why hire an attorney if you win the lottery

Why Should You Hire a Lawyer When You Win the Lottery?

• Taxes. While we would love to think that if we win 20 million dollars that we would be handed over that exact amount, we...
• Your Identity. We have all seen the news stories: Local Woman Wins Big Earnings at Her Nearby Gas Station. It is no...
• Drafting Protections. If you win a substantial amount of money, you will...

Full Answer

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

 · If you own the lottery, it’s crucial to be smart about it. That includes hiring a lotto lawyer to be on your side. They can guide you throughout the prize claiming process but also help with managing your funds. An attorney ensures you stay out of legal problems. Even if some issues happen, they will do their best to find a solution.

Who is the go-to attorney for lottery winners?

Why Should You Hire a Lawyer When You Win the Lottery? Taxes. While we would love to think that if we win 20 million dollars that we would be handed over that exact amount, we... Your Identity. We have all seen the news stories: Local Woman Wins Big Earnings at Her Nearby Gas Station. It is no... ...

Who can help lottery winners?

 · A lottery lawyer can help determine whether a trust is beneficial for the winner; if so, they can help set it up. Putting Together a Trustworthy Advisory Team The lottery lawyer isn't the only important team member that a new jackpot winner needs. An accountant and a financial advisor with experience with large windfalls are also critical.

Who should I hire to validate my lottery ticket?

 · 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.

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

The Lotto legal department recommends that lottery winners seek out one or more of the following: a tax planner, a financial adviser, a certified public accountant and an attorney.

How do I hide after winning the lottery?

If you win the lottery and really want to stay anonymous, research the rules for your state. You might be able to claim the money in the name of a trust. Then find trusted advisors like tax attorneys, trust and estate attorneys, and accountants.

What kind of trust is best for lottery winnings?

Irrevocable trustsIrrevocable trusts protect lottery winnings because the assets legally do not belong to you. They also benefit your survivors as they are not subject to estate taxes. Blind trusts are also suitable as they protect your winnings from unscrupulous relatives and friends who want your property.

Does winning lottery affect Social Security?

Lottery winnings do not affect Social Security disability income (SSDI), but it can reduce or eliminate any Supplemental Security Income (SSI).

Why is it important to find a lawyer for a lottery winner?

Winners spend a lot of time with their financial team, so it's important to find someone they trust and feel comfortable with. And of course, the lawyer should be familiar with the unique problems lottery winners face.

What is a lottery lawyer?

A lottery lawyer is part of the advisory team that winners should put together to help them wade through the legalities of claiming a prize without making costly mistakes. A good lottery lawyer can protect jackpot winners, their families, and their hard-won cash.

What to do if you win a lottery?

If you win a large prize in a lottery, getting a good lawyer should be a priority . You'll want to have representation before you tell anyone outside of your immediate circle of family and trusted friends that you've won, and certainly before you claim your prize.

Why do lottery winners need to make decisions?

New lottery winners need to make the decision whether to take a lump sum or an annuity payout. A lottery winner can keep them apprised about the legal and financial ramifications of their choice. Because they know the winner's exact financial status, they can give better advice than the winner would receive by reading articles online.

How to protect lottery winnings?

Another option many lottery winners choose is to set up a trust to claim the prize. In many cases, setting up a trust not only helps protect the winner's identity, but also prevents the winner from spending too much too quickly while fending off requests for handouts and donations. A lottery lawyer can help determine whether a trust is beneficial for the winner and if so, can help set it up.

Why do you want to keep the lottery private?

When you win the lottery, you want to keep the news as private as possible to avoid being the target of lawsuits, scams, and straight-out begging for cash. But keeping the word from spreading isn't a simple task. Some states let lottery winners claim their prizes anonymously. Others don't, but let winners claim in the name of a business, which can reduce the publicity they have to deal with. A good lottery lawyer can help winners protect their anonymity as much as possible.

Do lottery lawyers need to be a lawyer?

You don't necessarily need a lawyer who brands themselves as a lottery lawyer, but you do want someone who has experience managing large windfalls. Good lottery lawyers have experience with taxes, estate planning, setting up trusts, and protecting assets.

Why do you need a lawyer for lottery winnings?

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.

What is a good lottery lawyer?

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. They'll also be able to assist you in setting up a trust or other legal entity to claim your winnings, if you need to.

Who won the 2011 Powerball?

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.

How to find out if a lottery lawyer is a good one?

Take the time and do some research on a potential lottery lawyer. Reach out to their past clients and find out how their experience was. You can also look into their records to see if any disciplinary actions were taken against them in the past. All this information can be found online.

