September 19, 2011

Jennifer Pratt offers advice on managed lottery winnings in The Daily Record

1 min

Venable partner Jennifer Pratt spoke with The Daily Record in a September 18, 2011 article and offered advice to an anonymous couple who won a $107 million Powerball jackpot.

Offering advice on debt and frivolous spending, Pratt said, "The first thing I think of is pay off all the debts they had before and take advantage because this year and next they have the opportunity to give away $10 million to their friends and family without any additional penalties. ...Depending on their circumstance, they probably have a wish list of things they want. You know, you’ve got to do something frivolous. You don’t want to do something $10 million frivolous. Buy the $1 million beach house and then be more practical."

Speaking on the need for trusted advisors and personal responsibility, Pratt added, "All of a sudden you’re in a different category than you’ve been in before. You need to find trusted advisors — not your neighbors. The thing that’s so stressful for these folks is it’s hard to say no. It’s really very challenging. Everyone wants to win, but with that comes a lot of responsibility."