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Why Should You Hire a Lawyer When You Win the Lottery?

Why Should You Hire a Lawyer When you Win the Lottery?

You did it! That may be just as you are feeling if you have ever beaten the odds and won a substantial amount of money on the lottery. You will be full of excitement and perhaps some apprehension as you try to figure out the best way to collect your earnings. One thing is for certain, you should consider hiring a lawyer to guide you through this process.

Throughout this article, we will discuss the benefits of hiring a lawyer to assist you with your lottery earnings. There are many ins and outs, from taxes to personal issues, that can arise if this transaction is not handled properly. For peace of mind, we would recommend that you strongly consider an attorney in your corner for any issues that may arise!  So, why should you hire a lawyer when you win the lottery?

Taxes

While we would love to think that if we win 20 million dollars that we would be handed over that exact amount, we mostly all realize that is not the case. That big win comes along with a substantial tax bill that needs to be rectified, either right away or during tax season. If this is not completed, you are looking at a fine and an audit, which could result in even more money lost. It would be a crying shame if you were to win all that money only to find yourself in debt at the end of the day! A proper lottery lawyer will be able to help you to navigate the waters surrounding taxation and ensuring that you pay the correct amount, while also not overpaying.

The lawyer may have a particular accountant that they work with and trust. Once you find a lawyer that you have faith in, you will be able to invite his or her team of professionals into your inner circle. They will help ensure that you are well-equipped to handle what is to come before you claim your prize. At the very least, they will be there to support you with whatever issues may come up along the way.

Your Identity

We have all seen the news stories: Local Woman Wins Big Earnings at Her Nearby Gas Station. It is no surprise that the entire community (the whole country, even!) gets excited when there is a lottery winner. It is almost as if they won the prize along with the winner. The town gets some notoriety, and the store gets some publicity for selling the winning ticket.

Next thing you know, you see an interview with the lucky winner. Overnight, she becomes a celebrity. She’s got cameras in her face asking her questions and to sit down for an interview. However, that may not actually be what she wants. Yet, being in the limelight may put pressure on her to live in a lifestyle that is well beyond her means. Unfortunately, we do know that if the earnings are not effectively managed and spending habits are high, this big win could end up putting you further behind the eight ball in terms of debt. Often times, the news tries to capitalize on these winnings even before the winner has seen any iota of money. It is great for airtime and viewers all love a good “feel good” story!

Protecting Your Identity

When you hit the lottery, hiring a lawyer will help to protect your identity. This saves you from not only putting a paper bag over your head when you go out in public, but also so that people out there do not try to steal your identity or try to collect your earnings by posing as you. There are many people out there who are looking to capitalize on someone’s moment in order to make themselves feel better about their own situation. If they are able to gain enough of your information (which is unfortunately significantly easy thanks to the likes of Facebook, Twitter, and Instagram) they could find ways to identify themselves as you in an attempt to claim the prize.

For these reasons also, a lawyer will give you sound advice which will likely include to stay off of social media, be cautious of who you share the news of your winnings with and protect your identity at all costs. Those who may be you closest friend may also be the first ones to betray your trust! Don’t get us wrong, we do not want you to leave this article paranoid that all of your friends will steal from you, but it is also important to be mindful of who can see your social media posts and ensuring that all your “ducks are in a row” before publicly sharing your win. Should an issue arise; however, having a lawyer at your disposal will come in handy. They can help you to reclaim your identify and recoup any of the earnings that may have been stolen.

Drafting Protections

If you win a substantial amount of money, you will likely need some legal documents drawn up to see how to best protect your newfound bounty. You will want to put protections in place for yourself and any recipient of the prize money that you choose. This could involve setting up trust funds for your children or finding ways to invest the money in hopes of continuing to increase your earnings. Those are tasks that are both tricky and risky to complete yourself if you do not have the qualifications.

A lawyer can assist you with drafting up legal documents to protect your assets. These are documents that you do not want to chance filling out wrong, since they can have significant repercussions in the long run. A lawyer who has knowledge of the lottery system and other financial areas will be well versed in what documentation is necessary to protect yourself and your beneficiaries.

They can also give you sound legal advice on what other measures would be beneficial to take. This could include drafting up a will, setting up multiple savings accounts, setting up an account’s manager, along with advice in any other area. They have most likely assisted other clients in your same situation and will know where the pitfalls lie and what issues are likely to arise for you.

In Your Corner for Lawsuits

You may ask yourself why would I find myself in the midst of a lawsuit? Unfortunately, as we said earlier, there are many people who are looking to capitalize on another person’s gains. So, if they happen to know that you just won a large sum of money and they are walking on the sidewalk in front of your house and roll their ankle, you may be looking at a sue happy person who wants to take some of what you just got. It is not right or even nice, but unfortunately, it is a sad reality that some folks find themselves in. As kind-hearted as you may be, it is imperative for you to not be too trusting with others regarding this win. Only tell folks who absolutely need to know and that you trust.

Not only that, if someone tries to take advantage of you, or tries to steal your identify, you may be needing to be the one that is doing the suing. An attorney will help guide you through that journey, as it will definitely not be an easy one! Just knowing that you are not alone will give you piece of mind to navigate any litigations or court rooms that you need to enter.

Summary – Why should you Hire a Lawyer when Winning the Lottery

Winning the lottery is an exciting and once-in-a-lifetime event. It can come at a moment’s notice and most of the time, we purchase our tickets and think that there is no way that it will actually happen to us. We purchase it with a dream and a hope and a dose of reality. Then, our numbers match and we are thrown into a whirlwind of what we need to do. You may experience disbelief. So, after you check your number a few times, you will find yourself asking what to do next.

Your first call should be to a lawyer that has knowledge of the lottery system and what kind of road you have ahead of you. Be sure to let them know your situation and any questions that you have. They can help you best once they know what information you are seeking. That lawyer will be able to help you navigate the tricky road towards claiming your prize and ensuring that you get the most of what you are legally entitled to receive, all while ensuring that you maintain your privacy and your identify. In our opinion, that certainly makes their fees worth all of the value, time and knowledge that come along with it.

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