I’m a lawyer – my top tips will help you keep your Powerball lottery cash safe as many winners make same simple mistake

GOOD luck is free – but making silly errors after winning Powerball could cost you big time, warns a legal guru.

Fortunately he has shared practical tips to help keep hold of your fortune, in case you literally “hit the lottery”.

“People don’t merely fantasize on being a millionaire, but rolling like Trump in the billionaire class,” points out John M. Phillips, a lawyer at Phillips, Hunt, Walker & Hanna.

According to Phillips, you should stake your claim to your winning ticket immediately, as “possession is often the primary consideration”.

Also, “statistics show lottery winners often find terrible fates”, he warns.

A woman who recently won the lottery found there was a catch for her to get her cash. But one lucky man bagged a huge lottery jackpot after an online blunder forced him to enter a different draw.

Here are some helpful Powerball lottery tips from the lawyer:

1. Put the ticket in a fireproof place

It is vital you keep that winning Powerball ticket safe! Put it in a fireproof and waterproof place – and absolutely do NOT show off about your success on social media, says Phillips.

“Do not put a photo of it and/or its bar code anywhere. Bragging can come after its claimed,” he adds.

2. Sign and lay claim immediately

On the back of the ticket is where the owner puts personal details – for example their name, address and phone number – when they turn it in to claim their winnings.

“Stake your claim to your winning ticket immediately. A lottery ticket is a bearer instrument. The person who holds it holds its title. That means possession is often the primary consideration,” according to the lawyer.

3. Seek legal advice

Find a good lawyer you know and trust. Do NOT agree to allow them a percentage of your winnings or “anything crazy like that. If they ask… that’s the wrong lawyer”, adds Phillips.

The lawyer can help with tax issues – not to mention the “uncles and aunts ready to take – especially Uncle Sam”.

4. Shun fame – seek anonymity

Find out if your state allows anonymous claims – all but six states require lottery winners to come forward publicly.

Delaware, Kansas, Maryland, North Dakota, Ohio and South Carolina allow winners to remain anonymous.

“Fifteen minutes of fame is great, but you will have people coming out of the woodwork and your name will be all over. It is more trouble than it’s worth going public if you can help it,” warns the lawyer.

5. Try not to go broke!

Protect your newfound riches – otherwise, you risk going broke or spending too much money as saying ‘no’ to others can be tough.

Phillips points out that some lottery winners have funded a trust or set up a particular fund or process and allowed those requesting money to submit an application or submission.

6. Be a humble winner

“Don’t let it go to your head. Avoid sudden extravagance. Money has made too many people into, well, jerks,” says Phillips.

Lucky

One of the lucky few to win big over the past few years was a US man who based his lottery entry on a fortune cookie given by his granddaughter.

Retired retailer Charles W Jackson Jr became an instant multi-millionaire after winning a $344.6 million Powerball jackpot. But he initially thought he had scooped just $50,000 because he does not watch news on TV.

Meanwhile Powerball winner Brad Duke took home an $85 million lump sum in 2005. And by 2016, the prudent Idaho resident had grown his fortune to $1 billion.

He invested $45m in low-risk ventures like municipal bonds, $35m in high-risk assets like energy stocks, and another $1.3m in the Duke Family Foundation.

Wisely, he didn’t splurge on any big ticket items like a fancy sports car or an expensive home.