11
$748M Powerball: Experts Reveal the 1st Move Winners MUST Make
What to Do If You Win the $748 Million Powerball Jackpot: A Simple Guide
August 3, 2026 — Tonight’s Powerball drawing offers a massive $748 million jackpot (with a cash value of $325.1 million). Before you start dreaming about yachts and private islands, here’s what financial experts say you should do first — explained in plain English.
How Big Is the Jackpot, and What Are My Chances?
| Detail | Info |
|---|---|
| Jackpot Amount | $748 million (annuity) / $325.1 million (cash lump sum) |
| Odds of Winning | 1 in 292.2 million |
| Last Jackpot Won | May 2026 — split $20 million between Florida & Texas |
| Drawing Days | Monday, Wednesday, Saturday at 10:59 p.m. ET |
Fun Fact: You’re more likely to get struck by lightning than win the jackpot — but someone has to win eventually. Why not you?
First Things First: Stay Quiet!
[!IMPORTANT]
The #1 rule from financial advisors: DON’T TELL ANYONE.
- Rob Burnette, financial advisor: "Keep it quiet. Get organized and make a plan. Consider staying anonymous if your state allows it."
- Andrew Stoltmann, attorney: "You’re not a legal winner until you hand the ticket to lottery officials. If it’s lost or destroyed, you’re out of luck."
Immediate Steps After Winning
- Sign the back of your ticket — this proves it’s yours.
- Put it in a safe place — a fireproof safe or safety deposit box.
- Tell no one — not friends, not family, not coworkers.
- Hire a team (see below) before claiming the prize.
Build Your "Dream Team" Before You Claim
You need professionals who work for you, not the lottery.
| Professional | Why You Need Them |
|---|---|
| Tax Attorney | Navigates complex federal & state tax laws |
| Tax Accountant (CPA) | Handles tax filings, estimated payments, deductions |
| Financial Advisor (Fee-Only) | Creates a long-term investment & spending plan |
| Estate Attorney | Sets up trusts, wills, beneficiary designations |
Pro Tip from Steve Azoury (Azoury Financial): "They’ll work hand in hand to figure out a plan."
Annuity vs. Lump Sum: Which Should You Choose?
You have two ways to get paid. There’s no "right" answer — it depends on YOU.
Option 1: Annuity (30 Payments Over 29 Years)
- First payment: Immediate
- Next 29 payments: Once a year, each 5% larger than the last
- Total: Full $748 million (before taxes)
- Best if: You want guaranteed income, worry about overspending, or are younger
Option 2: Lump Sum (Cash Now)
- One payment: $325.1 million (before taxes)
- Best if: You’re older, want control, have a solid investment plan, or want to leave money to heirs flexibly
Ask yourself:
- How old am I?
- Do I trust myself not to blow it?
- What are my state’s rules for heirs if I die?
- What do my advisors recommend?
Where to Put the Money? (Hint: Not Under the Mattress)
[!WARNING]
FDIC insurance only covers up to $250,000 per bank. Your winnings are way bigger.
Safe First Move (Per Attorney Andrew Stoltmann):
- Open a brokerage account at a major firm (e.g., Merrill Lynch, Goldman Sachs, Fidelity, Schwab)
- Park the money in short-term U.S. Treasuries (super safe, government-backed)
- Wait until your team builds a long-term plan
Don’t: Invest in your cousin’s restaurant, buy 10 houses, or lend money to friends — yet.
The "Fall Guy" Strategy
Steve Azoury’s brilliant idea: Designate one advisor as your "fall guy."
Their Job:
"All the money’s tied up in investments. Not available. We have nothing to help you with, and we’re not interested in your project."
Why It Works:
- You blame them for saying "no"
- You stay the "nice person"
- You protect your fortune from endless requests
Taxes: The Biggest Bite Out of Your Winnings
Federal Tax: 37% (top bracket — you’ll hit it automatically)
State Tax: Depends entirely on WHERE you live & WHERE you bought the ticket
| Scenario | Federal | State Tax? |
|---|---|---|
| Live in CA, buy in CA | 37% | No — CA doesn’t tax lottery wins! |
| Live in NY, buy in NY | 37% | Yes — NY has the highest state tax on winnings |
| Live in CA, buy in RI on vacation | 37% | File CA return + non-resident RI return → claim credit so you’re not taxed twice |
Mark Steber (Jackson Hewitt): "State taxes can be very tricky. This is where a tax pro earns their fee."
How Fast Do You Get the Money?
- Claim period: Varies by state (usually 90 days to 1 year)
- After claiming: A few weeks for processing
- Then: Your team sets up the payout (annuity starts immediately; lump sum wires to your brokerage)
How to Play Powerball (Just in Case You Haven’t)
- Buy a $2 ticket at any authorized retailer
- Pick 6 numbers:
- 5 "white" balls: 1–69
- 1 "red" Powerball: 1–26
- Optional: Add Power Play ($1 extra) — multiplies non-jackpot prizes by 2×, 3×, 4×, 5×, or 10×
- Don’t want to pick? Choose Quick Pick — computer picks for you
- Win the jackpot: Match all 5 white balls (any order) + red Powerball
Drawings: Mon, Wed, Sat at 10:59 p.m. ET
No winner? Jackpot grows for the next drawing.
Summary: Your Win-the-Lottery Checklist
| Step | Action |
|---|---|
| 1 | Sign & secure the ticket (safe/deposit box) |
| 2 | Tell NO ONE |
| 3 | Hire your team: tax attorney, CPA, fee-only financial advisor, estate attorney |
| 4 | Decide: Annuity vs. Lump Sum (with team input) |
| 5 | Claim at state lottery HQ (within deadline) |
| 6 | Deposit in major brokerage → short-term Treasuries |
| 7 | Set up "fall guy" advisor for saying "no" |
| 8 | Build long-term financial plan with your team |
| 9 | Enjoy — responsibly! |
FAQ: Your Burning Questions, Answered Simply
Q: Can I stay anonymous if I win?
A: It depends on your state. Some (like Delaware, Kansas, Maryland) allow it. Others (like California, New York) require public disclosure. Check your state’s rules before you play.
Q: What if I lose the ticket?
A: You’re out of luck. The ticket is a bearer instrument — whoever holds it owns it. Sign it immediately and keep it safe.
Q: Do I have to pay taxes twice if I buy a ticket in another state?
A: No — you file a non-resident return in the state where you bought it, then claim a credit on your home state return so you’re not double-taxed. But you need a tax pro to do this right.
Q: Is the annuity guaranteed?
A: Yes — it’s backed by U.S. Treasury bonds. Even if the lottery goes bankrupt, the payments are secure. But if you die, your heirs may face restrictions depending on state rules.
Q: Should I quit my job immediately?
A: NO. Wait until the money is in your brokerage account and your financial plan is set. Impulsive decisions = regret.
Final Thought: Winning the lottery is a life-changing event — but only if you handle it right. The winners who stay rich? They stayed quiet, hired pros, and made a plan. The ones who go broke? They told everyone, spent fast, and skipped the advisors.
Play smart. Dream big. But plan bigger.
Contributing: Medora Lee, Rachel Barber, USA TODAY
Source: USA TODAY, Powerball.com, financial advisors Rob Burnette, Steve Azoury, Andrew Stoltmann, Mark Steber
