how do you pick a lawyer after winning the lottery

Next, we recommend getting some professional advice from a lawyer, especially if you've won a very large prize. Find a lawyer who is familiar with taxes, estate planning, asset protection, and lottery laws. Ideally, you'll want to consult with an attorney even before claiming your prize.

Full Answer

What kind of lawyer should you hire after winning 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. If that isn't possible, at least look for ones who work in the same firm.

What should you do if you win the lottery?

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.

Who is the go-to attorney for 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:

How do lottery winners get paid?

There are two options for lottery winners to get their payment. One will get the annual payment if he chooses the lottery annuity option. However, a lump sum will help the lottery winner get the full amount at once after paying all taxes. Being lucky, one may win the jackpot.

What should I do first if I win the lottery?

What to Do If You Win the LotteryStep 1: Try to keep quiet. ... Step 2: Carefully read all instructions. ... Step 3: Contact a lawyer immediately. ... Step 4: Protect your privacy and identity. ... Step 5: Consider having your attorney form a blind trust. ... Step 6: Take taxes into consideration.More items...•

What kind of trust is best for lottery winnings?

Irrevocable 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.

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

An accountant can make sure your taxes are in order year after year (more details inside). Interview several Certified Public Accountants. Remember, you will have to pay federal taxes on your win. If you plan to invest your money, do so wisely.

How do I hide after winning the lottery?

Another way is to not tell anyone you scored the jackpot or change much of your lifestyle to avoid having your identity revealed. Deleting social media accounts, changing phone numbers, and addresses can also be an alternative to remaining anonymous.

Should you move after winning the lottery?

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.

How can I hide lottery winnings from my husband?

After you have made sure that you are truly the winner, sign the back of the lottery ticket and then write your name in small letters below the signature. Then photocopy the back and front of the ticket and hide the original ticket in a safe place.

What kind of financial advisor do you need if you 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.

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).

Do you have to show your face when you win the lottery?

A few other states permit winners to form a trust for their winnings. They can collect their prize through this trust to keep their identity hidden. The state of California does not permit lottery winners to hide their identities. California winners are compelled by law to reveal their names and locations.

How does a blind trust work for lottery winners?

If the lottery administrators will distribute your winnings to you in lump sum and you don't trust yourself to manage them, you can set up the trust so that funds are distributed to you over time, and grant the trustee the authority to invest trust assets without your knowledge or consent.

How do I give my family money to the lottery?

A lottery winner can make a gift of some of the lottery winnings. This is legal only up to the annual exclusion limit, or else it will need gift tax liability. Making yearly gifts in this fashion is a good way to share the winnings with family members and friends while mitigating the tax implications.

How are lottery winnings taxed?

Before you see a dollar of lottery winnings, the IRS will take 25%. Up to an additional 13% could be withheld in state and local taxes, depending on where you live. Still, you'll probably owe more when taxes are due, since the top federal tax rate is 37%.

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 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.

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.

What to do if you win the lottery?

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.

Why do you need a trusted adviser?

That's why you'll need a capable and trustworthy adviser guiding you from day one. They'll help you make tough decisions you've likely never had to face before.

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.

Who is Jason Kurland?

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:

Factors That Reveal You Need a Lottery Lawyer

Here are some signs that tell you that you should hire a lotto attorney:

What Lawyer Types Should Lottery Winners Hire?

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.

Factors to Consider When Choosing a Lottery Lawyer

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!

The Best Attorneys and Lawyers Who Specialize in Lottery Winnings

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!

How to Hire a Lottery Lawyer

Do you want to hire a professional lotto attorney? Here are the steps to take when partnering with an expert:

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 that you will cover all the basics during that time.

What Lottery Lawyers Do for Jackpot Winners

What services can you expect from a professional attorney? Here are some situations when you could benefit from a lawyer:

How Much Does a Lottery Lawyer Cost?

The fee of the lottery attorney doesn’t need to be the same in all the regions or states. It may vary from region to region or state to state. Also, different states may have set different terms and conditions for hiring such a lawyer. So, the fee may also be different. However, such lawyers may charge $60 to $300 per hour from their clients.

Why Should I Hire an Attorney After Winning the Lottery?

After winning a huge amount from a jackpot, you may get confused about the further proceedings. So, you can’t decide what to do next. In such a situation, you’ll need a person who knows well how to claim and manage the lottery amount.

Frequently Asked Questions

You can hire any of the following experts to get the guidelines for receiving your lottery amount.

Conclusion

Being lucky, one may win the jackpot. This winning jackpot will bring a lot of money for the winner. However, new lottery winners may get confused about claiming their amount. This may put them in any complicated situation. To avoid such pitfalls, one must hire a lottery attorney after winning a jackpot.

Do you have to partner up with a lawyer before or after winning the lottery?

As mentioned above, you will be spending a considerable amount of time with your lawyer before, during, and after you claim your lottery winnings. Therefore, it is vital that you partner up with someone who you jive with and who jives with you.

Can you claim a lottery prize anonymously?

While there are states that will let lottery winners claim their prize anonymously, or in the name of a business, there are states that will not. A good lottery lawyer can help protect a winner’s identity and personal information as much as possible.

Who is John from Lotto?

John is the main author and editor of lottolibrary.com since 2019. He's a long time lottery player who has a specific interest in coming up with and testing various lottery strategies as he's always been obsessed with math, statistics, and probability theory.