Jackpot: Experts Say Lottery Winners Need a Solid Team

Jackpot: Experts Say Lottery Winners Need a Solid Team

counting moneyA lawyer. An accountant. A financial adviser.

A therapist?

A new AP report polled over a dozen-and-a-half experts who said that large windfalls that fall to lottery winners — such as the lucky winner of the record $590 million jackpot sold at a Publix in Zephyrhills, Fla. — requires a crack team of experts who can help the winners execute a plan. And as soon as possible.

From the AP:

“You don’t need a financial planner immediately, because you don’t have the check in your hand. You need the lawyer before you need the financial planner because you’ve got to get all the necessary legal work done as quickly as possible,” said Stuart Goldberg, a Tallahassee-based estate and tax lawyer. That can include creating a trust fund, shoring up a will, getting advice on how best to claim the money so the government gets less of it and discussing who else might try to claim they’re entitled to a share. “If you collect the ticket while you’re married and your wife immediately files for divorce, does she get half?”

The winning ticket was bought at a Publix supermarket in Zephyrhills, a city of about 13,000 that’s 30 miles northeast of downtown Tampa. The winner has 60 days to claim the biggest jackpot in Powerball history if they choose a lump sum payment.

We’ll all soon know who the winner is because they cannot under Florida law choose to stay anonymous. They’ll likely have plenty of help coming their way.

“For that kind of money, I would certainly want a well-known reputable group, not cousin Bernie who has a securities company down the road,” an attorney said, according to the AP.

You can read more of the AP’s report here.