“The first thing you do is get an attorney and a CPA,” said Cole Barker, of Springfield. “And you make sure you do a blind trust so no one knows that you’ve won.”
Barker is one of the luckiest lottery winners in Clark County. He’s claimed more than 65 prizes of $600 or more over the years, including a $2 million win in 2011.
He doesn’t play the lottery as much as he used to but has had recent wins of $10,000 and $5,500. He was also on Cash Explosion on Saturday and won $9,400.
But even someone as lucky as he’s been can’t imagine winning the estimated $1.4 billion that anyone who matches all five numbers and the Powerball will get.
“For that not to be hit. That’s pretty amazing,” he said of the Powerball streak.
The next drawing is at 10:59 p.m. Wednesday. If a winner chooses the cash option they would get an estimated $868 million before taxes. The jackpot could grow as more people buy tickets.
“The cash payout is over $800 million and after Uncle Sam I think it drops down to about $450 million … but even $400 million. Could you imagine how many people you could help?” Barker said.
An Army veteran, he’s chosen to give some of his winnings to the Wounded Warrior Project and other veteran’s charities. Other winners said they’ve given much if not all of their winnings away, to churches and other charitable organizations.
Other local winners also recommended claiming lottery prizes through a blind trust, which an attorney can set up. It protects the identity of the winner from the public.
One Clark County man who won $1 million didn’t want to give his name because he got so many unsolicited calls following the publicity of his win in 2010.
He also said keeping quiet about the money at first is best, and to try not to spend any of it for a year to give yourself time to mentally adjust.
“I did not do a blind trust, and there were a lot of people that came out of the wood work,” Barker said. “I actually lost a couple of friends over it. Was estranged with a family member because of it. It was surprising some people’s reactions.”
Stephen Keeling, of Springfield, won $3 million playing the Super Lotto game back in 1987. He said getting a financial adviser is key.
“That’s a lot of money to handle all by yourself,” he said.
There are attorneys who specialize in representing lottery winners.
D. Bowen “Bo” Loeffler, an attorney with offices in Port Clinton and Sandusky, gives his top pieces of advice for lottery winners on his website.
- Properly secure the winning ticket (i.e. a portable fireproof safe, a safety deposit box).
- Make multiple copies of the winning ticket and put them also in safe keeping.
- Maintain as much privacy and limit disclosure of the winning ticket as much possible.
- Consider claiming the winning lottery prize through a blind trust to protect your identity. Many states permit a lottery winner to utilize a blind trust to claim the winning monies in order to protect the winner's identity and privacy.
- Before officially claiming the lottery prize, consider reviewing with an attorney and an accountant, the legal, tax and accounting ramifications of winning and claiming the lottery prize.
- Put into place a temporary estate plan.
Like Barker, Keeling said life hasn’t changed too much after becoming a millionaire.
“They’re dreaming,” Keeling said of anyone who thinks a lottery win will solve their problems. “It’s all about the same.”
Keeling is retired now but because of a disability, not because of his win, he said.
Barker and his wife both still work, but have purchased a home in Florida they visit and plan to eventually retire to.
“If I was to hit ($1.4 billion) I think I would give up my day job. I think traveling and fishing would be my day job,” Barker said.
When asked if he’s buying tickets for Wednesday’s Powerball drawing, he said, “of course.”
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