# If I win Powerball, what type of bank account do I need for my winnings (probably don’t need answer ever)? **URL:** \ **Category:** Factual Questions\ **Created:** [November 11, 2025, 2:15pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770 "2025-11-11T14:15:12Z")\ **Posts on this page:** 20\ **Page:** 9
**Author:** ![RickJay](https://avatars.discourse-cdn.com/v4/letter/r/bb73d2/32.png) [@RickJay](https://boards.straightdope.com/u/RickJay)\ **Post date:** [November 15, 2025, 8:12pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/161 "2025-11-15T20:12:01Z")
1. Deposit the check (or have the money transferred) to your chekcing or savings account. 2. Walk into the biggest law office in town and say you need to see a lawyer specializing in financial matters. Tell that lawyer you’re gonna pay them a fixed annual fee to help you, not a percentage. If they balk at that find another lawyer. If they don’t, do what they say. ---
**Author:** ![hajario](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/hajario/32/171_2.png) [@hajario](https://boards.straightdope.com/u/hajario)\ **Post date:** [November 15, 2025, 8:13pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/162 "2025-11-15T20:13:08Z")
Neither of these things. Did you read the thread so far? ---
**Author:** ![LSLGuy](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/lslguy/32/5813_2.png) [@LSLGuy](https://boards.straightdope.com/u/LSLGuy)\ **Post date:** [November 15, 2025, 8:15pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/163 "2025-11-15T20:15:24Z")
> [@Voyager](#): > > I won a week at a resort in 1997. It came with affair. Bummer of a typo. Or maybe it was an extra exciting week, one of the highlights of your life? 😉 ---
**Author:** ![Czarcasm](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/czarcasm/32/4050_2.png) [@Czarcasm](https://boards.straightdope.com/u/Czarcasm)\ **Post date:** [November 15, 2025, 8:17pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/164 "2025-11-15T20:17:31Z")
> [@Voyager](#): > > I won a week at a resort in 1997. It came with affair. Unlike others, I will _not_ assume a typo is involved. Please elaborate. 😁 ---
**Author:** ![Voyager](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/voyager/32/133_2.png) [@Voyager](https://boards.straightdope.com/u/Voyager)\ **Post date:** [November 15, 2025, 8:19pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/165 "2025-11-15T20:19:51Z")
I went with my wife, and it was pretty good… I got it right the second time I used it. And I really shouldn’t get my autocorrect software from pornhub, should I? ---
**Author:** ![Voyager](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/voyager/32/133_2.png) [@Voyager](https://boards.straightdope.com/u/Voyager)\ **Post date:** [November 15, 2025, 8:23pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/166 "2025-11-15T20:23:48Z")
I agree with lawyer and financial advisor (I have one of them already, so I’d be set) but I would also get a CPA to advise me on tax implications. My financial advisor does not purport to having specialized knowledge of the tax code. It would be nice to calculate returns for diversified investments taking the taxes on earnings into account. That’s going to be pretty hefty after the first year. ---
**Author:** ![hajario](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/hajario/32/171_2.png) [@hajario](https://boards.straightdope.com/u/hajario)\ **Post date:** [November 15, 2025, 9:18pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/167 "2025-11-15T21:18:37Z")
The firm where my CFP works also has CPAs and EAs that do my taxes. They work closely together. You certainly need both. Even if they aren’t working in the same place, your CFP and CPA should be in cahoots. ---
**Author:** ![hajario](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/hajario/32/171_2.png) [@hajario](https://boards.straightdope.com/u/hajario)\ **Post date:** [November 15, 2025, 10:30pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/168 "2025-11-15T22:30:25Z")
I should add that you will want a lawyer to create a trust but that’s something that would be arranged by your CFP. ---
**Author:** ![Dag\_Otto](https://avatars.discourse-cdn.com/v4/letter/d/439d5e/32.png) [@Dag\_Otto](https://boards.straightdope.com/u/Dag_Otto)\ **Post date:** [November 16, 2025, 2:56am UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/169 "2025-11-16T02:56:32Z")
> [@Voyager](#): > > I went with my wife, and it was pretty good… > > I got it right the second time I used it. > > And I really shouldn’t get my autocorrect software from pornhub, should I? Not at all. Next time take your step mother. ---
**Author:** ![Voyager](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/voyager/32/133_2.png) [@Voyager](https://boards.straightdope.com/u/Voyager)\ **Post date:** [November 16, 2025, 7:40am UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/170 "2025-11-16T07:40:20Z")
> [@hajario](#): > > I should add that you will want a lawyer to create a trust but that’s something that would be arranged by your CFP. Being in California, I already have a trust, though I’d definitely get the lawyer who did it to review it and revise it as needed. If our CFP has a CPA in the office I never heard about it, and we asked. > [@Dag\_Otto](#): > > Not at all. Next time take your step mother. I had a step mother, and I wouldn’t take her anywhere but she tried to take my father for whatever she could. And that’s enough of that. ---