What to look for when choosing a lottery lawyer?

What to Look For When Choosing a Lottery Attorney. You should take your time when looking for a lottery lawyer. The difference between a good lawyer and a bad one can easily cost you your money, time, and worse. Choose from different candidates, so you can find the best one.

Do lottery winners need a lawyer?

Well, yes. They're not absolutely necessary, but a good lottery lawyer can keep you from making bad decisions that could jeopardize you or your wealth. They'll be there to stop you from making common mistakes that cause lottery winners to go broke. The larger your prize, the higher the stakes, and the more sense it makes to hire a lottery lawyer who can help you manage it all.

Can a lawyer specialize in lottery winnings?

Ideally, you'll want just one lawyer who can fulfill all those roles. If that isn't possible, at least look for ones who work in the same firm. Fortunately, lawyers who specialize in lottery winnings do exist, and you’ve got some excellent choices to pick from.

What is the meaning of winning the lottery?

Winning the lottery is literally a one-in-a-million opportunity that can change your life. Lottery winners should protect themselves from the legal ramifications that money can bring.

How much did Craigory Burch Jr. win?

In 2015, lottery winner Craigory Burch Jr. received $434,272 in a Georgia jackpot. Because his state doesn’t have strong anonymity laws, many heard about his winnings. Within months, Burch was killed by seven masked robbers.

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.

Can lottery winnings be lost?

Many lottery winners end up losing a significant amount of their winnings from taxes alone. Your lawyer can also advise you on how to make your winnings last longer, so you get more out of it.

Why do you need a lawyer for the lottery?

It’s easy to look for a disciplinary record in online databases. If the desired lawyer had any problems with the law, you’d immediately know about it. All that can be relevant because you want someone who’s clean and has no legal issues.

How to stay anonymous after lottery win?

Staying anonymous. A skillful attorney can help to maximize your anonymity after a lottery win. They can also assist in protecting your privacy if anyone tries to violate it.

How much money did Putnam Avenue win at Powerball?

Putnam Avenue Family. He helped to establish trust and claim a huge jackpot won at Powerball in 2011. The sum was $254 million !

What do you want in a lawyer?

You want a lawyer who matches your personality and someone willing to dedicate time and effort to your requirements. Perhaps you need someone with a gentle approach? Do you prefer someone more direct who’ll stop you from making poor judgments? It depends on your expectations, so don’t hesitate to choose accordingly.

How to know if a lawyer is reliable?

You can also visit social networks and professional review websites. You can find feedback from previous clients here. If there are predominantly positive impressions, that indicates the lawyer is reliable.

How to pay a lawyer?

You have two ways of paying your lawyer. The first one is to agree on a specific hourly rate or fixed fee for specific services. An alternative is to give them a portion of your winnings. The latter isn’t a smart move as it often indicates the lawyer is greedy. An honest expert will charge for their services as you go. That also guarantees they’ll be more dedicated to doing good work. As always, a higher price doesn’t mean the lawyer is better. You should consider other factors to make an informed decision.

Is Lotto lawyer cheap?

The first thing to note is that lotto lawyers aren’t cheap. If you are a jackpot winner, you are dealing with huge sums of money. That’s sensitive work, which means attorneys have a big responsibility. It’s their task to ensure everything is by the book and meets the relevant regulations.

Why do people need a lawyer?

The lawyer is to help you plan how to handle things. Once your name gets out, people will come out of the woodwork with offers, threats, attempts to blackmail, identity theft, etc. Having a good lawyer will help you

What do you need to win a lottery ticket?

All you need is the ticket, signed, a valid ID, and to be able to say at which store you bought the ticket, how did you pay and around what time. They are going to investigate that. You also need to go through the night without catastrophic incidents and to drive carefully to the lottery claims center.

Can I claim my lottery in public?

The lawyer will set up an LLC account for you under a different entity and will claim your lottery in public so you can remain anonymous. I doubt you want death threats coming your way and fake friends and family harassing you for money on a daily basis. Let`s not forget the fraudulent lawsuits people will place on you.

Can you give up your life insurance?

You can, but be certain you know your rights and options before you give up, or lapse, your life insurance policy. Instead of “giving up” a policy you no longer want or can no longer afford, you may be able to easily turn it into a significant cash windfall through a life settlement. In 20

Can you win the lottery anonymously?

You are going to get sued - Since you cannot win the lottery anonymously, you can expect that somebody, somewhere is going to sue you for something. Legitimate or not, you’ll need representation.

Can you gift someone a lottery ticket?

