Expert gives financial advice ahead of Powerball jackpot

With the Powerball jackpot currently sitting at a massive $1.5 billion, a Brooklyn financial expert has some advice on managing such a large amount of

Estate attorney James Cahill says the first thing to do if you win is to try to tell as few people as possible.

Estate attorney James Cahill says the first thing to do if you win is to try to tell as few people as possible. (1/12/16)

BROOKLYN - With the Powerball jackpot currently sitting at a massive $1.5 billion, a Brooklyn financial expert has some advice on managing such a large amount of money.

Estate attorney James Cahill says the first thing to do if you win is to try to tell as few people as possible.

"The problem [with] winning such a large amount is you suddenly have so many more family members and so many more friends than you ever could have envisioned," says estate attorney James Cahill.

"The second thing we would do is set them up with the basic set of state planning documents to make sure their spouse and children have trusts set up," he says.

The Powerball numbers will be called Wednesday night.

advertisement | advertise on News 12

Trending Video

Two teens attempting to jump from one rooftop 1 Teen dies trying to jump between rooftops
The organization works in neighborhoods to help promote 2 Save Our Street talent show takes over P.S. 289
Organizers say they are still accepting memorabilia and 3 'Remembering World War I Project' works to preserve history
Volunteers with Habitat for Humanity NYC were helping 4 Habitat for Humanity builds homes in Brownsville
Hundreds were on hand to honor an FDNY 5 Family, friends say final goodbye to fallen FDNY EMT

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE