Posted: Monday, Jun 07,2021 | Time: 07:06 am | Edited by: The Lottery Lab Staff
When you win the lottery, what's the first thing you will do?
Check the numbers again to confirm your win? Call your family and friends? Photocopy your winning ticket?
Obviously winning millions can feel like an overwhelming situation. It might be hard to believe that you are the Lottery Jackpot Winner!
After taking a deep breath and coming to grips with the whole situation, what's the first thing that will come to your mind?
Will you slide out your dream list? You know, the one you have been preparing all these years? Of course, yes! Every single player out there would think of fulfilling all their dreams after winning king-size money!
Earning an enormous amount of wealth in a single stroke of luck is nothing less than a dream come true. But before letting your thoughts run away with ideas to splurge with your newfound wealth, you should first get in touch with a good legal advisor. Immediately after you win are the most crucial times in your life. You have to curb your excitement and proceed with more caution and attention than in ordinary situations. Irrespective of what lottery you have won, you will need good legal advice to keep yourself and the winnings secure. You have to take into account taxes, estate planning, insurance, your privacy, and more. All over this is why you will want to hire a lottery lawyer.
It can be an overwhelming situation for huge lottery winners as they face multiple decisions before claiming their jackpot. To make things more confusing, every state lottery has its own procedures for claiming a prize so there is no simple guide that works for every winner. That is when a lottery lawyer and good financial advice come in handy.
The legal advice provided by a lawyer helps you to wade through the nuances of claiming a prize without making any costly mistakes. This help can be pivotal in setting up tax strategies, estate planning, setting up trusts, and protecting your assets without losing it all to scams or thefts.
Winning bundles of cash can actually be troublesome if you don’t make decisions wisely! Lottery lawyers can help you know what options you have and which are the best decisions for your unique situation.
When you win the lottery, you want to keep the news of your good luck and your personal details as private as possible. Protecting your privacy helps avoid becoming the target of scams, lawsuits, and straight-outs begging for cash. However, keeping your personal details private isn't as simple as wanting to keep a low profile. There are only a few state lotteries that allow their winners to claim prizes anonymously. While there are some that let the winners claim in the name of a business or a trust, most states require that winners disclose some personal information to the public. Good lottery advice can help you as a lottery winner protect anonymity as much as possible or help determine whether a trust can be beneficial or not.
When you win a major jackpot, you have to decide whether to your prize as a lump sum or an annuity. Since every person’s financial situation and goals are different, it can be hard to decipher the advice you can find on the internet. Instead, your financial and legal advisors can easily inform you about your choices and the relative benefits of each. Since they know your financial status and risk tolerance, they can help you put together a set of decisions that work together to give you ideal results.
An experienced lottery lawyer knows the pitfalls that inexperienced lottery winners are prone to face. The lawyer can help you decide the best time to claim your prize, how to avoid overspending, managing donations, and a lot more.
Unfortunately, lottery winners make easy targets for people who want to cheat winners. Frivolous lawsuits are one of the ways that unscrupulous people try to worm their way into your winnings. Good lottery advice will not only defend you from such lawsuits but can also anticipate the ways you are vulnerable to targets and help to guard against them.
After winning the majority of winners invest some time with a financial team. It is vital to find people you trust and feel comfortable with. This isn’t a decision you should take lightly. In 2020, a lawyer named Jason Kurland was indicted for defrauding his clients for over $100 million. So, you should be fully aware of the experience and record of anyone you trust with your lottery winnings.
A good lottery advisor knows the ins and outs of lottery laws and has represented winners and others who have received unexpected financial windfalls. They should be able to provide these past clients as references. Ask the references about the lawyer’s experience with tax laws, trust planning, asset protection, and other financial considerations.
Everybody demands a price for the professional services they offer. In many cases, legal advisors charge hefty fees. But you should be wary that you are not paying unreasonably high prices. Remember, just because a lawyer is expensive doesn't necessarily mean that he is a good lawyer. You should never pay a percentage of your prize to a lawyer.
Ok, so a lawyer with a history of disciplinary actions should not be your first choice. Even if it is a lawyer who you personally trust, a lawyer with a questionable past can create unexpected and unneeded problems. Most states maintain databases that can help you check out the complete information about lawyers you are considering hiring.
Finding a lawyer you can trust requires a lot of research. You need to perform some deep research to find out whether clients have had good or bad experiences with any advisors you are considering. Good research will give you insights into the compliments or complaints people had. Bear in mind that since everyone’s personal situation is different, some people may have had negative experiences with lawyers who might be excellent matches for your needs. For instance, imagine an aggressive and experienced investor who complained that his lawyer was too cautious and conservative. Unless you are also aggressive and experienced, you may actually want the cautious and conservative lawyer. For that reason, take the time to understand why someone thinks a lawyer is “good” or “bad”.
Once you know what you are looking for in your lottery legal advisor, interview the shortlisted ones personally to make sure you find the right fit.
Ultimately, this is subjective. If you feel that you can manage your lottery winnings properly and can keep control over taxes, laws and secure your newfound wealth from potential risks, then you can probably own the moment and walk in without taking any help. But even if you are smart and experienced, hiring legal advisors can save you from making bad decisions simply by giving you someone else to share your plans with. The lawyers will help you recognize ways that you might fall prey to con artists. So, it's always better to have a helping hand rather than risk losing it all.
"You've got just as much chance of getting struck by lightning as you do of winning the lottery."
So if you have caught the lightning, make the most of it!