Legal Steps for Lottery Winners

While the Mega Millions jackpot gives its winner a chance to be an instant millionaire, it also brings some serious legal implications along with it. Nicole Sodoma talks with Good Day Charlotte on Fox46 about the legal side of winning the jackpot.
Looking for an experienced attorney to help you manage your estate after winning the jackpot? See how the attorneys of Sodoma Law can help you manage your estate and plan for the future:
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[@oldfriend327]

Everyone has so many different dreams if they won something like this. All I want is the mental tranquility from these three things (1) Permanent freedom from employment, (2) Freedom to be able to permanently relocate away from Los Angeles, and (3) Permanent freedom from the fear of ever having to live through the miseries of poverty.

[@hondasrdbest9614]

I'm sitting here thinking I would move to L.A if I won. lol

[@jessnotliketherest85]

Good luck with that. Lived in SoCal my entire life. It’s gone to absolute shit! There’s a mass exodus & more leaving every day. I’m desperately trying to leave for a few years now but this place holds me with a ball & chain. It’s literally going to hell. I’m fighting to leave… God willing soon!

[@hondasrdbest9614]

@@jessnotliketherest85 All that great weather you all have trumps all we put up with on the east coast. Lol East Coast is overrated!

[@CarolynForney]

Same here. I have no grand dreams other than to be secure.

[@beenamashiq6270]

First of all I will pray to God once I win then ill put money aside for people who aren't able to afford the one meal a day also I wish all of you guys good luck just believe in you one day your time will come and you'll rule on those people who were tired of you

[@JollyMan69]

Get the service fee from attorney & financial planner BEFORE letting them know of your lottery winnings

[@redciroc1211]

Right because they'll usually charge $250 an hour for legal fees but once they know you won the lottery they want $500k all of a sudden for a month worth of work

[@augggie]

They never said the most important thing...Sign the ticket and hide

[@jesuischerie224]

and take a pic of it..front and back with your phone..put it in a clear sandwich bag.

[@JollyMan69]

Signing is not recommended IF u plan to use law firm service to Encash winnings anonymously If not signed, take a copy of ticket & keep in very safe place with proper protection from natural calamities like fire etc

[@8Scorpions]

I can't wait to be choosing a legal advisor, and team of just smart people🤑

[@ultimateqmazing2537]

Be careful. Some are good. Others will spend weeks doing nothing to bleed you dry.

[@j.c.8595]

@@ultimateqmazing2537 so true

[@veenarani4931]

@@j.c.8595 veena

[@veenarani4931]

Veena

[@veenarani4931]

Tekata 09 32

[@yepme6484]

Same old advice get a legal team together you never say how much you should pay a legal team that's what bothers me

[@IamDysko]

No kids, no marriage, no friends. I’m good.

[@mofopopo437]

You got alot of "NO's" .....perfect. Wish i was in the same boat.

[@mfrank3518]

Ditto

[@WinnieGunzz]

Sounds lonely

[@ChloeLayneXO]

Sad

[@richierich8334]

Me too, except you can add no family onto that 😉

[@timmchugh5233]

"You have 90 days to Claim Your Prize" And the dog has 89 to "eat your homework"...

[@elchemavenegas1301]

Everyone speaks of getting a professional team. BUT HOW do you protect yourself from the lawyers, accountants, who may try to take advantage??

[@jbilotta]

Trust, safety deposit box before you assign the trust to sign the ticket appropriately, DO NOT tell anyone and wear a mask at any press conference. I'd choose Darth Vader. lol

[@azemracso9166]

Yeah okay a legal team costs alot of money. And not all lawyers and tax experts or financial advisors are honest. An attorney is the last person I would trust.

[@JohnS-er7jh]

very true, and look at happened to lottery winners who trusted the NY "Lottery Lawyer". In a few years, he stole over $100 million ($83 million from just 1 client). If he wasn't caught, I am sure he would have went on to steal a lot more money.

[@inettabell5807]

The last person you trust should be CPA.

