What to do with the $800 million Powerball jackpot
INDIANAPOLIS (WISH) – With a jackpot of $800 million, financial experts have advice for whoever hits it.
24-Hour News 8 spoke with David Hoyt, of Hoyt Financial Group about advice. He said there are three big reasons why the winner should hire an adviser.
One, he said it will protect your assets. Two, the experts will be able to minimize tax effects. And three, looking at long term effects, advisers can maximize your money’s span.
While Hoosiers are excited to play, Hoyt is daydreaming too: that he’ll get the call from the lucky winner.
“I would try to calm them down,” Hoyt said. “I would try to calm me down, and then get together that team of people to help them accomplish their goals. And with this amount of money, I would say, I want you to think bigger than you believe you could ever think before.”
Hoyt said not only would the winner need a financial adviser, but an attorney who deals with large estates.
The Hoosier Lottery office also has some advice for the winner.