Expert gives financial advice ahead of Powerball jackpot

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

More than 2,000 people took part in the 1 Thousands attend NYPD Cares 5K for kids with disabilities
The victim, a man in his 20s, was 2 Man shot in head during Williamsburg drive-by shooting
More than 200 Brooklyn residents received a goody 3 Expecting moms attend massive baby shower in E. Flatbush
Three of the five children of slain first 4 Children of slain first responder announce Jets draft pick
MS-13 has been blamed for a trail of 5 AG Jeff Sessions to visit Long Island on gang violence

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