[@Lobsterman5481]

who do we trust? Its sad

[@JCraftvfx]

Just give me my winnings, I'll decide how to handle my money. Nevermind all these lawyers and finacial advisors

[@iamlotteryjackpotwinnerbil2957]

I'm going to have to get this when I win

[@TheDivineblessin]

I don’t want no financial advisor all I need is a good lawyer I will be able to manage my own money I’m smart enough to win the lottery I will be smart enough to manage my money like seriously only fools lose all the money they win smh

[@2sweet4life96]

So the first thing is give money to lawyers ha no thanks just put it in my bank and leave me tf alone.

[@MrYort13]

So you have to have the right people to pay ... think about what she said. Financial advisors, Lawyers are all cut from the same cloth. You are the only one that needs to be paid. Control your own money. Vanguard total market, Voo ... and Noble are your base. Add a nice div paying ETF and have a great life.

[@hothotheat3000]

Do you know how to establish an LLC? Do you understand power of attorney? Can you draft your own will? Do you have familiarity with tax avoidance strategies? Try to manage hundreds of millions yourself and you’re in for a lot of stress and confusion. Be smart enough to know what you don’t know. Get a professional and hire an oversight team to monitor them.

[@MrYort13]

@@hothotheat3000 Many have had attorneys, tax avoidance strategies, professionals and a huge team. Look at Bernie Madoff a true pro. So thump the table and pay someone to take care of you. It is after all yours to spend. But then again you could put it in a Vanguard Index ETF and beat 95% of those pros , do it yourself ... Your Call on your money. Also so nice to hear from you after 9 months, You must be one of those pros you talked about.

[@MrYort13]

@@hothotheat3000 I see you have nothing to say so try this kzbin.info/www/bejne/hHPbpImQlKl0b8U

[@subscribefourn0reas0n41]

@@hothotheat3000yeah but then you’ll be forking up 10-15% of the lottery to these lawyers lol. You can rate a llc online for yourself for 100-300 bucks if you just do your research

[@normbograham]

A Florida man was making hundreds of millions of dollars, and had his team in place. Except when he traveled to Texas, to check out a hundred million dollar investment, he found it was not there. (dolt). his financial advisor stole 100 million. wow. careful with your advisors.

[@mrs1dianarojas]

My biggest fear

[@normbograham]

@@mrs1dianarojas The man was number one in an obscure field, that most people had no idea was generating that much money, and his skill was off the charts. it's everywhere, yet no one noticed. Might seem weird to say he earned under 200 million, but Elon Musk is worth north of 250 billion. His first 100 million was nearly all stolen. Apparently, he did not change his lifestyle, based on his funds. Want a clue? Go look at classical music on youtube. How can that be some of the most popular music on youtube, when it was not on the radio (lol).

[@tory1560]

So, what does this team require in terms of dollars per/hr? Or do they want a percentage?

[@georgeblair4529]

Look out world...here I come😎

[@edbradbury6591]

I want Nicole on my team😍

[@raymondherman2689]

First millionaire in my family

[@LolitaNelson-yv7rj]

I won 11 Million from Publishing Housing Sent Back My Claim form. A Man Came out but I Was home and never heard so what do I do? Once The Claim form is sent back do the I R S take Taxes out? Even if you didn't get your money?

[@BBFLYRISEN]

A whole bunch of NOTHING said.

[@jimfloyd3292]

Sign the back you can always add “Trust “ at the end of your name.

[@vn01208503]

why add trust? can you elaborate

[@omarpineda625]

DON'T HIRED A LAWYER,TAKE THE 30 YEAR ANUALY DON'T BE STUPED, LAWYERS FEE IS TO HIGH.

[@curtwalp5120]

Except lotteries don't have provisions for survivorship if you die. The money then goes to the state. Take the lump sum.

[@VinnieAtlanta]

LOL. Dude - You're clueless.

