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A billboard shows the Powerball lottery prize at $1.7 billion on Sept. 4, 2025, in Emeryville, California. (Justin Sullivan / Getty Images)
The Powerball's $1.79 billion jackpot, which has an estimated cash value of $820.6 million, was won on Saturday after tickets in Missouri and Texas matched the winning numbers.
Experts say those who win the jackpot will need a team of professionals – from a CPA to a lawyer and wealth manager – to properly handle their sudden windfall.
Mark J. White, wealth advisor and managing partner of Karpf, White & Associates Wealth Management, told FOX Business that having a strong team in place is "critical" given that no one professional has expertise in all the areas needed to manage the surprise fortune.
"A CPA can help navigate tax implications, an attorney can advise on trusts and legal protections, and a wealth manager can create an investment strategy tailored to long-term goals. Together, this team helps ensure that nothing is overlooked and costly mistakes are avoided," White said.
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Andrew Mims, founder of Oak Grove Estate Planning, said that lottery winners will need an attorney who specializes specifically in trusts and estate planning. He added that winners should not feel rushed and that there is no need to immediately claim the prize.
The first step, Mims advised, is to sign the back of the ticket to prevent anyone else from claiming it, and then store it securely in a place where it won’t be damaged.
Establishing a trust, Mims said, is the best way to claim lottery winnings, as it helps safeguard both privacy and assets. Claiming through a trust can keep a winner’s identity private, even in states that typically require winners to be publicly identified.
Using a trust and investing wisely or placing funds in an annuity can also help prevent winners from overspending very quickly. By doing this, the money will be protected for generations to come, according to Mims.
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"The last thing you want is to be unwise with your new winnings or, if something happens to you, to have the money pass along to friends or loved ones who might blow it or make bad decisions," Mims said, adding that "you can avoid that by having a trust set up with the rules in place as to how and when the money can be spent."
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White said choosing between a lump sum and an annuity is a "highly personal" decision. The lump sum provides flexibility and lets winners invest their money immediately, which can compound their wealth over time. But, someone taking this option needs to have "strict discipline and careful planning," according to White.
The annuity option, which provides guaranteed income spread out over many years, can serve as a safeguard against overspending or mismanagement, according to White. The right choice comes down to the individual’s financial habits, tax considerations and overall goals.
Winners can claim their winnings in a lump sum or annuity option. (Brandon Bell / Getty Images)
White said the reason many lottery winners have struggled is that they didn't have a plan. Some of the most common mistakes include overspending without a budget, failing to account for taxes, making poor or speculative investments or being taken advantage of by either friends, acquaintances or even unqualified advisors, according to White.
Mims also said that it is important for winners to understand the nuances of the prize. For instance, winners should be mindful that the money will be taxed heavily at both the state and federal levels.
"Do not plan like you have the full amount, because a large portion of the winnings will go to taxes," Mims said.
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