When you win the lottery, it is important to find a lawyer who can help you with the various legal pitfalls that come with such a windfall. A lawyer with experience in this area can help you avoid unwanted publicity and protect your privacy.
They should have experience with taxes, trust planning, and other financial considerations in your state. They should also be able to refer you to other professionals who can round out your team of advisers.
When it comes to hiring a lottery lawyer, it is important to make sure that you find one who has experience with large sums of money. Ideally, they will have a client list with reputable clients who can attest to their abilities. You can also check disciplinary records to see if they have any issues.
Lottery winners must be able to manage their newfound wealth, including paying taxes and complying with other laws. A reliable Chicago lottery lawyer can help them navigate the legalities of claiming their winnings and protecting their assets.
Lottery winners must also be able to protect their identity and privacy. A lawyer can help them do this by ensuring that they file paperwork correctly and that they are aware of any other laws that may apply to them. They can also help them set up a trust to keep their winnings private. They can also provide other services, such as advising them on how to invest their winnings and establish a good foundation for their family’s future.
When people win a big lottery jackpot, they often hire lawyers, accountants and financial advisers. These professionals help them manage their money and avoid fraud or other financial malfeasance. These experts also help them assemble teams of other professionals to help them protect their identities. If they use someone else’s identity to commit a crime, they could be charged with aggravated identity theft.
Federal prosecutors in New York have charged an attorney who called himself the Lottery Lawyer with conspiracy, wire fraud and money laundering. They say he swindled clients out of millions of dollars. He allegedly used the proceeds of their investments to fund his lavish lifestyle and secret kickbacks to his associates.
The case centers on a man named Dean Bullock. He allegedly told his victims that they had won lottery prizes and then collected fake fees and taxes for the nonexistent winnings. He then transferred the proceeds to his co-conspirators in Jamaica.
The best way to protect your assets is to find a lawyer who can guide you through the entire process. These lawyers can advise you on how to keep your identity private, negotiate tax bills, and park your winnings in trusts. They can also help you stay away from frivolous lawsuits and other potential threats. They charge a retainer and a monthly fee for their services, which can be expensive.
Stoltmann advises lottery winners to keep their winnings in trust and only share the news with family members. He says the worst initial decision a winner can make is to share their win with people outside of immediate family. This is because they become a target of scammers and illegitimate financial professionals worldwide.
Stoltmann recommends hiring a CPA and a financial advisor with experience in managing large windfalls. He also advises winnings to avoid rushing into big investments and to spread their payments out over a few years. This is a good way to keep the money safe and learn investment lessons over time.
Kurt Panouses, ESQ, CPA is an Illinois Lottery Lawyer with over thirty years of experience. He has represented winners of a variety of large jackpots, including the 2016 largest Powerball winning ticket and the 2021 third-largest Mega Millions ticket. His clients have been featured in national news articles and he has testified before Congress on securities laws.
He founded his business on the ironic fact that lottery winners are often terrible at managing their riches. Kurland once listed for a Vice reporter some of the ways they tend to get ripped off, from muggings to bogus real estate schemes.
If you’ve won the lottery, it’s a good idea to hire a Chicago lottery lawyer and create a team of advisers. These people should include a financial advisor and an accountant who can help you manage your money. If possible, you should also try to stay anonymous and lay low. A lottery winning ticket is worth hundreds of millions of dollars, and you don’t want to risk someone stealing it.