why should you get a lawyer for powerball

It doesn’t matter if it’s a mind-boggling Powerball jackpot, Mega Millions or another smaller victory. 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.

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Should I hire a lawyer if I win the lottery?

Aug 30, 2018 · A lottery lawyer can help winners pick the other members of their advisory team. Advising About Payout Options 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.

What should you do if you win the Powerball jackpot?

The Powerball Lawyer. Get In Touch. Winning Ticket Checklist. 3 steps to stay anonymous and keep your money secure. 1. Check the Ticket. Check, double check, and then triple check the ticket. Make sure your numbers match up with the winning numbers and that you have the correct drawing date. If you confirm that you have indeed won, tell nobody ...

Who is the Attorney for the lottery in Philadelphia?

Oct 09, 2019 · 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 the right questions can be overwhelming.

Did you win money playing the lottery?

Jan 08, 2016 · After you've regained composure and made sure not to spill the beans, the next item on your to-do list is hire an attorney. "Get a partner from a larger, NATIONAL firm," Reddit user BlakeClass says.

What is the first thing you should do if you win 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

How do I keep my lottery winnings secret?

Another way is to not tell anyone you scored the jackpot or change much of your lifestyle to avoid having your identity revealed. Deleting social media accounts, changing phone numbers, and addresses can also be an alternative to remaining anonymous.Aug 19, 2021

Is there a secret to winning the Powerball?

The truth of the matter is - there is probably no secret or trick in playing lotto. In fact, people who have won the jackpot for more than once shared that there are certain strategy that you can do to increase the chance of winning.Oct 24, 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

How can I hide lottery winnings 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.

Why do lottery winners have to go public?

They want the public to know that ordinary people can, and do, win lottery prizes, even incredible jackpot prizes worth hundreds of millions of dollars. Publishing the names of prize winners increases the public's trust in the fairness of lottery draws.

Should I do quick pick for Powerball?

Quick Pick is fast and easy so most people do that. Lotto officials say roughly 70 to 80% play that way. The law of averages just works out over time. Here's the other thing, you can buy one ticket, five, or 10, but remember that only gives you more chances at winning and not better chances at becoming a millionaire.Jan 7, 2022

What is the most common Powerball number?

Most common main numbers32: Drawn 66 times.23: Drawn 64 times.61: Drawn 64 times.53: Drawn 61 times.21: Drawn 59 times.63: Drawn 58 times.59: Drawn 57 times.69: Drawn 57 times.More items...•Jan 5, 2022

What are the 9 Ways to Win Powerball?

What are the nine prizes for the Powerball?1 number plus the Powerball – still $4. ... 2 numbers plus the Powerball - $7. ... 3 numbers - $7 again. ... 3 numbers plus the Powerball - $100. ... 4 numbers - $100. ... 4 numbers plus the Powerball - $50,000. ... 5 numbers - $1 million.Dec 28, 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

How does a blind trust work for lottery winners?

Donate your winning lottery ticket to the trust, and the trustee can then collect your prize in the trust's name and invest it. You can still choose to accept the funds in a lump sum or installments, but they will be paid to the trust instead of to you as an individual.

What is the cash option for Mega Millions?

How much is the Mega Millions payout? The figure that can be won varies from as low as $1,000 to over $500 million depending on the number of winners. This is because the Mega Millions cash lump-sum payout is the available jackpot prize amount won at the time of the draw.Feb 8, 2022

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.

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.

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 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.

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.

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:

How to stay anonymous on lottery?

3 steps to stay anonymous and keep your money secure. 1. Check the Ticket. Check, double check, and then triple check the ticket. Make sure your numbers match up with the winning numbers and that you have the correct drawing date.

Who is Kurt from Powerball?

A board certified Attorney and CPA with over 35 years of experience in estate planning and tax. A specialist in Wills, Trusts, and Estates law, Kurt also has extensive experience dealing with lottery winners ranging from $2-528 million in size. Kurt has had multiple high-profile clients including the January 2016 Powerball winners from Melbourne Beach, Florida. Kurt has also been featured on Good Morning America, USA Today, and several magazine and local publications regarding lottery issues.

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.

What does Pritchard say about counsel?

Pritchard brings up another point before engaging counsel; make sure you like the lawyer, feel they are trustworthy and has your best interests at heart. After all, you will be working closely with this person during a pressure-packed period of time. “If there’s any question in your mind, trust yourself and move on.

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.

Why do you sign the back of a winning 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. However, signing it could interfere with your ability to shield your identity from the public, depending on where you bought it.

How much is the Mega Millions jackpot?

Jackpot winners get to decide between taking an immediate lump sum or spreading out their winnings over three decades. Either way, the IRS will take 24 percent before the money reaches you. For the $654 million Mega Millions jackpot, the cash option is $372 million. For the $345 million Powerball, it’s $199 million.

How long does it take to claim a Mega Millions jackpot?

For both the Powerball and Mega Millions jackpots, winners get anywhere from three or six months to a year to claim their prize, depending on where the winning ticket was purchased. Experts recommended taking a deep breath and using as much time as you need to prepare to claim your winnings.

Can you claim a prize anonymously?

A handful of states states let you claim anonymously, while others require the winner’s name to be announced. Still, others will allow a trust or other legal entity to claim the prize on your behalf, thereby keeping your name out of the public eye.