Not only do you need a lawyer after winning the lottery, you need this legal expert there even before you go to pick up your check. It is in your best interest to start making those phone calls as soon as you notice the winning ticket is in your hand.
How does a Lawyer help a Lottery Winner?
There are many ways that a lawyer can assist an individual that has won the lottery. First, lawyers assist with the collection of the money, as well as the proper handling of any monies that you owe to the state for debts such as back child support or financial aid. This money owed can definitely hold your winnings up in the state. The lawyer can help you choose the best method of attaining your winnings, with choices including annual installments and a lump sum payment. There are both pros and cons of each option when it is time to pay those taxes. The lawyer will be there to help you every step of the way.
The lawyer is also there to help you with financial planning. Some people do not know what to do when they win the lottery and find that family and friends come out of the woodworks when they’ve won a large sum of money. You are in a new financial predicament, and you need that legal expertise there with you.
Lottery Winning Tips
Here are a few tips to keep in mind when you have won the lottery.
- Claim your prize only after you’ve spoken with a lawyer.
- Keep in mind that there are deadlines in place for which the winnings can be claimed. Do not allow this time to pass by without redeeming your winning ticket and claiming your share of the earnings.
- :lottery winnings are taxable, so make sure that you pay all of the taxes that you owe. These amounts vary from 3 to 10%.
The Bottom Line
A lawyer is always necessary when you’ve won the lottery. Make sure that you have one at your side during this life changing event. After all, now you can really afford to hire a lawyer! You have done something that people dream of. Make sure that you are doing it the right way!