Powerball Payout Precautions - Newschannel 6 Now | Wichita Falls, TX

Powerball Payout Precautions

WICHITA FALLS, TX -

Saturday's Texas Powerball is estimated at 700 million dollars, and many Texans are playing the Powerball in hopes of winning the big jackpot.

What if you have the lucky ticket? What would you do to manage your winnings? 

Certified Financial Planner Gary Silverman said the first step is to remain anonymous.

            “You need to get a team together to figure out what you really want to do before you let anybody know,” said Silverman.

That team should consist of a tax advisor, an attorney and financial planner.

            “Those three are kind of like the triad you need, taxes, legal and investing that's going to help you form a plan of what to do,” said Silverman.

 When it comes to claiming your cash in a lump sum or payments Silverman said it depends on the person.

             “Some people honestly if they got the lump sum they'd mess it up really bad and it's probably better if they could spread it out and get a little maturity under them,” said Silverman.

One local lotto winner recommends taking the payments. 

Terry Huff from Wichita Falls said by taking the payments he could live his life comfortably.

            “I have enough money to live the rest of my life,” said Huff.

Huff said he did not hire a financial team, but adds he seeked advice elsewhere.

            “Just associate with people that you know have made money and they can give you good advice,” said Huff.

C-F-P’s said you want to put money aside for fun, but also remember to try to maintain your lifestyle.

            “All of that is part of that plan you need to come up with to invest the money to generate income down the road,” said Silverman.

Financial planners warn those who do win the lottery need to be ready for friends, family and charities that are looking for money.

Silver said he believes giving back is important, but you need to plan for donating and how you give your money away.

Huff said he continues to donate to a number of charities including the Shriner Hospital and St. Jude.

He adds he was determined to win, as he pulled tickets from his pockets. He smiled and said, "I always knew I would win.'  

Copyright 2016 KAUZ All Rights Reserved

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