Skilled Legal Support After Winning The Lottery

Winning the lottery can be a dream come true, but it comes with several legal issues. One of the most significant issues is tax-related. Here is what you need to know about lottery-winning representation.

Tax-Related Issues Associated With Winning the Lottery

When you win the lottery, the winnings are taxable income, and you must pay federal and state taxes. You may be subject to the highest tax bracket depending on the prize amount. Therefore, it is crucial to plan for taxes right away. Furthermore, you may have to pay gift taxes if you give away any of the money. Additionally, you must decide how to receive your winnings: a lump sum or installments. There are tax implications to both, and you should consult with an experienced tax attorney to determine the best option for your circumstances.

Steps To Take After Winning The Lottery

The first step after winning the lottery is to remain calm and keep the winning ticket in a safe place. You should sign the back of the ticket, take a photo of it and make a copy of the ticket. Then, contact an experienced tax attorney to help you plan for the tax implications of your winnings. They can also guide you through claiming the prize and choosing how to receive it. Furthermore, it is crucial to keep your win confidential, as publicity could lead to unwanted attention and put you at risk. It is also essential to plan for long-term financial security by paying off debts, investing and creating a budget.

Experienced Lottery-Winning Representation

At Goldburd McCone LLP, we have decades of experience representing individuals and corporations in tax matters nationwide, including lottery-winning representation. If you have won the lottery, contact us today for a case evaluation. Our experienced attorneys can help you plan for the tax implications of your winnings and ensure that you receive skilled representation. To make an appointment, call 212-302-9400 or toll-free at 844-653-2873, or fill out our online form.