As a lottery winner, you may think that your biggest decision is “What should I buy first?” However, you should actually be saving as much of that money as possible to help you in the future. For this, you’ll want to get some legal advice.
What is a lottery lawyer?
As a lottery winner who’s won a lot of money, you’re faced with an overwhelming number of decisions that must be made prior to collecting the money. This is vital since every state has its own legalities regarding claiming the prize and minimizing tax liabilities. So, without good legal advice, you’re bound to make some costly mistakes.
Why is legal advice important for a lottery winner?
When you win the lottery, you may balk at paying some of that money to a lawyer right away. However, doing so will pay off in several ways, including:
- You’ll want someone who’s familiar with how to protect your anonymity so that you don’t become the target of scams, beggars, and unscrupulous lawsuits. In states where you can’t claim the prize without using your name, you’ll need help either establishing a business name or setting up a trust.
- You’ll need legal advice that’ll help you choose when the best time is to claim your winnings and how to safeguard your ticket until then. Once you’ve claimed your winnings, you’ll need help to help you avoid overspending, maintain your safety, and manage your wealth.
- Once you claim your winnings, you’re likely to become the target of the “lottery curse” – people who bring up frivolous lawsuits or otherwise scam you out of your money. Your lawyer won’t only defend you when these things arise, but they’ll also be on the lookout for them to begin with.
How do I ensure I get good legal advice?
Since you’re likely to spend a lot of time with your financial team, you’ll want to find people that you not only trust but with whom you also feel comfortable. It’s also essential to ensure that the lawyer is familiar with the unique issues that are faced by lottery winners. Some things to consider when hiring a lottery attorney include the following:
- You’ll want a lawyer who understands the lottery law and has represented others who’ve received big, unexpected financial windfalls in the past. They should be familiar with things like trust planning, tax laws, and asset protection.
- Make sure that you feel as though you can trust your lawyer and work well with them. Remember, as a lottery winner; it’s your right to interview several candidates to ensure that you find someone with whom you mesh well.
When should I hire a lawyer?
If you win a lot of money in the lottery, you should make it a priority to contact us at Blenner Law Group in Palm Harbor, FL, right away. Ensuring that you’re represented prior to telling anyone about your winnings or claiming your prize will ensure that you make the right financial decisions, so contact us when you hit it big.
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