Spirit of Acadiana: If you win the Powerball

Powerball millions
Posted at 6:51 AM, Sep 28, 2021
and last updated 2021-09-28 07:51:00-04

The Powerball jackpot currently sits at $570 million.

And even though the odds are against us, what should you do if your numbers are called??

Ron Hebert with Edward Jones Investments says that the first thing he would suggest is getting an attorney.

"You don't want to just go to this facility and just cash it in," says Hebert. "You want to have good sound structured advice immediately."

That means finding a tax attorney who will help figure out what you should do once you gain access to the money.

Hebert has worked with lottery winners before, and says there will be lots of 'i's' to dot and 't's' to cross, on plenty of documents.

"Because your goals have already been met, when you hit it, you hit your goals. You're gonna have a lot of money you'll have to pay both the state and the federal government. And what's left, you have to have a plan," he says.

Hebert says that probably about half of your winnings will be left after taxes. Which for you, means roughly $272 to $275 million.

And then of course, you may want to help your children or friends. But Hebert says there are rules about giving.

"You can't just go write someone a check for $100,000," he says. "You can only give them $15,000 a year tax free."

And what about those new found friends or long-lost family members that may suddenly appear at your front door to congratulate you on your Powerball windfall?

Ron says you have to have discipline.

"You have to stay focused and have that same discipline every day," he says. "It's really hard to say no."

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