the mistake of going it alone when you become a Powerball winner of sizable money. Instead, seek the advice of these top professionals.
You just realized your ticket is a winning Powerball winner, now what!? Who do you call first? Who can help you with questions? How does it all work? Despite your excitement, cashing in your winning Powerball ticket can be a confusing process. But these tips can point you in the right direction, including who to consult to collect your winnings and make the most of every dollar you win.
1. Consult a Wealth Professional
Wealth professionals are available to provide knowledge and guidance with wealth management. Ask your questions about how to invest wisely and which mistakes to avoid. These experts are aware of the importance of protecting the financial standing of their clients and advising them to be conscientious with their money.
2. Estate Attorneys
Powerball jackpot winners are strongly encouraged to contact an estate attorney before they present their tickets and collect their winnings. An estate attorney can set up an LLC, trust, or corporation that acts as a protective umbrella to safeguard your money. In some states, winners can remain anonymous, and their attorneys appear on their behalf. Estate planning is important after a large Powerball win. These professionals can also help you with legacy planning, including a will to financially provide for your family.
3. Accountants
An accountant can assist Powerball winners with responsible spending and carefully monitoring their cash flow dashboards. This monitoring will offer checks and balances to help you spend carefully and make sensible choices. Accountants can also help you mitigate tax burdens, advising best practices for tax sheltering. Before spending, gifting, or investing, find a trusted CPA or accounting professional for advice unique to your specific financial situation.
4. Financial Advisors
Contact a financial advisor who can provide sound advice for the investment of your new money. A financial advisor is well-versed in current market trends and which long-term strategies offer the best returns. Like an accountant, a financial advisor can direct you toward investments that incur little or no tax burdens.
5. Mental Health Counselors
If you’ve become a Powerball winner, taking home an amount of cash you’ve never had before can be overwhelming. And for those who win Powerball jackpots with multi-million-dollar prizes, it can be hard to mentally cope and understand a new position of wealth. There are countless Powerball winner stories of past players who’ve struggled with understanding the concept of a millionaire (or more) status, which leads to an unhealthy relationship with spending, family, and friends. Avoid these pitfalls by working with a therapy professional who can help you set healthy boundaries and realistic expectations with your new lifestyle.
6. State Officials
All states have a State Commission with lottery officials knowledgeable in the State requirements for Powerball play. These trusted officials will inform you of expectations, including publicity photos, news coverage, or other specific requirements when collecting your prize money. They may also have some sage advice to pass on to winners on maintaining their privacy and remaining responsible with their spending. These state officials more than likely have seen many winners rise and fall, and their experience and advice can be vital to winners’ first steps toward wealth.
Playing Powerball
Powerball play is a fun, popular source of entertainment, and if played responsibly, can bring joy and happiness to players and winners. The odds of officially hitting a jackpot are 1 in 292 million, but winning a monetary prize is still possible. If your ticket is a jackpot winner, having professionals in your corner to help guide you through this big life change is essential. If you find yourself holding a multi-million dollar Powerball winning ticket, don’t go it alone. Reach out to some of these pros and get the sound guidance you need before taking any first steps. Once you’re informed, you’ll be more confident and wise about collecting and keeping your winnings.