But wait a minute, how much do lottery lawyers cost? The short answer is that it varies, but typically, you can expect to pay upwards of $100,000 for everything you'll need during that first year after winning the lottery. After that, you might not need their services as much, so you can expect the costs to go down.
Full Answer
The most basic lawyer might charge as little as $60 per hour, but it’s much more common for attorneys to charge $150 to $200 per hour for standard services. Experienced lawyers can charge as much as $250 to $350 per hour for complex estate plans.
Dec 08, 2021 · Being a legal person, a lottery lawyer will be aware of the process of claiming the winning amount. However, the winner will have to pay the lottery lawyer fee for such a service. A person who wins a huge amount from a jackpot but doesn’t know how to proceed may commit certain expensive mistakes. These mistakes may be in the form of claiming ...
Jan 10, 2009 · When you first hire them they should tell you what the hourly rate is. It will probably be $250 or greater for a good attorney. Then, when …
Apr 28, 2022 · Lottery Lawyer Fees The cost can vary significantly, but the services of an expert can be expensive. That means you might need to pay around $100-$150K in the first 12 months of using the attorney’s services. The good news is …
Lottery Winnings: Lump Sum vs. Annuity | |
---|---|
Payment Type | Pros |
Lump Sum Payment | – You can use the money right away and however you choose, such as investing it |
Annuity | – Annuity payments typically end up being a larger amount than the lump sum – Some annuity payments may be taxed at a lower rate |
Total Winnings | $1,000,000 | $1,000,000 |
---|---|---|
Winnings Received Over 20 Years | $630,000 | $780,000 |
Some of the benefits of hiring a lottery lawyer are: They can help you keep as much of your winnings as you legally can. They can help protect your identity. They can introduce you to the right people. They can set up your estate for your family's future.
They can protect you from potential lawsuits and counsel you in such events. A good lottery lawyer will help you find legal ways of minimizing your tax liability.
If you won the lottery, the first person you want to hire: an attorney. That’s right, just one. It’s true that you’re going to need all sorts of lawyers who specialize in taxes, trusts, estates, and the like. But, you don’t really need to hire an entire cavalcade immediately.
Kurland has also represented some of the biggest winners in recent lottery history, including: Putnam Avenue Family Trust: Also known as the winner of the $254 million Powerball jackpot of November 2011. Rainbow Sherbert Trust: Also known as the winner of the $336 million Powerball jackpot of March 2012.
As an attorney and CPA that’s been practicing for more than 30 years, Kurt Panouses is one lawyer you’d want on your shortlist. Not only does he offer services ranging from drafting simple wills to assisting in million-dollar business transactions, Panouses also provides counsel and guidance to lottery winners.
Walt Blenner. Walt Blenner (inset) and client Shane Missler. Practicing out of Tampa Bay, Walt Blenner is a personal injury lawyer who also dabbles in estate planning. And yes, he also represents lottery winners.
Billed as the “go-to attorney for jackpot winners,” Jason Kurland is often called upon by the national media for lottery commentaries. Whenever jackpots reach record highs, expect him to give his 2 cents. Kurland has also represented some of the biggest winners in recent lottery history, including:
Here are some signs that tell you that you should hire a lotto attorney:
The primary requirement is that you get a skillful and experienced attorney. Even if he’s your friend, you shouldn’t trust a lawyer with no reputable clients in their portfolio.
The process of hiring a lotto lawyer isn’t different to hiring an attorney in any other area. Investing some time and effort in finding a suitable expert is vital for your future. Check out the factors to consider during the selection process!
If you don’t already have an expert in mind, how about letting us suggest lawyers that specialize in lottery winnings? Check out these attorneys and pick your favorite!
Do you want to hire a professional lotto attorney? Here are the steps to take when partnering with an expert:
The cost can vary significantly, but the services of an expert can be expensive. That means you might need to pay around $100-$150K in the first 12 months of using the attorney’s services. The good news is that you will cover all the basics during that time.
What services can you expect from a professional attorney? Here are some situations when you could benefit from a lawyer:
Powerball tickets are sold in 44 states, as well as in Washington, D.C., the U.S. Virgin Islands and Puerto Rico. As of last time we looked, all but six states require lottery winners to come forward publicly. Delaware, Kansas, Maryland, North Dakota, Ohio and South Carolina allow winners to remain anonymous. Many other states are in the process of enacting such laws- some may even require you to donate some money to charity if you want to remain anonymous. Other states permit winners to create limited liability companies, so that when their names have to be announced, it’s the companies and not individuals that are identified. Think seriously about that.
A lottery ticket is a bearer instrument. The person who holds it holds its title. That means possession is often the primary consideration. Although disputes can happen and custody can be disputed, whoever signs the ticket and presents a photo ID can claim the prize.
Powerball tickets are sold in 44 states, as well as in Washington, D.C., the U.S. Virgin Islands and Puerto Rico. As of last time we looked, all but six states require lottery winners to come forward publicly. Delaware, Kansas, Maryland, North Dakota, Ohio and South Carolina allow winners to remain anonymous.
I suspect that estate planning is the legal specialization that would be most relevant. Estate planning lawyers (a) need to know a fair amount about taxes and (b) are accustomed to helping clients position assets appropriately for both near- and long-term needs.
I assume your question is being asked because you won a sizable jackpot. You make a good point as far as attorneys typically aren't going to have a specialty in "lottery winning support", but an attorney familiar with business law matters should be able to help you.
Find a lawyer however you want (I like Yelp) but make sure you find one who understands taxation and tax planning (because that's going to be important).#N#Now did you really win the lottery or are you just messing with us up here? : ) haha well good luck either way.