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Why You Should Get a Lottery Lawyer if You Hit the Lotto

Everybody has a fantasy of winning the lottery. It’s the easiest, quickest way to get your hands on a lot of money. But do your fantasies involve hiring a lottery lawyer?

Most of the time, when we think about winning the lottery, we think of fancy vacations, seaside views, fancy food — a full-fledged lifestyle change. While it’s true that winners’ lives change in many ways (hopefully for the better), one of the worst mistakes you can make is not hiring a lawyer after you win.

You may be great at budgeting and you may be fantastic with your money. You may think you have an airtight game plan for that day when you win the Powerball (it’s coming soon, you can feel it in your bones!).

However, with government taxes and your old aunt who you haven’t heard from in forever knocking on your door, that amazing sum of money you won can dwindle fast. Lottery lawyers are here to make sure you get the most out of your win.

Still not convinced you will need a lottery lawyer? Read on to find out why.

Lottery lawyer: Why do you need one?

If you’ve just won the lottery, the last thing you’ll be thinking about is obtaining a lawyer. However, it’s one of the first things we should be thinking about — definitely not an afterthought.

When it comes to money, specifically a lot of money, the government likes to interfere at every possible turn. There are dozens of tax laws, most of them you’ve probably never even heard of, and they’ll all pop in to say hello once you claim that big check.

Without a lottery lawyer, you’ll have no guidance, and you’ll try to blow through your check immediately. While this is understandable (we all have needs, right?), this is the wrong way to go about things.

Once you win the lottery, your life has changed — and most likely for the better! It makes sense that you’ll want to look into legal help to figure out how to organize your new life.

First steps

The first thing you should do after winning the lottery may seem obvious: you need to sign your check. Lay claim to your funds immediately, and then put it in a safe place.

Don’t touch it. Don’t tell anyone. Don’t post about it on social media.

Leave your money alone until you’ve developed a plan with the help of legal aid, including a lottery lawyer and a financial advisor.

It’s important to assemble your team and get to work figuring out your game plan as quickly as possible before anybody knows because once the word of your win gets out, your new life will kick into overdrive.

Your life is going to change, not only because of the money you’ve won, but people’s attitudes toward you will change as well. You’ll want to make sure everything is squared away before you give into psychological influence and peer pressure.

In the span of time in which you’re assembling your team and getting a lottery lawyer, take some time out to think about what you actually want to do with the money. While your legal team develops a tax and government strategy, you’re free to decide what you want to do with the remains.

Money matters

Money matters and Uncle Sam knows it. When you win the lottery, you’re subject to loads of taxes that you’ve probably never heard of. Do you know how to distribute your newfound wealth? Then, what’s stopping the government from taking all of your money?

Lottery lawyers. We’re here to make sure you actually get to keep some of that sweet, sweet money you’ve come into.

Make sure you verify that the lottery lawyer you choose is trustworthy. Lawyers are meant to look out for your best interests, so if an attorney asks for a percentage of your earnings, write them off and move on to the next one.

A lawyer can also help you figure out how you want your money delivered. While installment plans may be offered, depending on your earnings, you’re probably eager for that lump sum.

However, tax regulations mean that the big lump sum may not be the best idea. Consult with a tax attorney to figure out how to best make the money benefit you.

Financial advice

A lawyer has a financial duty to help you, meaning that they can assist you in figuring out how to distribute your money.

As you’ve come to a great deal of cash, you probably have some priorities you want to take care of. After you’ve paid off those pesky student loans, though, how are you going to distribute your wealth? Should you invest it somewhere, or should you buy that beachside mansion you’ve been dreaming of since you were little?

While some impulsivity is to be expected, a vast amount of money is often overwhelming, and it’s going to lend itself to excess at some point. Don’t let it. Let yourself live in luxury, but also be smart. An attorney can help you figure out the best places in which to put your money so you will never have to worry about losing it all on a frivolous purchase.

An attorney can help you figure out the best places in which to put your money so you will never have to worry about losing it all on a frivolous purchase. Most people aren’t as good with money as they believe they are, and a lawyer is here to let you know what will make a great investment, and what you need to stay away from.

Conclusion

When it comes to money, most of us probably just want our hands on it as quickly as possible. However, lottery lawyers help us make smart decisions when we – with any ounce of luck – manage to win that amazing sum. Money is overwhelming and it opens up an array of possibilities to us, and those possibilities can be tempting when we’ve never encountered them before.

If you’re lucky enough to win the lottery, make sure you hire a lawyer before you do anything else. Don’t let yourself be swindled for all you’re worth, or you’ll wind up right back where you started.

What’s your take on the need for lottery winners to hire lottery lawyers? Engage with us in the comments section below!

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