If I were Filthy Rich
By Foreign_Map_2161+51 Lottery Attorney or the regular Estate Planning Attorneys?
If you win the jackpot, would you seek advice from a heavily advertised "Lottery Winnings Attorney" or a traditional estate planning attorney to establish a trust for your winnings? What factors would influence your choice?
Recent responses
+45 @PirateKilt A) I'd avoid the "specialty attorneys" no matter what B) Wins under $10M, wouldn't even need a lawyer, but might consult a financial planner C) Wins closer to $50M, again, financial planner, and probably an estate lawyer D) Wins closer to $100M+, would go with the full press of a team, setting up a few trusts.
+35 @Raterus_ Remember the "Lottery Lawyer" a few years back that scammed big winners out of millions of their winnings. Major news networks interviewed him during big prize events, and people thought he could be trusted. I'm going to be very selective here about who helps me, and it won't be those types!
+29 @SilverStory6503 I looked at the list of people collecting lottery winnings in my state and noted the name of one person who claimed lottery winnings several times. Turns out that person is an estate attorney, so I bookmarked their firm, just in case I need somebody.
+21 @SailorTodd I would seek out an attorney with tax and estate experience. Definitely not anyone advertising a specialty in lottery winnings. I really think anyone claiming to specialize in helping lottery winners is looking for easy prey. An experienced estate lawyer should have some background in helping clients navigate the nuances of large windfalls and probably is well versed in privacy concerns as well. And then I'd have a lawyer who could help me lay the early groundwork to ensure my family continues to enjoy my wealth when I eventually die. I'd also shop around for a big bank that has a private banking arm to help me get settled in my new wealth while I more deliberately seek out a wealth manager that will meet my needs. I will note that I live in a state that allows you to claim winnings over $10 million anonymously, so I don't have to play the trust and llc shell game just to keep my name and picture out of the papers...
+12 @Longjumping-Ad8775 I would never talk to anyone that is advertising as a lottery anything. Too much marketing is a scam. A tax attorney or estate attorney is the way to go.