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Top tips to help lottery winners protect their finances
['Daniella Genovese']
Latest News | FOX 2
POWERBALL TICKETS SOLD IN MISSOURI AND TEXAS WIN $1.79B JACKPOTAndrew Mims, founder of Oak Grove Estate Planning, said that lottery winners will need an attorney who specializes specifically in trusts and estate planning.
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.
(Brandon Bell / Getty Images)White said the reason many lottery winners have struggled is that they didn't have a plan.
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