**Author:** ![hajario](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/hajario/32/171_2.png) [@hajario](https://boards.straightdope.com/u/hajario)\ **Post date:** [November 16, 2025, 2:54pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/171 "2025-11-16T14:54:01Z")
> [@Voyager](#): > > Being in California, I already have a trust, though I’d definitely get the lawyer who did it to review it and revise it as needed. > > If our CFP has a CPA in the office I never heard about it, and we asked. I had a trust before I had a CFP. Anyone who owns a home should have one. Not all CFP firms have CPAs and I didn’t mean to imply that. Mine may be an exception. My main point is that they need to work with your tax person. ---
**Author:** ![Turek](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/turek/32/18782_2.png) [@Turek](https://boards.straightdope.com/u/Turek)\ **Post date:** [November 16, 2025, 6:54pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/172 "2025-11-16T18:54:24Z")
> [@hajario](#): > > Anyone who owns a home should have one. Why? (plus more characters for Discourse) ---
**Author:** ![hajario](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/hajario/32/171_2.png) [@hajario](https://boards.straightdope.com/u/hajario)\ **Post date:** [November 16, 2025, 7:26pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/173 "2025-11-16T19:26:37Z")
If real property is in a trust it goes directly to your beneficiaries without going through probate which is a major pain in the ass. ---
**Author:** ![Voyager](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/voyager/32/133_2.png) [@Voyager](https://boards.straightdope.com/u/Voyager)\ **Post date:** [November 16, 2025, 8:18pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/174 "2025-11-16T20:18:37Z")
> [@hajario](#): > > Not all CFP firms have CPAs and I didn’t mean to imply that. Mine may be an exception. My main point is that they need to work with your tax person. Totally agree with that. I think this thread shows that if you win all that money you need a damn staff to help you keep it. Also to help you build a cement pond after you load up your truck and move to Beverly. ---
**Author:** ![LSLGuy](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/lslguy/32/5813_2.png) [@LSLGuy](https://boards.straightdope.com/u/LSLGuy)\ **Post date:** [November 16, 2025, 8:24pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/175 "2025-11-16T20:24:25Z")
But if all you want your real estate holding trust to do is avoid probate, a beneficiary deed will trivially do the same thing for $0 cost and nil complexity. ---
**Author:** ![hajario](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/hajario/32/171_2.png) [@hajario](https://boards.straightdope.com/u/hajario)\ **Post date:** [November 16, 2025, 8:46pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/176 "2025-11-16T20:46:51Z")
Now we are getting a bit out of my knowledge but I have a general trust that has more than my home in it as well as a recorded will. My understanding is that if you have means you should have the Big 4, will, trust, medical power of attorney and financial power of attorney. As is typical, I got them done as a package. ---
**Author:** ![Tamerlane](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/tamerlane/32/7602_2.png) [@Tamerlane](https://boards.straightdope.com/u/Tamerlane)\ **Post date:** [November 16, 2025, 8:54pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/177 "2025-11-16T20:54:28Z")
> [@LSLGuy](#): > > a beneficiary deed will trivially do the same thing for $0 cost and nil complexity. In California [it can get tricky](https://sanjoselivingtrust.com/the-hidden-trap-of-california-transfer-on-death-deeds-why-your-heirs-may-be-stuck-for-3-years/). Granted that link is from a law firm trying to push trusts, so grain of salt 😉. But I’ve had others bring up the same thing. It works, but the Devil’s in the details of your particular needs. ---
**Author:** ![teelabrown](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/teelabrown/32/8412_2.png) [@teelabrown](https://boards.straightdope.com/u/teelabrown)\ **Post date:** [August 12, 2026, 10:53pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/178 "2026-08-12T22:53:22Z")
Ha, reviving this thread to note that Powerball is going to be $1 billion tonight. I’ve re-read all the advice here, so I’m ready to deal with that jackpot once it’s in my hands. I note that California is not one of the anonymous winner states, so I guess I’ll have to get an attorney working on forming a limited liability company before we claim. Let’s see: “Technical Otter Solutions, LLC”. Yep, that sounds good. ---
**Author:** ![Dewey\_Finn](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dewey_finn/32/4222_2.png) [@Dewey\_Finn](https://boards.straightdope.com/u/Dewey_Finn)\ **Post date:** [August 13, 2026, 12:43am UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/179 "2026-08-13T00:43:51Z")
If you’re planning to win the big jackpot, why not buy the ticket in one of the states allowing the winner to remain anonymous? I think Arizona is one, and it’s relatively close. ---
**Author:** ![teelabrown](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/teelabrown/32/8412_2.png) [@teelabrown](https://boards.straightdope.com/u/teelabrown)\ **Post date:** [August 13, 2026, 12:23pm UTC](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770/180 "2026-08-13T12:23:07Z")
It’s moot now. It’d cost more in gas to drive to Arizona and back than it would to hire an attorney to do a simple LLC! Someone in Illinois won the big tamale. Illinois Dopers, should we be congratulating any of you? [Previous page](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770.md?page=8) [Next page](https://boards.straightdope.com/t/if-i-win-powerball-what-type-of-bank-account-do-i-need-for-my-winnings-probably-don-t-need-answer-ever/1024770.md?page=10)