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The Powerball’s $ 1.79 billion jackpotWho has an estimated cash value of $ 820.6 million, was won on Saturday after tickets in Missouri and Texas matched the winning songs.
Experts say that those who win the Jackpot need a team of professionals – from a CPA to a lawyer and rich nom manager – to be able to handle their sudden windfall.
“A CPA can help navigating tax implications, a lawyer can advise on trusts and legal protections, and an asset manager can create an investment strategy that is tailored to long -term goals. Together this team helps to ensure that nothing is overlooked and expensive errors are avoided,” said White.
Powerball -tickets sold in Missouri and Texas win $ 1.79 billion jackpot
A billboard shows the Powerball Lottery Prize at $ 1.7 billion on 4 September 2025, in Emeryville, California. (Justin Sullivan / Getty Images / Getty images)
Andrew Mims, founder of Oak Grove Estate Planning, said that lottery winners need a lawyer who specializes specifically in trusts and estate planning. He added that winners should not feel rushed and that it is not necessary to immediately claim the price.
The first step, advised MIMS, to sign the back of the ticket to prevent someone else from claiming it and then safely storing it at a place where it is not damaged.
Setting up a trust, said Mims, is the best way to claim lottery wins, because it helps to protect both privacy and assets. By claiming a trust, the identity of a winner can keep private, even in states for which winners are generally publicly identified.
The use of a trust and the wise investing or placing funds in an annuity can also help prevent winners from spending too much. By doing this, according to MIMS, the money will be protected for the coming generations.
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“The last thing you want is being unwise with your new profits or, if something happens to you, to let the money pass on to friends or loved ones who can blow it or make bad decisions,” said Mims, adding that “you can avoid trust with the rules that can be spent in place.”
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White said that choosing between a fixed amount and an annuity is a “very personal” decision. The fixed amount offers flexibility and lets winners immediately invest their money, which can worsen their wealth over time. But someone who takes this option must have “strict discipline and careful planning,” said White.
According to White, the annuity option, which is guaranteed to be income in many years, can serve as a security against excessive expenses or mismanagement. The right choice amounts to the financial habits of the individual, tax reasons and general goals.
Winners can claim their profits in a fixed or annuity option. (Brandon Bell / Getty images / getty images)
White said that many lottery winners have struggled is that they had no plan. Some of the most common errors include too high spending without a budget, not explaining taxes, making poor or speculative investments or are used by friends, acquaintances or even unqualified advisers, according to White.
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Mims also said it is important for winners to understand the nuances of the prize. For example, winners must be aware that the money will be heavily taxed on both state and federal levels.
“Do not plan as if you have the full amount, because a large part of the profit will go to taxes,” said Mims.
