A friend recommended that I ask reddit, as they have a very helpful community. I recently won the national lottery (don't want to specify country for privacy reasons, but somewhere in Europe) of about $1,5 million, which leaves me with $750.000 after taxes. Here's my situation: I'm 25 and I have a masters degree in Civil engineering.
Hire a GOOD accountant firm with strong internal oversight (i.e. not some stand-alone accountant who might rip you off, or not pay your taxes). Get a lawyer on retainer. Doesn't need to be amazing, just someone to write threatening letters. Take half of your money and put it in a long term stable investment that gives you some kind of yearly return (e.g. 1.5 million in, 40K …
I recently won about $2.3 million playing the lottery in my state. Using a throwaway for obvious reasons. Note, this is AFTER TAX money, in my pocket now. No need to discuss annuities, etc. I'm 30 y/o, have a full time job making about $100k per year. I have about $125k in a 401k, an another $25k in cash. I understand a lot about finance ...
I won a $30 million lottery jackpot and have spent the last 5 years traveling the world. AMA. Inspired by this AMA, I won a considerably larger amount in 2001. I'll answer any question that won't reveal my identity. edit: Going out for a bit, I'll get back to answering questions later. edit 2: This became a lot more popular than I thought it would.
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.
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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.
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. 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.
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.
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:
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.
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.
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.
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.