Posted: Monday, Apr 15,2019 | Time: 04:28 am | Edited by: The Lottery Lab Staff
When you win a jackpot in the lottery, what is the first thing that comes to your mind? The expensive things you always wanted to buy? This is natural. Anyone first thinks how they want to spend their windfall even before properly claiming it. But you are going to need legal help to ensure that you can get your hands on as much of that money as possible. Here are some facts which will help you appreciate how important it is to hire a lawyer when you win a jackpot.
Big jackpot winners often feel overwhelmed by the number of decisions they have to make even before claiming their jackpot prize. A big reason this can be so confusing is that every state has its own set of protocols and procedures to follow for claiming the prize and for minimizing tax liabilities. Since most people don’t have experience claiming a major lottery prize, you can’t simply ask a trusted friend or do a quick internet search. A lottery lawyer is a legal team member who works for winners and helps them wade through the intricacies of the claiming procedure while protecting their money, their identities, their hard-won cash, and their sanity.
For instance, there are some states that allow lottery winners to claim their prizes anonymously. And then there are some states which let the winners claim their prize money under the name of a business they form, in order to reduce the public attraction they attract, potentially reducing the safety threats as well. A good lawyer can help you protect your identity as much as possible.
Winners can also claim their money under the name of a trust, in order to protect their identity. To claim your winnings under the name of a trust, you will need to set up a trust to claim the winnings. In that case, the trust will not only help conceal your identity but will also protect you from uncontrolled spending. It will also be helpful in fending off requests for handouts and charity. A lottery lawyer can help the winner to determine whether a trust is beneficial for the winner and if so, they can help set it up!
Winning a lottery is not something you experience on a routine basis, hence, most of the lottery winners are inexperienced. New lottery winners have to make decisions like whether to take a lump sum or an annuity payout. A lottery lawyer can keep the winners apprised about the legal and financial ramifications of their choice.
A lawyer is aware of the various pitfalls and difficulties faced by inexperienced lottery winners. Therefore, they can help their clients in making the right decisions including the proper moment to claim a prize, how to keep their lottery ticket safe, how to avoid overspending, how to keep their identity safe, how to avoid scams, and so on. Unfortunately, lottery winners often become the victim of scams and face frivolous lawsuits.
Professional scammers target innocent and inexperienced lottery winners and the bad news is they often succeed. A lottery lawyer is a valuable ally who can help you create a strategy to manage your lottery winnings safely. They will not only defend you from external attacks (like lawsuits and scams) but will also save you from yourself (overspending and bad investment decisions).
A lawyer is an important asset for the lottery winner but is not the only team member needed by the lottery winner. Winners are encouraged to hire a functioning team made up of a lawyer, an accountant, and a financial advisor. A lottery lawyer can guide the winner to seek help when it comes to legal matters whereas a team of an accountant and a financial advisor can help them deal with the large windfalls.