With that level of winning, best to bifurcate your service needs. Have a lawyer on retainer (usually from a big firm) that can handle trusts and wills and pllanning, but have an accountant that is separate to keep tarck of your money and do the numbers on your tax planning.
And, line them up before you go to the lotto officals and claim your winnings.
FYI…you don’t need a financial lawyer!!! Now days most decent accountants have a Financial Planner on their staff. Not only can they do your taxes, they can set up an estate plan that can make even the pickiest relative happy!!! Rather than hiring one BEFORE you win, I suggest that you WAIT until you’re holding the winning ticket in your hand & hire the FP even BEFORE you go to cash in your ticket. In some instances, you’ll need to set up an LLC in which to place your windfall. That’s why it takes so long for some winners to come forward. Then afterwards, trust NO ONE…NOT even family!!! Your closest family member may well try to off you so they can inherit your windfall. IF you live in a state where you DON’T have to announce your name to the press, I suggest you keep it PERSONAL & PRIVATE!!!
^ I can pretty much guarantee that your younger sister will become your BEST friend!!! She might also try to kill you so she can inherit your money sooner rather than later. The LAST person I’d inform is my brother who can’t even be civil while I’m broke; so, I plan on having NO use for him even IF I’m rich!!!
@Dutchess_III You wouldn’t have to list her as a beneficiary for her to contest your will & demand her portion as a surviving relative who loved you dearly!!!
She would have to get in line behind my husband, 3 kids and 10 grandkids. They all know exactly how I would feel about her getting any of my money…and they’d have the money to fight her. Hell. Now that you mention it, I’ll specifically disclude her from the will!
The Lottery has its own Professional advisers that are trained for this ,on staff to counsel winners as it comes as a shock to most.
They also do not give all that money at once, usually monthly or annually payments, that way the Lottery foundation gets the interest.
@Dutchess_III I think that in order to be sure, you should include her in your will by leaving her $1.00 so she can’t even suggest that you forgot to add her. I think it was Groucho Marx who had nasty children & he left each of them $1.00 with a notation that IF any of them decided to contest his will that they would be removed completely as a beneficiary & would lose EVERYTHING!!!
Get a lawyer! Get one that has done lottery winners before.
In my state you can request an “Alternate ID” or false name, SSN is still needed to get a 1099 but with new ID.
Get sunglasses and a wig to collect.
Collect all the money at once, if you leave the annual payments to heirs they will be required to pay upfront applicable tax to receive the money.
I actually did a thing through Ancestry.com@janbb, when they had it on sale for $60. They were the most boring results ever! Except it did show that Chyna and I ARE related.
Be really careful @chyna…Anytime I say I’ve bought a ticket, my BFF tells me that “I’m WASTING my money” followed by “You do know that I’m your BFF don’t you?” There was 1 winner who received $16 mil & his brother tried to kill him because the brother was too greedy to wait until he died!!!