what type of attorney would someone need if i win the lottery

There are different types of lawyers you’ll want to look for after winning the lottery. A tax lawyer, trust and estate attorney, and asset protection lawyer are just a few examples. Ideally, you'll want just one lawyer who can fulfill all those roles.

Full Answer

Why get a lawyer if you win the lottery?

Jan 20, 2021 · 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.

How can attorneys help lottery winners?

Answer (1 of 8): None. Just depending on your age put half of it into a Lincoln Mutual Annuity account lets say for 20 years. Do not concern yourself about the yield. it is the principle you are trying to keep. Put another 25% into liquid CD’s. I would do …

Do I need a lawyer if I win the lottery?

Jun 08, 2015 · Your question regarding the type of attorney you need to cash your lottery winnings is more accurately asked as what types of attorney or types of attorneys or other professionals do you need or at least should consider in deciding answering questions such as whether you should take the payout lump sum net of taxes or as some kind of annuity over a …

How to actually win the lottery?

Apr 30, 2022 · And, of course, the lawyer should be familiar with the unique problems lottery winners face. It's not a decision that any winner should make lightly. In 2020, self-branded lottery lawyer Jason Kurland was indicted for stealing over $100 million from his clients. You don't want to trust an unscrupulous person with your winnings.

What is the first thing a person should do if they win the lottery?

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

How do I hide after winning the lottery?

What kind of trust is best for lottery winnings?

What would you buy if you won the lottery?

What do u do if u win the Powerball jackpot?

Why do lottery winners go broke?

What do lottery winners do with their money?

How does a blind trust work for lottery winners?

Is it better to take a lump sum or annuity for lottery?

How do I protect my lottery winnings from my ex wife?

Should you move after winning the lottery?

Christopher Ernest McAteer

Your question regarding the type of attorney you need to cash your lottery winnings is more accurately asked as what types of attorney or types of attorneys or other professionals do you need or at least should consider in deciding answering questions such as whether you should take the payout lump sum net of taxes or as some kind of annuity over a period if years, and then help you put together and....

Thomas Joseph Gerard Hansen

To provide a better answer, please explain why you think you should have any attorney.

Ronald Daniel Hedding

Well have u tried callng the lottery office and cashing in your tickets through the normal channels? Or is there some sort of dispute that needs to be litigated? Civiol litigation attorney is what u might need...

Richard Samuel Price

An estate planning or tax attorney may be able to help with structures and tax advice. You'll also want a money manager to help you to invest the money and to be the guy who says "no" to your deadbeat relatives who will be asking you for money.

What to do after lottery win?

3 People You Must Hire After a Lottery Win 1 The Attorney. This is the first person to hire. An attorney can help you keep the ticket safe until you have your team in place to help you handle your winnings. An attorney may advise you to set up a trust and transfer “ownership" of the ticket to the trust, for which you are the sole trustee. You’ll still receive your winnings, but the trust can save you on taxes. 2 The Financial Advisor. This person will help you set up accounts that keep your money growing in order to guarantee a safe income for you throughout your lifetime. A financial advisor will also investigate any financial investment requests that you will receive from family, friends or people you’ve never heard of, but who will assure you that you can make millions more with their method or product. 3 Accountant. This person will handle all the tax matters and keep you out of trouble with the IRS. After the government takes their initial cut, there are still more taxes to pay.

What is the number to call for California pensions?

California Pensions, incorporated since 1968, designs and administers financial plans for professionals. Call 310-400-5571 or email [email protected] today to set up your appointment.

What does a financial advisor do?

A financial advisor will also investigate any financial investment requests that you will receive from family, friends or people you’ve never heard of, but who will assure you that you can make millions more with their method or product. Accountant.

Do lottery winners file for bankruptcy?

Lottery winners are more likely to declare bankruptcy. Getting a large sum of money is exciting, especially if you’ve never had a lot of it before. However, lottery winners often lose track of their money and end up filing for bankruptcy. This is why lottery winners will need both an accountant and a lawyer.

Why do lottery winners stay anonymous?

Many winners choose to stay anonymous because other people might feel entitled to their money.

Why do people stay anonymous?

Many winners choose to stay anonymous because other people might feel entitled to their money. People have a tendency to act selfishly when money is involved, even if they have no legal grounds for it. Having a lawyer on your side in case someone sues you will help protect you before trouble begins.

