which lawyer to hire for lottery won

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?

Apr 28, 2022 · 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 …

How can attorneys help lottery winners?

Jan 20, 2021 · 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 …

Do I need a lawyer if I win the lottery?

Jul 23, 2021 · Jason Kurland was included to highlight the significance of making the correct decision. Kurland was known for nearly a decade as the “top lawyer for lottery prize winners.”. …

How to actually win the lottery?

Apr 30, 2022 · And, of course, the lawyer should be familiar with the unique problems lottery winners face. It's not a decision that any winner should make lightly. In 2020, self-branded …

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

How do I hide after winning the lottery?

What kind of trust is best for lottery winnings?

Do you have to tell your spouse if you win the lottery?

Why do lottery winners go broke?

What do lottery winners do with their money?

How do I protect my lottery winnings from my ex wife?

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

Should you move after winning the lottery?

Can my ex wife get my lottery winnings?

Does my wife get half of my lottery winnings?

Can I share my lottery winnings with my family?

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.

How to find out if a lottery lawyer is a good one?

Take the time and do some research on a potential lottery lawyer. Reach out to their past clients and find out how their experience was. You can also look into their records to see if any disciplinary actions were taken against them in the past. All this information can be found online.

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.

Is a lottery lawyer expensive?

Obviously, you'd have to consider your budget when hiring at attorney. The good news is that a good lottery lawyer doesn't necessarily mean they'll be expensive. And an expensive lawyer doesn't automatically mean they'll be the right one for you. Also consider the payment agreement between the two of you.

Who is the lawyer for lottery winners?

Panouses has a whole office dedicated to assisting lottery winners. This lawyer has worked in a variety of areas for over three decades. He has assisted customers in a variety of sectors throughout time, making him a trustworthy option.

Why are lottery attorneys so expensive?

The high cost of lottery attorneys is due to the fact that their services are valuable. They deal with huge amounts of money and delicate legal matters. If you do anything improper, you may face higher penalties or possibly imprisonment. You don’t want to take that chance!

What to do when you win the lottery?

When you win the lottery, you want to go to the best lottery lawyers that can handle the case for you. After all, you are the one who has won! They are supposed to provide you with the best representation possible so that you are prepared to deal with the legal aspects of winning the lottery. For legal assistance, you need to go with an experienced lawyer who has been in the field of law for a very long time, has an excellent track record of being able to win cases both in the courtroom and in the court of public opinion.

How to know if a lawyer is trustworthy?

You may also go to professional review websites and social media sites. Feedback from past customers may be found here. If the majority of the perceptions are favorable , the lawyer is trustworthy.

What do you want in a lawyer?

You want a lawyer who is a good fit for your personality and who is ready to devote time and effort to your needs. Perhaps you need someone who is kind in their approach? Do you prefer someone who is more straightforward and will prevent you from making bad decisions? It all relies on your expectations, therefore don’t be afraid to make a decision based on that.

What is the most important thing to know about a lawyer?

The most important need is that you choose a knowledgeable and competent lawyer. You shouldn’t trust a lawyer who has no respectable clients in his portfolio, even if he’s a buddy.

Do you have to pay taxes after winning the lottery?

Experts in taxation After winning the jackpot, you’ll have to pay a variety of taxes. A lawyer can assist you in completing all of the necessary steps. Our lotto tax calculator can teach you about the different taxes that lottery winners are subject to.

Why is it important to find a lawyer for a lottery winner?

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.

What is a lottery lawyer?

A lottery lawyer is part of the advisory team that winners should put together to help them wade through the legalities of claiming a prize without making costly mistakes. A good lottery lawyer can protect jackpot winners, their families, and their hard-won cash.

Why do lottery winners need to make decisions?

New lottery winners need to make the decision whether to take a lump sum or an annuity payout. A lottery winner can keep them apprised about the legal and financial ramifications of their choice. Because they know the winner's exact financial status, they can give better advice than the winner would receive by reading articles online.

How to protect lottery winnings?

Another option many lottery winners choose is to set up a trust to claim the prize. In many cases, setting up a trust not only helps protect the winner's identity, but also prevents the winner from spending too much too quickly while fending off requests for handouts and donations. A lottery lawyer can help determine whether a trust is beneficial for the winner and if so, can help set it up.

Why do you want to keep the lottery private?

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. But keeping the word from spreading isn't a simple task. Some states let lottery winners claim their prizes anonymously. Others don't, but let winners claim in the name of a business, which can reduce the publicity they have to deal with. A good lottery lawyer can help winners protect their anonymity as much as possible.

