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Why is there a need to consult an attorney upon winning the jackpot?

Topic closed. 12 replies. Last post 6 years ago by iGlenn.

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Houston, TX
United States
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December 23, 2004
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Posted: November 24, 2010, 1:44 pm - IP Logged

I never understood why you would need to consult an attorney upon winning a jackpot prize.  I can see a need for a financial advisor because of the large sum of money, but only for a limited time.  Isn't winning the jackpot a clearcut case?  I won, I have the ticket to prove it, here's my ID and bank information.  Each account is FDIC insured up to $250,000.  Isn't that all the winner would need to know?

    Luminus's avatar - ouskuu

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    Posted: November 24, 2010, 1:57 pm - IP Logged

    Probably because people will try to sue you to get some money.

    The universe does not bend to your ignorance.

    Just because you believe it, doesn't make it true.

      four4me's avatar - gate1
      MD
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      Posted: November 24, 2010, 1:59 pm - IP Logged
      All depends i guess if you already have a business education and know how to form a trust or want to divide money's up between friends or family you might not need an attorney.
       
      Some people might be going through a divorce or are estranged from their spouse necessitating an attorney to delve up the winnings. 
       
      There are any number of reasons to get an attorney especially if you have any law suits against you.
       
      This question has been asked and answered many times do a search on lawyers/attorneys and jackpot winnings.

      Big John says. You don't hit the number. The number hits you!!!!

                     I'm not Big John, I'm Four4me, Big John's a friend.
        Coin Toss's avatar - shape barbed.jpg
        Zeta Reticuli Star System
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        Posted: November 24, 2010, 3:21 pm - IP Logged

        Why is there a need to consult an attorney upon winning the jackpot?

        So you don't find yourself really wishing you did have later on.

        Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

        Lep

        There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

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          Sunny California
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          Posted: November 24, 2010, 4:01 pm - IP Logged

          You don't need to, that would be your own personal choice. People freak out when they win a lot of money and panic so you do hear stories of them rushing to attornies or other advisors. I would think that would be something to decide later on. But if you are planning on not cashing the ticket in your name but rather under a "trust" instead then you would need an attorney to do that for you. But, anywho, why all the worry about what you're going to do after you win? You have to win first! Then the attornies will be after you as a client!!!!

            ttech10's avatar - blobdude
            Texas
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            Posted: November 24, 2010, 5:18 pm - IP Logged

            As mentioned above you don't NEED to but in the case of accepting through a blind trust or LLC then you would want an attorney so they can set it up right and so they can go to the check acceptance for you.

            It's not about being a legal thing, mainly only about that above. Plus the guy I'm thinking of using now (If I won) also deals with taxes so he could help with that as well.

              RJOh's avatar - chipmunk
              mid-Ohio
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              Posted: November 24, 2010, 5:29 pm - IP Logged

              I never understood why you would need to consult an attorney upon winning a jackpot prize.  I can see a need for a financial advisor because of the large sum of money, but only for a limited time.  Isn't winning the jackpot a clearcut case?  I won, I have the ticket to prove it, here's my ID and bank information.  Each account is FDIC insured up to $250,000.  Isn't that all the winner would need to know?

              Did you read the news story about the guy in England who had to give a potion of his winnings to his ex-wife?  You may have legal obligations you haven't thought about and he can tell you how to best handle them.

               * you don't need to buy more tickets, just buy a winning ticket * 
                 
                           Evil Looking       

                sully16's avatar - sharan
                Ringleader
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                Posted: November 24, 2010, 5:41 pm - IP Logged

                Gently remind the lawyer ...THEY WORK FOR YOU. HAVE A BIG LONG STORY BUT I just got home so it will wait for another time.

                Did you exchange a walk on part in the war ?

                For a lead role in a cage?

                 

                                                            From Pink Floyd's " Wish you were here"

                  rdgrnr's avatar - walt
                  Way back up in them dadgum hills, son!
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                  Posted: November 24, 2010, 5:50 pm - IP Logged

                  Question)  What do you call a thousand lawyers on the bottom of the ocean?

                   

                   

                  Answer)  A good start.

                   

                   

                  Disclaimer: No lawyers have been threatened or harmed in the telling of this old, lame joke.


                                                               
                                       
                                                           

                   

                   

                   

                   

                                                                                                                     

                  "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                              --Edmund Burke

                   

                   

                    Avatar
                    Kentucky
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                    Posted: November 24, 2010, 6:37 pm - IP Logged

                    Question)  What do you call a thousand lawyers on the bottom of the ocean?

                     

                     

                    Answer)  A good start.

                     

                     

                    Disclaimer: No lawyers have been threatened or harmed in the telling of this old, lame joke.

                    Question) Why don't sharks attack lawyers?

                     

                     

                     

                    Answer) Professional courtesy.

                      psykomo's avatar - animal shark.jpg

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                      Posted: November 24, 2010, 9:42 pm - IP Logged

                      Did you read the news story about the guy in England who had to give a potion of his winnings to his ex-wife?  You may have legal obligations you haven't thought about and he can tell you how to best handle them.

                      gee whiz>>>>>>>>>BANGLeavingLeavingLeavingLeavingRJOHLeavingRJOh>>>>>>>>

                      don't BBBBBBBBBBBBBBBBBBBssssssssssssssssssssssooooooooooooooooooCCCCCCCCCCHEAP<<<<<<<<

                      GIRL'$$$$$$$$$$$$$$$$$$$$rrrrrrrrrrrrrrrrrrrrrrrrrrrrraaaaaaaaaaaaaaaaaaaBANG!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

                      GIRL'$$$$$$$$RRRRRWONDERFUL!!!!!!!!

                      U don't need a LAWYER 2 get marriedLovies

                      (I will not ever have lawyer @ me wed'g)

                      PSYKOMO

                        Coin Toss's avatar - shape barbed.jpg
                        Zeta Reticuli Star System
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                        Posted: November 24, 2010, 10:07 pm - IP Logged

                        Question) Why don't sharks attack lawyers?

                         

                         

                         

                        Answer) Professional courtesy.

                        In Las Vegas they tell the same joke but say coxtail waitresses instead of lawyers!

                         

                        Q.  What's the difference between a Vegas coxtail* waitress and a '57 Chevy?

                        A.   Not everybody had a '57 Chevy.

                         * Intentional misspelling so as not to <snip>

                        Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

                        Lep

                        There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

                          Avatar

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                          May 16, 2008
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                          Posted: November 24, 2010, 11:42 pm - IP Logged

                          I never understood why you would need to consult an attorney upon winning a jackpot prize.  I can see a need for a financial advisor because of the large sum of money, but only for a limited time.  Isn't winning the jackpot a clearcut case?  I won, I have the ticket to prove it, here's my ID and bank information.  Each account is FDIC insured up to $250,000.  Isn't that all the winner would need to know?

                          1.  Taxes

                          2.  To shield your money from potential lawsuits.

                          3.  Estate planning.  Everyone will eventually die, including you and I.

                           

                          Screw the financial advisors.  They are just glorified sales people.  I've educated myself on investments and know exactly what I'd do if I won.  I already manage my own investments, it would just be on a much larger scale if I won.