what kind of lawyer to hire when you win the lottery

The Best Attorneys and Lawyers Who Specialize in Lottery Winnings

• Kurt Panouses. Panouses has an entire office ready to help lottery winners. ...
• Walt Blenner. Blenner focused on personal injury and estate planning cases for most of his career. ...
• Willis Law. This is another attorney group that could help players after winning large lottery sums. ...
• Jason Kurland. You need to be careful when choosing a lottery lawyer. ...

Full Answer

Why get a lawyer if you win the lottery?

Dec 26, 2021 · 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. Here are the common areas of specialization for lottery lawyers: Tax experts.

How can attorneys help lottery winners?

Aug 30, 2018 · The lottery lawyer isn't the only important team member that a new jackpot winner needs. An accountant and a financial advisor with experience in helping people deal with large windfalls are also very helpful. A lottery lawyer can help winners pick the other members of their advisory team. Advising About Payout Options

Do I need a lawyer if I win the lottery?

Jan 20, 2021 · 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.

How to actually win the lottery?

A lottery lawyer is a lawyer who is educated in lottery law, and who has experience dealing with jackpot winners; they provide guidance and legal protection that is of great value. Though it is not required to hire a lottery lawyer, it may be worth investing in one, as winners can often feel anxious about the number of decisions they have to make before even claiming their jackpot.

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

The best financial advisor for lottery winners will work with you even before you receive the money. They will be a critical resource to help prepare you for the money and help you create a comprehensive financial plan.

What is the first thing you do when you win the lottery?

Take a deep breath and take your time. You have a set amount of time to turn in your ticket, so don't run off to the lottery office first thing the next morning. Let yourself calm down, and then set to work carefully forming your team and plans before you contact the lottery officials.

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.Jun 11, 2021

How can I protect my lottery winnings?

1. Protect your ticket. The standard advice from experts is to sign the back of the winning ticket so that if you are separated from it, your signature can help ensure you still get the prize. "You want the ticket signed, because whoever signs it is the winner," Kurland said.Jan 10, 2020

How long does it take to claim lottery winnings?

All draw game prizes must be claimed within 180 days after the draw (unless you follow the procedure which allows you to claim within 7 days after the end of the claim period - see the relevant Rules for more information).

How long does it take for lottery to pay into account?

Once removed, the transfer will be made via the debit card registered on your National Lottery account. It can take 3 to 5 working days for the money to be credited to your bank account.

Do lottery winners have to reveal their identity?

Right now only seven states allow lottery winners to maintain their anonymity: Delaware, Kansas, Maryland, North Dakota, Texas, Ohio and South Carolina. And six states also allow people to form a trust to claim prize money anonymously. California entirely forbids lottery winners to remain anonymous.

How do lottery winners stay anonymous?

We talked to several professionals — including lawyers and one of the world's top blackjack players — to get their best tips.Buy your ticket in a state that doesn't require you to come forward. ... Don't tell anyone. ... Delete social media accounts (and change your phone number and address, too). ... Wear a disguise.More items...•Jan 14, 2021

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

Many lottery winners end up taking the lump sum and spending all their money in a few years. Taking the annuity option gives yourself time to figure out how you want to manage your money, and protects you against yourself as well as anyone who might take advantage of you.Feb 15, 2022

Can you pass your lottery winnings to family?

"A lottery annuity prize is just like any other asset. You can pass any remaining annuity payments on to your heirs or to anyone else." The estate, the FAQ page notes, may choose annuity payments or a lump sum.

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

Currently, that amount is about $5 million a person. Any property given away over that is taxed at the rate of 35%. 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

What do lottery winners do with their money?

Lottery Winners Use Their Prizes to Make Investments Further down on the list, lottery winners spent their winnings on luxury cars, gifts to family and friends, holidays, and paying off debts and mortgages. This study also highlighted just how much winners spend on their friends and family.

What Is a Lottery Lawyer?

Big lottery winners may feel overwhelmed by the number of decisions they have to make before they even claim a jackpot. To make things even more confusing, each state that participates in the lottery has its own procedures for claiming a prize and for minimizing tax liability. That's why a lawyer's help really comes in handy.

What Lottery Lawyers Do for Jackpot Winners

If you've just won a bundle of cash, you might balk at giving a big chunk of it to a lawyer right off the bat. However, hiring a good lawyer really pays off in the long run. Here are some examples of what lottery lawyers do for jackpot winners:

How to Hire a Lottery Lawyer

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.

