SAN ANTONIO – The odds of winning Wednesday night’s Powerball jackpot drawing are nearly impossible. One in 292.2 million.
Despite the enormous odds, many of us may daydream of what we would do with an extra $700 million!
Related: Players hold breath for Wednesday night’s $700M Powerball jackpot drawing
But what do you do if you actually win?
Here are some tips from financial professionals and some former winners on having a plan:
Secure your ticket: Make several copies of both sides to show your lawyer and accountant. Lock the actual ticket away in a bank safe deposit box or a secure personal safe.
Take a deep breath and take your time: You have a set amount of time to turn in your ticket. Make sure you know what that is, so don’t run off to the lottery office first thing Thursday. Work carefully, forming your team and plans first.
Protect your privacy: As tempting as it may be to post the news on social media, keep it as much to yourself as possible, especially before turning in your ticket.
Put together a team: You’re going to need a lawyer, accountant, and financial advisor who have experience with large financial transactions. Finding and interviewing them should be one of your first priorities.
Make a general plan: Before you start forming specific financial plans with your advisors, step back and think big-picture about what you want from this money. Write down your personal, financial, lifestyle, family and charitable goals.
Plan for beyond: Sadly, winning the lottery is unlikely to make you immortal. Work with your team to plan your estate, including your will, so your family is taken care of if something happens to you.
Bank it: Don’t show up at the cashier counter with a check for millions. Talk to the bank’s upper management or private banking department ahead of time to discuss the best options for holding large amounts of money.
Source: State Farm Insurance
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