Just won $590M? Get good team

Associated Press

TALLAHASSEE, Fla.

So you have a lottery ticket worth $590.5 million. Now what?

If you won Saturday’s historic Powerball jackpot and you haven’t already done so, sign the ticket. Now.

Finished? Now call a lawyer — even before your spouse if things are a little shaky on that front. Next, you’ll need a financial adviser, an accountant and a therapist.

The Associated Press asked more than 20 personal financial advisers how the winner should proceed, and they agreed it’s crucial to assemble a team of advisers who can be trusted. Chances are the winner wasn’t mega-rich before, so it’s hard to know what to expect.

“You don’t need a financial planner immediately, because you don’t have the check in your hand. You need the lawyer before you need the financial planner because you’ve got to get all the necessary legal work done as quickly as possible,” said Stuart Goldberg, a Tallahassee-based estate and tax lawyer. That can include creating a trust fund, shoring up a will, getting advice on how best to claim the money so the government gets less of it and discussing who else might try to claim they’re entitled to a share. “If you collect the ticket while you’re married and your wife immediately files for divorce, does she get half?”

The winning ticket was bought at a Publix supermarket in Zephyrhills, a city of about 13,000 that’s 30 miles northeast of downtown Tampa. The winner has 60 days to claim the biggest jackpot in Powerball history if they choose a lump-sum payment. Under Florida law, the person can’t remain anonymous.

No one had come forward to claim the prize Monday, and lottery officials said they were expecting the person to wait at least a few days.