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.