I'm a lottery lawyer - the question that should immediately concern you after you win a jackpot
WINNING the Powerball lottery, or any lottery is no easy task and this law firm has come up with six tips to make sure it goes smoothly.
Phillips, Hunt, Walker, and Hanna is a law firm based in Florida and Georgia with Phillips being a well-known lottery lawyer.
The firm's website shares his six tips to known in case you are the one in a million winner.
The first tip is all about privacy.
He says to put the winning ticket into something that is both waterproof and fireproof, even in a safe. Phillips also says to not post any part of the ticket or news about winning until after you collect the money.
"Make safe moves, and by all means, don’t show it off or brag about it," he said.
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The second tip is to sign the back of your ticket immediately.
This means putting your name, address, and phone number on it because it can sometimes take a month between finding out you won and actually being able to turn in the ticket.
"Sign it so even if someone takes it, it creates an immediate presumption that it is/was yours," Phillips said.
Tip number three is to think about calling a lawyer or a tax professional.
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Although Phillips does acknowledge his own bias as a lawyer himself, the goal is to find someone to help you make good decisions with your money.
These decisions could be deciding whether to take the lump sum of the winnings all at once or over a 30-year period, or just getting assistance navigating what taxes are required for you to pay.
Tip four is finding out if you have to claim the money as an individual or if you can do it anonymously or even as a business.
This will all depend on your state, Phillips said. Only six states allow you to claim your winnings without publicly identifying yourself and some only have their companies announced, so check to see what your state does.
The fifth tip is to avoid any sudden moves such as random large purchases and learn to say "No."
Phillips says to put a wall around yourself to avoid being one of those people that spends all of their winnings way too quickly and is back to being broke.
"Certainly, people want to go out and change their lives. And that’s fine, but be reasonable," Phillips said. "The decisions you make in the first three months with this money will define how long you have this money."
Lastly he advises to simply don't be a jerk because money is known for sometimes getting to people's heads.
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