Winning the Powerball is the kind of dream most people only imagine, but for two lucky ticket holders in Missouri and Texas, that dream just became reality. On Saturday, the massive $1.79 billion jackpot was officially claimed, carrying an estimated cash value of $820.6 million. It’s one of the biggest prizes in U.S. history, and while the win brings instant fortune, it also comes with some very real challenges.
Most people think about the private jets, the vacation homes, or the sports cars first—but experts agree that what winners really need right away is not a shopping list, but a solid plan. The sudden wealth can be overwhelming, and without guidance, it’s easy to slip into mistakes that can drain millions before winners even realize what happened.
Step One: Protect That Ticket
Andrew Mims, founder of Oak Grove Estate Planning, stresses that the very first action a winner should take is simple: sign the back of the ticket. This small step locks in ownership and ensures no one else can claim it. After that, the ticket should be stored in a safe, secure place until the next move is clear.
Mims also suggests that winners shouldn’t feel pressured to rush into the claim process. Taking time allows them to set up the right protections before the spotlight shines too brightly.
Trusts, Privacy, and Smart Structures
One of the most effective tools for handling a windfall is a trust. By claiming winnings through a trust, lottery winners can protect their privacy (even in states where names are usually made public) and safeguard assets from potential risks. A well-structured trust can also make sure the money is preserved for future generations.
“The last thing you want,” Mims warns, “is for your fortune to vanish because of poor decisions or for it to pass to loved ones who aren’t ready to manage it wisely.” A trust sets rules about how and when funds can be accessed, removing much of the temptation that comes with sudden wealth.
The Right Team Makes All the Difference
Mark J. White, managing partner at Karpf, White & Associates Wealth Management, puts it bluntly: “No single professional has the expertise to handle everything a lottery win involves.” That’s why winners need a team.
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A CPA helps with taxes, ensuring Uncle Sam gets what’s owed without surprises.
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An attorney offers guidance on trusts, estate planning, and legal protections.
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A wealth manager builds an investment plan to turn the windfall into long-term stability.
This combination, White says, helps winners avoid costly mistakes and keeps the fortune from slipping through the cracks.
Lump Sum or Annuity?
One of the biggest decisions for any winner is whether to take a lump sum or spread payments out over decades with an annuity. White calls this a “deeply personal choice.”
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Lump sum: Gives immediate control and the chance to invest, but requires strict discipline.
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Annuity: Provides guaranteed income over time, which can act as a safety net against overspending.
Both options have advantages, but they also come with tax implications, which is why expert advice is key.
Avoiding Classic Mistakes
History is filled with lottery winners who lost it all. Why? Overspending, poor investments, ignoring taxes, or being taken advantage of by unqualified advisors—or even friends. White and Mims both emphasize that winners should never plan as if they’re receiving the full jackpot. Federal and state taxes will claim a huge share.
“Do not plan like you have the full amount,” Mims cautions. “A large portion will go to taxes.”
Bottom Line
Winning a Powerball jackpot may feel like the end of financial worries, but in truth, it’s just the beginning of a very different kind of responsibility. Those who take the time to protect their ticket, assemble the right team, and choose wisely between a lump sum and an annuity stand the best chance of turning their once-in-a-lifetime win into a legacy.
Because at the end of the day, a billion-dollar fortune can disappear faster than most people think—unless it’s managed with discipline, foresight, and a strong plan.
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