When you realized you’d won a lottery prize, your first feeling was probably one of shock and excitement. But what comes next?
Winning the lotto is a life-changing event, and lottery winners have many decisions to make about their finances, their future, and how they want to handle their newfound fortune.
At Eyet Law, we can help you create a strategy that secures your financial future, protects your privacy, and avoids many of the common missteps lottery winners have historically made.
When you work with our team, you can count on our:
Keen insight and problem-solving skills. We know that there are many ways to accomplish your goals. We analyze all options and help you figure out the right approach for your situation.
Deep litigation experience. While our goal is to avoid litigation—and there are often many ways to resolve issues outside of the courtroom—we have years of experience litigating for our clients.
Commitment to our clients. We strive to help our clients develop comprehensive legal strategies that do more than meet your needs in the moment. We ask the big questions like “How will this work in the future?” and “What effect will this have on you?” Our mission is to find the best solution for your needs.
If the challenge exists, so must the solution.
– Rona Minarik
Ways we help our clients
We know that winning the lottery affects your entire life. We work with clients on issues like:
Protecting your anonymity
Only a few states allow lottery winners to remain anonymous after winning—and New Jersey isn’t one of them. But, it’s still possible to protect your privacy through smart legal and financial strategies. We work with clients to ensure that they position themselves to enjoy their fortune free of harassment.
Navigating multiple winners
Pooling together money for lottery tickets is a popular way to increase your chances of winning money when playing the lotto, but what happens when you or someone you’ve pooled your money with wins? We help our clients advocate for a fair distribution of funds. We work to ensure that the rules of fair play and any existing verbal or written agreements are honored.
Protecting your assets
When you come into a large amount of money, you may become the target for unscrupulous or predatory behavior. In these situations, it’s important to protect your assets vigorously so your funds aren’t preyed upon. Working with legal and financial advisors, you can utilize strategies such as exemptions, trusts, limited liability companies, and family limited partnerships to secure your winnings.
Make the most out of your good fortune
The attorneys at Eyet Law are committed to helping our clients achieve their goals through creative solutions and excellent service. Contact us for a complimentary consultation to learn more about how we can help you.
FAQs about lottery law
What should I do after winning the lottery in New Jersey?
One of the first steps you should take after discovering that you’ve won the lottery is to contact an attorney.
An attorney can help you with the process of claiming your prize winnings, prepare for the tax considerations, and develop a plan for how to protect your assets both now and in the future. They can also help you avoid scams or fraudulent claims on your winnings.
How can trust accounts help with my lottery winnings?
Managing your prize money after winning the lottery is a significant task. A lottery attorney can help you understand your options and create a comprehensive strategy for your money.
Your attorney will often work in collaboration with financial advisors or planners. One important strategy they may recommend is utilizing a trust account. You may be able to claim your lottery winnings under the trust account name rather than your own, which will help preserve your privacy.
Moreover, putting your money into a trust account can help protect it from fraud, scams, taxes, and other sources of financial drain.
You have many options for managing your lottery winnings. To learn more about how you can maximize your payout and minimize your tax burden or risk to your assets, reach out to the experienced legal team at Eyet Law for a consultation.
What if I change my mind about my plans following winning the lottery?
Everyone has a vision in their mind of how they’d spend their money if they won the lottery, but if you’re facing the reality of having come into a large windfall, you may change your mind. In fact, you may change your mind even after you’ve won!
Working with an experienced lottery attorney can help you create a flexible plan for your winnings that allows you the freedom to change your plans while minimizing the chance that changes of heart will jeopardize your financial future.