When Should You Hire a Lottery Lawyer?

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.

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.

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 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:

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.

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.

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.

Taxes

While we would love to think that if we win 20 million dollars that we would be handed over that exact amount, we mostly all realize that is not the case. That big win comes along with a substantial tax bill that needs to be rectified, either right away or during tax season.

Your Identity

We have all seen the news stories: Local Woman Wins Big Earnings at Her Nearby Gas Station. It is no surprise that the entire community (the whole country, even!) gets excited when there is a lottery winner. It is almost as if they won the prize along with the winner.

Drafting Protections

If you win a substantial amount of money, you will likely need some legal documents drawn up to see how to best protect your newfound bounty. You will want to put protections in place for yourself and any recipient of the prize money that you choose.

In Your Corner for Lawsuits

You may ask yourself why would I find myself in the midst of a lawsuit? Unfortunately, as we said earlier, there are many people who are looking to capitalize on another person’s gains.

Summary – Why should you Hire a Lawyer when Winning the Lottery

Winning the lottery is an exciting and once-in-a-lifetime event. It can come at a moment’s notice and most of the time, we purchase our tickets and think that there is no way that it will actually happen to us. We purchase it with a dream and a hope and a dose of reality.

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.

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.

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 csellner@pacpensions.com today to set up your appointment.

Can you go bankrupt from lavish spending?

Lavish spending for a few years can quickly lead to burning through millions , and winners often end up declaring bankruptcy. “ People need advisors and accounts set up before claiming their winnings," advises Bruce Ellner, a professional retirement planner with California Pensions, “the professionals will help the winner hold on to as much ...

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 does Kenny Rogers say about safe moves?

Make safe moves, and by all means, don’t show it off or brag about it . It’s like Kenny Rogers said (with my own personal remix): Every gambler knows. That the secret to survivin’. Is knowin’ what to throw away. And knowin’ what to keep (locked in a safe) ‘Cause every hand’s a winner. And every hand’s a loser.

Which states allow anonymous donations?

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.

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.

Who is the first in line in Fear and Loathing in Las Vegas?

Uncle Sam (and Aunt Samantha) will be First in Line. We do not recommend following in the footsteps of the characters in Fear and Loathing in Las Vegas, which was based on two trips to Las Vegas, Nevada, that Hunter S. Thompson took with his attorney Oscar Zeta Acosta in March and April 1971.

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.

Why do I need a lawyer?

Stay anonymous, if possible. Another reason to hire a lawyer first is for help creating an entity, such as a revocable living trust or a family limited partnership that masks your personal identity.

How old was the widow who won the Powerball?

More pertinent is your age. The biggest payout to a single Powerball winner occurred in May, when an 84-year-old widow from Florida took her $370 million pretax payout at once.

How much is the Powerball jackpot worth?

The latest Powerball jackpot is worth about $400 million, the fourth largest jackpot in the history of the game.

How to protect your ticket?

Protect your ticket. Sign your winning ticket, make copies of it and stash the original in a safe-deposit box. If you are separated from the ticket, your signature should ensure you won’t be separated from the prize. The safe-deposit box will help ensure you’re not separated from it. Get help before you claim the prize.

Do you have to choose whether to receive 30 allotments or a single payment?

Winners must choose whether to receive 30 annual allotments or a single payment, a choice that’s often made based on the tax ramifications. But since taxes are likely to be going up, it’s better to have even a lesser amount taxed at lower rates—and your annual payments are going to take a tax hit anyway.

Does spending diminish over time?

The pleasure of spending diminishes over time, after all. The pleasure of having it doesn’t. Name your charity. Eventually, experts say, someone sitting on several hundreds of millions starts to think of their legacy—and ways to reduce the taxes now, and on their survivors when they go.

1. HIRING A TAX ATTORNEY

If you win the lottery in the US, the very first decision you’ll need to make is how to collect your winnings. Will you take a lump sum or yearly instalments spread out over several decades? Both options come with different tax implications that affect the amount of money you will receive in the end.

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.

3. PLANNING YOUR ESTATE

Wealthy people have complex assets that need serious planning for the future. An estate planning lawyer can ensure a smooth transition of wealth and minimize legal and tax costs for your heirs.

4. FIGHTING LAWSUITS

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.