Jackpot CEO Akshay Khanna reveals how the startup plans to disrupt the $100 billion lottery market on ‘The Claman Countdown.’
The Powerball’s $1.79 billion jackpot, which has an estimated money worth of $820.6 million, was gained on Saturday after tickets in Missouri and Texas matched the profitable numbers.
Specialists say those that win the jackpot will want a crew of pros – from a CPA to a lawyer and wealth supervisor – to correctly deal with their sudden windfall.
Mark J. White, wealth advisor and managing companion of Karpf, White & Associates Wealth Administration, advised FOX Enterprise that having a powerful crew in place is “critical” on condition that nobody skilled has experience in all of the areas wanted to handle the shock fortune.
“A CPA can help navigate tax implications, an attorney can advise on trusts and legal protections, and a wealth manager can create an investment strategy tailored to long-term goals. Together, this team helps ensure that nothing is overlooked and costly mistakes are avoided,” White mentioned.
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A billboard reveals the Powerball lottery prize at $1.7 billion on Sept. 4, 2025, in Emeryville, California. (Justin Sullivan/Getty Photos / Getty Photos)
Andrew Mims, founding father of Oak Grove Property Planning, mentioned that lottery winners will want an legal professional who specializes particularly in trusts and property planning. He added that winners mustn’t really feel rushed and that there is no such thing as a want to instantly declare the prize.
Step one, Mims suggested, is to signal the again of the ticket to stop anybody else from claiming it, after which retailer it securely in a spot the place it gained’t be broken.
Establishing a belief, Mims mentioned, is one of the simplest ways to assert lottery winnings, because it helps safeguard each privateness and belongings. Claiming via a belief can maintain a winner’s identification non-public, even in states that usually require winners to be publicly recognized.
Utilizing a belief and investing correctly or putting funds in an annuity also can assist forestall winners from overspending in a short time. By doing this, the cash can be protected for generations to come back, in response to Mims.
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“The last thing you want is to be unwise with your new winnings or, if something happens to you, to have the money pass along to friends or loved ones who might blow it or make bad decisions,” Mims mentioned, including that “you can avoid that by having a trust set up with the rules in place as to how and when the money can be spent.”
Establishing a belief is one of the simplest ways to assert lottery winnings, Andrew Mims advised FOX Enterprise. (Reuters/Andrew Kelly / Reuters)
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White mentioned selecting between a lump sum and an annuity is a “highly personal” resolution. The lump sum supplies flexibility and lets winners make investments their cash instantly, which may compound their wealth over time. However, somebody taking this feature must have “strict discipline and careful planning,” in response to White.
The annuity choice, which supplies assured earnings unfold out over a few years, can function a safeguard towards overspending or mismanagement, in response to White. The suitable selection comes right down to the person’s monetary habits, tax issues and total targets.
Winners can declare their winnings in a lump sum or annuity choice. (Brandon Bell/Getty Photos / Getty Photos)
White mentioned the explanation many lottery winners have struggled is that they did not have a plan. A few of the commonest errors embrace overspending and not using a funds, failing to account for taxes, making poor or speculative investments or being taken benefit of by both associates, acquaintances and even unqualified advisors, in response to White.
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Mims additionally mentioned that it is vital for winners to know the nuances of the prize. For example, winners needs to be aware that the cash can be taxed closely at each the state and federal ranges.
“Do not plan like you have the full amount, because a large portion of the winnings will go to taxes,” Mims mentioned.
