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If I were Filthy Rich
By sawolsef
+23 Attorney Fees

Everyone says to get an attorney if you win. How would they charge for their services? Billable hours? A percentage of the jackpot, or something in between?

Recent responses

+37 @No_Usual_7426 Hourly. They’ll understand that you’ve got money incoming and will happily take you as a client.

+25 @Wet_Artichoke Definitely not a percentage. You’d negotiate on a fee. But interview three different lawyers so you know what the competition would charge. I wouldn’t tell them I won the lottery, just that you’re receiving a large inheritance. Also, you don’t want to get just any attorney. You need to work with someone that does estate planning and works with ultra high wealth families.

+19 @RogueAxiom If you win the lottery you should seek out a fiduciary wealth manager or a well rated firm that specializes in sudden wealth support (SWS). Firms that do SWS know that you need time to safely collect your funds and if the money is big enough, the SWS will pitch to you a suite of services designed to protect your new fortune the legal way. These lawyers like most lawyers cannot but your business in the street. Once you accept a SWS firm to represent you, they will work on contingency to set up the solutions offered. Expect an LLC if applicable, accountant to make sure tax is paid upfront, attorneys to ensure your personal debts and potential issues are cleared up and likely a family trust to hold the ownership of the LLC claiming the jackpot or the lotto check being deposited to the family trust. The LLC and family trust give lotto winners 2 legal degrees of separation from their money. So in the article shared here, if that lotto winner in KY had is money in a family trust, the trust will likely survive the man being sued bc the trust is a separate legal entity. An LLC would have added anonymity. The SWS firm will do all of this to prove their reliability and earn your trust. The firm will then set up a wealth management structure designed to allow your lotto money to grow and keep your taxes low. The firm will get you set up with private banking and you'll never step foot in a bank lobby with the poor. For the service you would pay a small percentage of you profits, but these people will be your team. If the firm doesn't deliver, you'll have the knowledge to find a better firm. Some state and county lotto association have lists of vetted SWS firms to shop around with, all under strict secrecy and no up front fees. Most lotto winners ignore this advice...

+15 @DrTriage All I need to do is set up a nameless (numbered) LLC and maybe a trust. Hourly. No attorney even needs to know how much you won so a percentage would be senseless.

+8 @EquipmentFew882 Just my opinion: ( We have four attorneys in my family. ) You don't really need an attorney. You just need to stay quiet and out of the spotlight. Some attorneys will attempt to milk you for all the money he can get from your Prize Money.