[@freemindthinkerezrapound5071]

They are all wrong the first thing you need to buy is guns to keep burglars away but more importantly keep away everyone you know maybe let mom in under armed surveillance but run her through a metal scanner on the way out

[@sebastiannorrington3792]

The best first thing to do is make a direct deposit to keep people from following you to the bank.

[@bennygreene1421]

Paying taxes on money you win should be unconstitutional and illegal.

[@deborahrotondo7792]

Never tell anyone you won, except people who you totally trust.

[@elenaefremova7463]

Nobody can be trusted, remember Tupac

[@stevensims6175]

Don't listen to these carpet baggers

[@sicario_paintball]

She’s so sweet.

[@amrinkhan1857]

Good night ❤️❤️❤️❤️❤️❤️❤️

[@michaelnesbitt718]

Michael Anthony Nesbitt wants to be a Millionaire..Michael Anthony Nesbitt did not receive his Michigan state Lottery Payment yet from the Michigan state Lottery head QUARTERS in Lansing Michigan.....

[@kandulagopalavenkatakrishn7508]

With eg.: A person won $ 1 Billion. And he is taking in Lump sum. Starting from the time he reached the Lottery Paying Authorities, What are the All Taxes he pays before he is left with the, "a 100% taxes paid white Money" he can spend?

[@kevincraig6407]

With incorporation,and a great cpa, tax lawyer I'm told 33%.

[@Johnnie999]

You can forget 50% of the total sum....by the way you seem like an Indian.....do you live in the United States or in India????

[@Johnnie999]

I'm also an indian

[@rileyxbell]

37% highest income fed tax + state tax which is usually around 10%. 1 billion jackpot would be about 500 mil after taxes.

[@tracy419]

​@@rileyxbelldon't forget they "take" almost half up front before taxes if you take the lump sum. They don't really take it, it's just that the actual amount they have is about half of the advertised jackpot amount. You get the "full" amount when you take the annuity and they put it into investments that build over time to pay you the actual annuity. My state takes an additional 8% tax so on a billion dollars lump sum, I'd get about $280 million give or take a few million. Remove almost half for the lump sum, which gives a bit more than $500 million, then take off 45% in taxes (37% federal and 8% state). I'm sure if I'm careful, I can survive off $280 million for a few years😂

[@jowandahill9102]

I wone powerball

[@talee4159]

sure you did.......

[@sonimarc5823]

Dumb advice. Just Leagally change your name and move to Canada.

[@camelcamel6495]

Blah, blah. Who needs a lawyer or even an accountant !!!!!

[@journiee2me518]

Lol especially when a lawyer who they call “The Lottery Lawyer” stole $70 Million dollars from the woman who won this jackpot.

[@monis9198]

exactly! they take out taxes, the rest is in your bank - your money. what is a lawyer for? to strip you off your winnings by giving you bull advises ??? !! they are all crooks.

[@monis9198]

@@journiee2me518 exactly! stay away from them. taxes are taken out automatically , you don't need an accountant ... and a lawyer ?? for what ! the rest of your money is in your bank account. You know, what to do.

[@vicant_deadangelsnight2168]

@@monis9198 no you get a lawyer from a different state who never heard of you from a big law firm since they deal with so many rich people

[@SciTrekMan]

Yea, people who think that are the ones who lose all their winnings within five years.

[@veenarani4931]

Veena

[@talee4159]

what👠

[@wendelllee1268]

i have a ex wife i pay child support and i sure would not put it out there that i won . she got it all once but not again. trust a woman lawyer lol ya right

[@minedminemind5656]

She said nothing about how to use it. She's hoping you'll waste it on Lawyers, Accountants & Advisors. Do your research (AS THOUGH YOU'VE WON IT) & record it on a spreadsheet. Research every little inch of what it means to have the money, how it could be used & how it can pay ongoing wages via a bank deposit. First put it in the bank for 12 months on the highest interest, the highest tax level & interest paid monthly. With the first interest payment, hold aside a wage for one month & use the balance to pay your debts. Continue each month in this manner until you are debt free. Calculate the balance between your wage & the total monthly interest payment & divide this into the price of an asset you'd like to purchase. Ask yourself if this asset appreciates in value each year or not. If not, it may not be worth buying at this point. Save the balance until you can afford paying for the asset in-question in a single 100% payment. Continue with your next purchase. Or relax with the first purchase & enjoy it for a while. A $10 million investment on 4% bank interest with 39% tax = approx $20.3k per month. If a wage = $1,500 per week you could take $4,500 per month. This leaves $15.8k per month. An asset purchase of $150k = 10 months savings. JUST DO THE MATH...