Yes. And they’ll want to verify your ticket really is a winner, if you don’t have the proper amount to pay them up front. Once they represent you, they can discuss options like setting up a trust fund to protect your money from you (yep - really solid idea). They can even place any property you own into another type of trust - especially if you believe you may be sued by an ex- spouse or family member. They can also assist with planning gifts to reduce the amount of cash you hold. That way - you gift assets and cash to potentially reduce the taxable income you have for the year. Did you know you can gift someone $15,000/year? If you have a spouse, you can combine your amounts to a $30,000 gift - tax free according to the IRS. The shifting of money and assets are called “lifetime wealth transfer strategies” and, basically, are meant to reduce your assets under a certain threshold so that you are taxed at the lowest possible rates - legally.

How to make sure you won the lottery?

If you’re worried about losing the actual ticket during the process of hiring the attorney and others, make copies of it front and back, put it in the safe deposit box as others have suggested, but then take just a copy to a lottery machine that reads the barcode for you to help make sure you are the winner. You can cut out a small size rather than take a large sheet of copy paper, just make sure the barcode is in tact. Make sure no one is standing beside or behind you when you get the reading. Keep the win quiet. Don’t ask a store clerk, just quietly go to a machine by yourself, and leave when it says you’re the jackpot winner without acting excited.

How do you want an attorney to handle the actual claiming of the ticket?

Too often, smiling, beaming attorneys are photographed claiming their clients’ lottery win , which exposes to the world who your attorney is. This means the attorney’s interns, secretary, etc. can be found and coerced into revealing who you are. It means your attorney will be inundated with phone calls all day long at first and possibly on a regular basis for years, which he or she will bill to you for the time it takes to answer them all, and hopefully not slip during the answers and give a bit too much away. In one state, the attorney thought he stated only that the winner was an 87 year old male, and within hours the winner’s house was surrounded by the media and public. Journalists and others are very good at asking seemingly innocent questions and getting more information than the attorney ever realized he or she was giving away. I’ve gotten information from many attorneys just by getting their guard down and asking the type of questions that have me receiving far more information that they didn’t realize they were giving me, than I should have received, regardless of oaths attorneys take to maintain privacy.

Why do you need an attorney for financial planning?

An attorney could be necessary because people would pour out of the woodwork attempting to seperate you from your new found wealth.

Can you recover your winnings if you are not a US citizen?

If you are not a US citizen, you may also require a US tax recovery service at your bay, as a part of your winnings will be held as taxes in the US, which can be recovered later.

Do you have to tell an attorney you have a ticket in a safe deposit box?

You may also want to tell the attorney you have the ticket in a safe deposit box but would like him or her to also verify that it’s a winner before too many of their expensive hours are built up. Give them just a copy and let them look online themselves to verify.

What happens if you never collect a lottery ticket?

If the ticket was misread, or becomes lost or destroyed, and you never collect, they’ll still bill you and you’ll still owe.

Is winning the lottery a curse?

While many people think winning the lottery is a dream come true, it’s also a curse with enormous responsibility that will require a great deal of courage and great professional advice to allow you to enjoy the winnings.

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.

Who can help you keep a ticket safe?

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.

How to claim a lottery ticket?

Sign the back of the ticket immediately. That may sound crazy, but on the back of the ticket is where the owner puts their information (name, address and phone number) when they turn it in. Stake your claim to your winning ticket immediately. 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. You may be requested to verify where you bought it and/or how you obtained custody. Sign it so even if someone takes it, it creates an immediate presumption that it is/was yours.

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.

Does Monopoly have a fiduciary duty?

You won’t believe the tax issues which could come up- state taxes, federal taxes, gift taxes, corporate taxes and other taxes even the game Monopoly didn’t try to make up. The lawyer can help with this, as they have a fiduciary (financial) duty to you.

Do you get paid for a month on a trust?

You may need to add “member,” “partner” or “trustee,” etc. You won’t get paid for a month or so, according to most sources. This not only gives you time to get things in order, but can be an excruciating wait.

Can you dispute custody of a ticket?

Although disputes can happen and custody can be disputed, whoever signs the ticket and presents a photo ID can claim the prize. You may be requested to verify where you bought it and/or how you obtained custody.

Is Powerball 1 in 292,201,338 real?

Let’s say you have that 1 in 292,201,338 ticket. You’ve checked the winning powerball numbers twice. It’s real. Your heart is racing. Your mind is full of thoughts. You want to scream it from the rooftops and call work and let them know you will certainly not be coming back.

Do lottery winners find terrible fates?

Finally, don’t be a woe-filled story. Statistics show lottery winners often find terrible fates. Here are some more stories of the bad days which may follow: