what lawyer to have 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. This lawyer has more than three decades of...
• Walt Blenner. Blenner focused on personal injury and estate planning cases for most of his career. As time passed, he...
• Willis Law. This is another attorney group that could help...

Full Answer

Why get a lawyer if you win the lottery?

Dec 26, 2021 · The Best Attorneys and Lawyers Who Specialize in Lottery Winnings Kurt Panouses. Panouses has an entire office ready to help lottery winners. This lawyer has more than three decades of... Walt Blenner. Blenner focused on personal injury and estate planning cases for most of his career. As time ...

How can attorneys help lottery winners?

Jan 20, 2021 · The Best Attorneys and Lawyers Who Specialize in Lottery Winnings Jason Kurland. Breaking News: Jason Kurland was charged by the F.B.I. on August 18th, 2020 for defrauding three lottery... Kurt Panouses. As an attorney and CPA that’s been practicing for more than 30 years, Kurt Panouses is one ...

Do I need a lawyer if I win the lottery?

Dec 30, 2020 · A good lottery lawyer knows the ins and outs of lottery law and has represented other big winners and people who have received unexpected financial windfalls. They should have proven experience with tax law, trust planning, asset protection, and other financial considerations in your specific statet. Price

How to actually win the lottery?

A proper lottery lawyer will be able to help you to navigate the waters surrounding taxation and ensuring that you pay the correct amount, while also not overpaying. The lawyer may have a particular accountant that they work with and trust.

How do you protect yourself after winning the lottery?

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

What should you do if you win a huge lottery?

If you become the next big lottery winner, make sure you do these 5 things:Sign your lottery ticket. Make sure that you sign your winning lottery ticket. ... Remain anonymous if possible. Some people like attention; some don't. ... Choose between the lump sum and annuity payments. ... Hire financial advisors. ... Pay off debt.Sep 18, 2021

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

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.

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

How long does it take to get lottery winnings?

If you're wondering how long do you have to claim a lottery ticket when you win playing Mega Millions or Powerball, you'll be glad to hear that most states give at least 180 days (excluding New Mexico where a winner has just 90 days) and many states give winners up to a year to collect their prizes.

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.

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

How do I set up a blind trust for lottery winnings?

You set up a trust by drafting and signing a trust deed in accordance with state law. The trust deed should appoint a trustee and name you as both grantor and beneficiary. The deed should clearly state that the trust is irrevocable.

Can you share lottery winnings?

Essentially, there is no limit to the amount of lottery winnings you can gift to a family member. This relates to the general rule that you can gift however much money you like. That said, any amount of money gifted that's above your annual allowances could be subject to inheritance tax.Nov 26, 2021

What would you do if you won the Powerball?

The first thing to think about is making sure your golden ticket is secure. According to State Farm, winners should make several copies of the ticket - both sides - to show to an attorney or accountant. Then make sure the ticket is physically safe, placing it in a safe or bank safe deposit box.Oct 4, 2021

Do you win any money for getting 2 numbers on Mega Millions?

2 numbers plus the Mega Ball - $10 If your ticket matches two numbers and the Mega Ball you'll get $10 but the odds to get there begin to skyrocket to 1 in 693.Feb 24, 2021

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 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.

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 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 Walt Blenner?

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.

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.

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.

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.

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.

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 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.

Can you gift lottery winnings?

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.

Is lottery money considered marital property?

Lottery money may be considered marital property acquired during the marriage, particularly if the ticket was purchased with marital funds. Lottery winnings may be subject to division upon divorce, so you may want to speak with an asset protection attorney if a divorce is pending.

Is lottery winnings taxable?

The law considers lottery winnings taxable income. Whether received as a lump-sum payment or in multiple annual payments, the winnings will be taxed as you receive them. A trust may be an excellent option to hold the lottery winnings.

What do you need to do with your lottery winnings?

With your lottery winnings, you might buy a beautiful new mansion, launch the business of your dreams , or travel all around the world with your loved ones. What you need for all big endeavors is proper insurance. While you can purchase insurance from various brokers, their main incentive is to sell you a product. It doesn’t hurt to get a second opinion from an insurance lawyer who can tell you the pros and cons of any policy you are contemplating.

How much did a 50 year old woman win in the Michigan Powerball?

A 50-year old woman recently won $310.5 million in the Michigan Powerball jackpot. She promptly quit her job at a Michigan fiberglass factory, which she’d described as a “nasty, dirty” job. After taxes, she takes home about $140 million. The top three largest lottery wins in American history are:

How much did Tonda Lynn Dickerson get from Lotto?

13 years after Tonda Lynn Dickerson won $10 million from a lotto ticket given to her by a regular customer at the Waffle House where she worked, the IRS ordered Dickerson to pay a gift tax for $1,119,347.90. Dickerson had placed her winnings in a corporation and granted her family 51 percent of the stock, which qualified for the gift tax according to the U.S. Tax Court. Oops.

What episode did a man get pushed off the roof of his hotel?

You may have seen that CSI: Las Vegas episode where a man won a huge sum gambling in the casino and was then pushed off the roof of his hotel by… as everyone suspected … his girlfriend.