What to do if you win a lottery?

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.

Do lottery lawyers need to be a lawyer?

You don't necessarily need a lawyer who brands themselves as a lottery lawyer, but you do want someone who has experience managing large windfalls. Good lottery lawyers have experience with taxes, estate planning, setting up trusts, and protecting assets.

Why do you need a lottery lawyer?

Hiring a lottery lawyer can help you create a strategy to manage your new-found wealth safely, which can greatly save you time. They can advise you when to claim your prize, how to keep your ticket safe, how to avoid overspending, how to manage yours and your family’s safety, and much more!

Who can help inexperienced lottery winners?

Inexperienced lottery winners could benefit from the advice of a seasoned lawyer, who knows the common missteps and how to avoid making them.

What to do after signing lottery ticket?

After signing your winning lottery ticket, and putting it in a safe and private place, getting a good lottery lawyer should be top on your priority list.

What does it mean when a lawyer isn't willing to discuss fees?

Don’t hesitate to ask detailed questions. If a lawyer isn’t willing to discuss fees, it might be an indication of poor client service.

Which states allow anonymous lottery winners?

In the US, there are six states that allow lottery winners to remain anonymous; they are Delaware, Kansas, Maryland, North Dakota, Ohio, and South Carolina. However, some states have made exceptions in a few cases, where a winner might be put in significant danger if their name was released.

Do lawyers know lottery law?

So this may seem like a no-brainer, but your lawyer should know lottery law like the back of their hand and have a list of past or current clients to prove it.

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.

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 can a lottery trust do?

An estate planning lawyer can ensure that your lottery trust clearly states how you will access, spend, donate, and save your money. In the case of multiple winners, especially in states that only allow a single payee per winning ticket, a lottery trust can clarify how the money should be divided and avoid any disagreements. Finally, a trust can also give basic directions for what should happen to your fortune if you pass away unexpectedly.

What can a lawyer do for you?

Your lawyer can also clarify important estate planning details, such as preparing a final will; preparing a living will that identifies who can handle your affairs if you are unable to do so; and a medical directive specifying who is allowed to make decisions on continuing or stopping life support .

Do you need a lawyer for a lawsuit?

However, when a frivolous lawsuit rears its head, you’ll need a lawyer to protect you. Your lawyer can defend you in court and anticipate additional vulnerabilities that may put you at risk for other legal trouble.

How to Choose the Right Lawyer

Hiring a lawyer is always an important decision. If you hire one that cannot do their job properly, it can lead to significant problems down the line. Therefore, if you want to make sure that the person you hire will help you in the best way possible, try to figure out what kind of lawyer that person is.

Taxation of Lottery Winnings

Many countries require lottery winners to pay income tax on their winnings. Whether or not you are required to pay taxes on your winnings depends on the laws of the country where you won the money, and it is essential that you research the local laws related to the subject.

Telling People You Won The Lottery

When people find out that you have won the lottery, they will definitely be curious and want to learn more about how it happened. Some people will want to congratulate you on your achievement, some will want to tell you what they think you should do with your lottery winnings, and some might be in a sudden need of borrowing money.

Identity Protection

Lotteries are fun and exciting, but they can also be quite dangerous if you get involved with the wrong crowd or make some costly mistakes. For example, your identity may be stolen if someone finds out that you have won a lottery and decides to get their hands on your hard-earned cash.

Transferring Lottery Winnings to Your Bank Account

When you win a lottery, you will want to get your winnings deposited into your bank account as soon as possible.

Final Thoughts

To sum up, lawyers are worth hiring if you want to make sure that your newfound wealth is handled properly and that you do not run the risk of losing it all. If you ever win a lottery, it is important to remember that even though you have beaten the odds and can finally enjoy the results, your work is not done yet.

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.

How to claim a lottery ticket?

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. 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. You may be requested to verify where you bought it and/or how you obtained custody. Sign it so even if someone takes it, it creates an immediate presumption that it is/was yours.

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.

Do lottery winners find terrible fates?

Finally, don’t be a woe-filled story. Statistics show lottery winners often find terrible fates. Here are some more stories of the bad days which may follow:

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.

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.

Is Powerball 1 in 292,201,338 real?

Let’s say you have that 1 in 292,201,338 ticket. You’ve checked the winning powerball numbers twice. It’s real. Your heart is racing. Your mind is full of thoughts. You want to scream it from the rooftops and call work and let them know you will certainly not be coming back.