“I’ve managed a couple of winners’ money:” Wealth management expert has Powerball advice

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MILWAUKEE -- Wednesday, January 13th may be the pinnacle of the Powerball hysteria. (Unless, of course, no one wins.) The next drawing is at 9:59 p.m. -- and there will probably be at least one winner for the record-shattering $1.5 billion jackpot that's up for grabs. Plenty of folks were picking up tickets on Wednesday -- and dreaming of what they'd do with the winnings.

Powerball

"I'm a spend for awhile, for a little while," Darryl Howard said.

"Take care of family, some friends, and retire at age 50," Dave Tuszynski said.

"I want to open up a shelter home, with a work program," Anthony Jones said.

We're all thinking about what we would do with all that money should we win the Powerball -- but what about what we SHOULD do?

"I'd probably hire a good tax accountant," Jim Nehring said.

Deanne Phillips with Annex Wealth Management

Deanne Phillips with Annex Wealth Management

"I've managed a couple of lottery winners' money," Deanne Phillips with Annex Wealth Management said.

Phillips offers the following suggestion for anyone who may be overwhelmed following a big jackpot win:

"You stop and you breathe and you just let the dust settle a little bit," Phillips said.

Powerball

Then, once you've calmed down a bit, Phillips says the first order of business should involve signing the back of your ticket -- making photocopies of it, and putting the original ticket in the safest storage space you can find.

Then, Phillips says you should make an effort to protect yourself  -- by identifying a trusted advisor.

"Who you trust, who can trust you, who should be a fiduciary. They act in your best interest. They can help you get your arms around everything," Phillips said. "I always say if you fail to plan, you plan to fail."

Phillips suggest you organize a team of people who are savvy with taxes, investments and estate planning. And it also wouldn't be a bad idea to reach out to a behavioral finance specialist or counselor.

"It's money counseling. Someone who can sit with you and really sort out what your priorities are," Phillips said.

Line for Powerball tickets

Line for Powerball tickets

Phillips suggest waiting at least a couple of weeks until all the hype surrounding this drawing has settled somewhat. She also says winners are not allowed to remain anonymous in Wisconsin.

Line for Powerball tickets

Line for Powerball tickets