What Should You Do If You Win the Billion-Dollar Jackpot?

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DES MOINES, Iowa — Let’s say you do win the billion-dollar Powerball jackpot. What should you do with it?

“You should start by seeking legal advice,” said attorney Jeana Goosmann.

Goosmann said there are a lot of rules involved so you need to make sure you claim the prize properly.

The winner should develop a financial plan to know where to stash all that cash and set up asset protection strategies. Then there’s the question of whether to take the lump-sum or opt for the annuity.

“For most people, I would recommend the lump-sum option because you have the certainty that you’re getting all of the money,” she said.

Goosman also said if that if you’re part of a group pool, set written rules before the drawing.

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