Powerball $750 million jackpot is third-largest in US lottery history



We want it all, right now.

The estimated cash option is $428.6 million.

We’ve heard the horror stories that people strike it rich, only to be broke in a few years.

Ostrom Morris fiduciary attorney Robert Keith Morris III said if you win, the money needs to be put somewhere safe—like trusts or estate planning vehicle where people, or yourself, won’t have easy access to it and it’s dispersed over time, not all at once.

“People win a whole bunch of money and then all of the sudden, two or three years later, they’re bankrupt. Have an independent person that helps you kind of control the flow of money so that you didn’t start going out buying houses and Lamborghinis,” said Morris.

Most people choose the cash option and want all the money right now. Morris said a trustee can help you to conservatively manage the money and protect yourself from blowing it all quickly, as well as from outsiders.

“And, I don’t mean safe, like a safe or a bank, but in terms of a vehicle that would allow you to have the money sort of dispersed over time, rather than a situation where you spend it all at once,” said Morris.

He said athletes have the same problem that some advisors aren’t looking out for the person’s best interest.

He said athletes have the same problem that some advisors aren’t looking out for the person’s best interest.

Morris draws up the legal documents and makes sure the money goes to the right people and place after the winner dies.

Powerball tickets are sold in 44 states, Washington, D.C., Puerto Rico and the U.S. Virgin Islands.

Texas Lottery Commission officials refused to comment for this story.

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