What can a lawyer do to help you?

A lawyer can help you draft a will and can ensure your money is allocated to all the right people. Winning the lottery is literally a one in a million opportunity that can change your life. Lottery winners should protect themselves from legal ramifications that money can bring.

Which states allow lottery winners to remain anonymous?

As of right now, only the only states that allow lottery winners to remain anonymous are: Winners in states like Arizona, Georgia, and Virginia need over a certain amount to stay anonymous.

Can you remain anonymous in the lottery?

As of right now, only the only states that allow lottery winners to remain anonymous are: Winners in states like Arizona, Georgia, and Virginia need over a certain amount to stay anonymous. However, in states like California, lottery winners must reveal their identities.

What does an accountant tell you?

Your accountant keeps track of all your money, and tells you how to invest it properly. Whereas your lawyer can tell you what you legally can and can’t do with your money. Similarly to a business lawyer, your lawyer wouldn’t necessarily tell you what to do with your money, only the most legal ways to spend it.

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.

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 have powerball tickets?

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.

What should you do after you win the lottery?

Pritchard advises taking adequate steps to protect the winning ticket and your anonymity. You should put the ticket in a safe deposit box, if possible. Pritchard also recommends limiting the number of people who know you won.

Hire the right lawyer after your lottery win

There are few “lottery lawyers” for the simple reason; there aren’t enough potential clients winning lotteries.

Trust, personality matters when choosing a lawyer

Pritchard brings up another point before engaging counsel; make sure you like the lawyer, feel they are trustworthy and has your best interests at heart. After all, you will be working closely with this person during a pressure-packed period of time.

What lottery win amount calls for hiring a lawyer?

Obviously, Powerball jackpots call for legal counsel. But what about other wins? Is there a certain number that should trigger a call to an attorney?

Protective measures from scams and frivolous lawsuits

Winning the lottery should be a happy time. So, it might be especially hard for you to say “no.”

About your lottery winnings

When you win a large sum of money, a qualified attorney and other professionals can help provide you with various options to address a number of issues.

You might need more than a lawyer

A qualified lawyer isn’t the only professional you will need after winning the lottery. However, an experienced lawyer should have a network of other top-quality professionals such as accountants, investment advisors and even security. All of whom can work with your lawyer to protect the client’s interests.

Who is the lottery lawyer?

You can expect a high-profile lottery lawyer like Jason Kurland, who is widely known as the “The Lottery Lawyer” and has been featured on major news publications such as CBS, CNN, and Fox, to charge on the higher side of these fees. To ensure all their legal needs are covered, some lottery winners hire a team that includes a few lawyers ...

How to protect your money after winning the lottery?

2. CREATING A LOTTERY TRUST. Most financial experts recommend setting up a lottery trust with a lawyer before you even think about collecting your winnings. Maintaining anonymity after winning the lottery is a major concern and is the primary way to protect yourself and your money.

What can a lawyer do for you?

Your lawyer can also clarify important estate planning details, such as preparing a final will; preparing a living will that identifies who can handle your affairs if you are unable to do so; and a medical directive specifying who is allowed to make decisions on continuing or stopping life support .

Is the lottery a scam?

Despite their best efforts, lottery winners are frequently targeted by scammers who are after their money. Hopefully, you’ve followed lottery experts’ advice to remain anonymous, which should reduce the target on your back. However, when a frivolous lawsuit rears its head, you’ll need a lawyer to protect you.

Can you remain anonymous after winning the lottery?

Maintaining anonymity after winning the lottery is a major concern and is the primary way to protect yourself and your money. While most US states do not allow winners to remain anonymous , several states do allow winners to send a lawyer to collect the winnings in the name of the trust—thus protecting the winners’ identities.

Do lawyers charge a flat fee?

Many lawyers charge a flat fee for standard services, such as preparing a simple will or a power of attorney for property. For straightforward services, lawyers consider a client’s financial status, his or her family’s needs, and other factors to decide what services are needed and to put a price tag on the work.

How much can you leave to your heirs without paying taxes?

For example, as of 2018, an individual can leave up to $5.6 million to his or her heirs without paying a US federal estate or gift tax, while a married couple can shield $11.2 million from these taxes.