what type of lawyer do i need 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.

Full Answer

Why get a lawyer if you win the lottery?

What Lottery Lawyers Do for Jackpot Winners

• Protecting Anonymity. 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.
• Putting Together a Trustworthy Advisory Team. ...
• Advising About Payout Options. ...
• Avoiding Common Mistakes. ...
• Quashing Frivolous Lawsuits. ...

How can attorneys help lottery winners?

• The Attorney. This is the first person to hire. ...
• 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. ...
• Accountant. This person will handle all the tax matters and keep you out of trouble with the IRS. ...

Do I need a lawyer if I win the lottery?

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. Besides, it's not like you wouldn't be able to afford them anyway.

How to actually win the lottery?

That is why he shared nine critical tips for lottery players, which include:

• Buying additional lottery tickets for a particular game increases your odds of winning in that session.
• Start a syndicate where you could pool money with other players to increase your winning odds.
• Never go for consecutive numbers. ...
• Never go with numbers that are in the same group and end with a similar digit. ...

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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.

What is the first things to do after winning 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. Protect your privacy.

How do you protect yourself after winning the lottery?

Here are tips for big lottery winners to try to maintain their privacy.Handling your ticket. The standard advice is to sign the back of your ticket. ... Keep quiet. While you might be eager to share your exciting news, experts say the fewer people who know, the better. ... Money management. ... Plan an escape.

Should you get a financial advisor 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.

How long after winning the lottery do you get the money?

When you win a Powerball or Mega Millions jackpot, there is a 15-day waiting period between the draw date and when the jackpot will be paid out, as money from ticket sales needs to be collected in order to pay out the jackpot.

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.

Is it better to take lump sum or annuity lottery?

While an annuity may offer more financial security over a longer period of time, you can invest a lump sum, which could offer you more money down the road. Take the time to weigh your options, and choose the one that's best for your financial situation.

How do I keep my lottery winnings a secret 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.

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.

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.

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.

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 the 1/3 of the Powerball winners?

Among his most notable clients include Maureen Smith and David Kaltschmidt. The married couple is better known as 1/3 of the winners of the $1.58 billion Powerball jackpot back in January 2016. On top of providing legal counsel, Panouses also acts as the defacto PR person for the couple.

Do lottery lawyers have to be good?

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.

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 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.

Why is it important to hire a lawyer when you win the lottery?

A life-changing amount of money calls for sound decision-making and guidance from professionals. When you win the lottery, it can make you a target for scams and possible lawsuits . Because of this, it is important to consider hiring a lawyer. After the excitement and shock of holding the winning ticket, selecting a lawyer and asking ...

How to hire a lawyer?

Research to do before hiring a lawyer: 1 Google the lawyer before you call and see what information is available. 2 Check with the state’s licensing authority. Has the lawyer ever been disciplined? Many state licensing authorities now maintain an online database of lawyers and their disciplinary records.

Is it hard to say no to the lottery?

Winning the lottery should be a happy time. So, it might be especially hard for you to say “no.”. Pritchard explains that a good lawyer knows how to say “no” and make it stick. Also, they are a “shield” for clients.

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.

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.

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.

What can a lawyer do to help you win the lottery?

There's a lot of technical stuff to winning the lottery – not to mention the amount of money at stake – and a good lawyer will help you through all legal processes involved. They can help you keep as much of your winnings as legally possible, and might even be able to find creative ways of protecting your anonymity.

Where to write your name on a lottery ticket?

Just write your full name and signature on the back of your ticket, but leave some space above it. That's because if you decide to redeem your prize through a trust fund or other legal entity, you'll be able to write the name of the entity above it.

What does it mean when you lose a lottery ticket?

If you lose your ticket or if someone steals it, having your name on the ticket means that no one else will be able to cash it in without getting in trouble.

What is the best way to manage your money?

A financial adviser : You'll want to work with an expert who can show you how to manage your newfound wealth. A financial adviser will help you figure out what to spend your winnings on, where to invest, and how to plan for your future. They can guarantee that your money stays safe, and continues to grow.

What to do with your money?

Speaking of professionals, there are two more people we recommend hiring: 1 A financial adviser : You'll want to work with an expert who can show you how to manage your newfound wealth. A financial adviser will help you figure out what to spend your winnings on, where to invest, and how to plan for your future. They can guarantee that your money stays safe, and continues to grow. 2 An accountant : If you're thinking long-term – and you should be – get an account to help keep track of your finances. You should be busy growing your money or enjoying it. Leave the number crunching to someone you can depend on.

How to prepare for being a millionaire?

Accept that many changes will occur that are out of your control. Plan out a path for what you want to do and , most importantly, what you need to do. Also, prepare a contingency in case things go south.

Who won the Mega Millions?

This should be obvious. Take it from Shane Missler, who won the Mega Millions jackpot and immediately posted about it on Facebook. It wasn't long before he was caught right in the middle of a social media scandal, with hundreds of people hounding him for handouts.