what does an attorney say about winning the lottery

According to an attorney who calls himself the "Lottery Lawyer," it is not your family and friends. RELATED: Mega Millions

jackpot at $1 billion for winning numbers drawing tonight Jason Kurland says the first things you want to do after you get rich is get quiet and get organized. "Secure it right away.

Full Answer

What kind of lawyer should you hire after winning the lottery?

Feb 10, 2022 · Here's what a 'lottery lawyer' says you should do next CHECK OUT WPTZ: Get the latest Plattsburgh and Burlington news of the day. See the stories making headlines, and get the latest weather ...

What should I do with my lottery ticket when I win?

Feb 09, 2022 · Win the lottery? Here's what a 'lottery lawyer' says you should do next. Kurt Panouses has helped more than 30 jackpot winners navigate their new-found wealth and fame. Share Copy Link.

Who is the go-to attorney for lottery winners?

Feb 10, 2022 · In many situations, that's where the self-proclaimed "lottery lawyer" Kurt Panouses comes in. He has helped more than 30 jackpot winners, including the Michigan group which split a …

What to do if you win $25 million in the lottery?

Can you choose to be anonymous if you win the lottery?

Winners can remain anonymous depending on the state they live in. Yet, only 11 states allow lottery winners to maintain their anonymity, Arizona, Delaware, Georgia, Kansas, Maryland, New Jersey, North Dakota, Ohio, South Carolina, Virginia, and Texas.Aug 19, 2021

How do you protect your money if you win the lottery?

What to Do Before Claiming Your PrizeProtect Your Ticket. ... Don't Rush to Claim Your Prize. ... Don't Quit Your Job or Spread News of Your Good Fortune. ... Hire Professionals. ... Change Your Address & Go Unlisted. ... Taking the Lump-Sum Payout. ... Taking the Long-Term Payout. ... Consult With the Professionals You Hired.More items...

Why do you need an accountant if you win the lottery?

You may need to hire a lawyer, financial adviser, accountant and other experts to make sure you're able to use the money in all the ways you want without over extending yourself and going broke. Your team will also be able to help you decide on whether or not you want to take the lump sum or the annuitized prize.Jan 12, 2021

What kind of trust is best for lottery winnings?

irrevocable blind trustAn irrevocable blind trust is also the best way to maintain fairness and harmony among multiple winners. For example, if you purchased your winning ticket with a group of office mates, as long as everyone is in agreement, you can set up a blind trust with all the winners as beneficiaries.

Do lottery winners get murdered?

Money doesn't always buy happiness. In fact some lottery winners have experienced bankruptcy, divorce, prison time and have even been murdered. Experts say if you win and don't contact a reputable tax professional and a reputable investment adviser, you could land yourself in big financial trouble.Oct 7, 2021

Can I give my family money if I win the lottery?

Each person can give away, during life or at death, a certain amount of property before the tax kicks in. ... So by claiming the lottery winnings as a family partnership, a winner can claim that they are not making a taxable gift, because it was a family investment. This could save millions in gift taxes.Mar 28, 2012

How long does it take to get your money after you win the lottery?

approximately six to eight weeksIf you elected the cash option or if your prize is only offered in a single payment, your check should arrive approximately six to eight weeks from your claim date. If your prize is to be paid in installments, your first payment should be available within six to eight weeks from your claim date.

Should I hire a financial advisor if I win the lottery?

The best financial advisor for lottery winners should not only play a critical role in the early stages of sudden wealth, but I've found that they are best equipped to be the person managing the other advisors, coordinating and overseeing the plan, and the person you call first when there is a question.

How much do you lose when you win the lottery?

You must pay federal income tax if you win All winnings over $5,000 are subject to tax withholding by lottery agencies at the rate of 25%. This potentially leaves a gap between the mandatory amount of withholding and the total tax you'll ultimately owe, depending on your tax bracket.Oct 16, 2021

What should you do if you win a big lottery?

If you become the next big lottery winner, make sure you do these 5 things:Sign your lottery ticket. Make sure that you sign your winning lottery ticket. ... Remain anonymous if possible. Some people like attention; some don't. ... Choose between the lump sum and annuity payments. ... Hire financial advisors. ... Pay off debt.Sep 18, 2021

Should you move after winning the lottery?

Don't Make Major Changes in Your Life. If someone were to ask you what you would do once you become a Powerball winner, you might say, "quit my job" or "buy a mansion." However, experts suggest that you don't make any big moves immediately.Dec 31, 2021

What is lottery ticket?

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.

How many states allow anonymous lottery winners?

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.