[@inkedup9338]

First millionaire of my family

[@BlacStalion]

Billionaire ❤🙏🏾

[@DC-vw7yf]

But how do you choose your financial planner, accountant, and attorney? What criteria do you look for?

[@kick8353]

Trust

[@PretiumLibertatisEstVigilantia]

Look at the lottery handbook.

[@azemracso9166]

You don't. They will take as much of your money that they can get away with

[@bicd3244]

You choose 3 experienced professionals for which none of them know each other. Always have each professional double checking the other's activities.

[@DC-vw7yf]

@Bic D Good idea and thank you!

[@virginiamoss7045]

I had hoped to hear more about how to ensure your anonymity. That would be my first worry. The rest is just math and legalities. .

[@rickmcghee755]

Yes the financial advisors those are the ones I wouldn't trust

[@garystinten9339]

It's ok to get help setting it up, asking how it works for tax and that's about it..

[@MCM214]

Hire a fee-only advisor or just diy. For sure you can just buy treasuries and be fine. Have an attorney set up a trust.

[@TheRealSmokahontas]

Make sure the financial advisor company you go for is a fiduciary. Only your best interests are served even above the companies. That's important.

[@wendelllee1268]

right

[@GTPhan]

Most of the banks/financial institutions only guarantee your deposit up to 250K so put all winnings money in your favorite bank is risky. Divide it and put in as many baskets as possible - Buy US Treasury bonds in different terms depending on your need so the govt keep for you; buy gold/bitcoin, buy stocks from big stable, dividend-paying companies, donate money to charity and keep the changes for my spending.

[@redciroc1211]

Big lottery winners use private banks they don't use public banks FYI

[@loganturner3895]

Don't hire a lawyer...u will lose it!

[@j.c.8595]

Some team will milk you dry

[@Bcarr122391]

2:44 can we just appreciate the spelling error - that got corrected at 2:47? XD

[@joshfrank6008]

First thing you should do with your have a good attorneys put that sucker into a trust period and have a trustee all of the money through a company collected that way so it's not considered

[@sisenor4091]

I’m just here for the legs.

[@sisenor4091]

WOWCruiser Ok, I can see that.

[@vtaun1]

Hello lol

[@billyhelms7735]

I SURE DIDN'T HIRE ANYONE SIGN THE TICKET LEAVE THE COUNTRY

[@Thebamtino24]

Wealth Management is all you need. Check the laws of ur state to see if u can claim the win anonymously - u don’t need a lawyer for that

[@Divine-pg1wm]

Congratulations to all the winners out there🎉🥳

[@garystinten9339]

Good thing in Australia we don't have the tax on a win.. only the interest..

[@myopinion6092]

same as Canada

[@Nobody-cd4ox]

Other than her telling you the same line that we've all heard a dozen times for lottery winners - don't tell anyone and get a good attorney, financial advisor, and accountant - Uninformative segment.

[@apfibernet4826]

Yes.... I am lottory winner...i am billianier.... 🙏🙏🙏thank you money.. 🙏🙏🙏 Tq. Univers....🙏🙏🙏 Thank you...🙏🙏🙏 Thank you...🙏🙏🙏 Thank y..👍🙏🙏🙏

[@douglasmilligrock5497]

Every one wants a piece of the pie!

[@leroysmith2937]

It’s already mine 👁️ got my approval from the angels 😇 truly grateful ☺️ and Divine Grace mercy sump sum im thirsty for that mint taste 👅 Godz Grace amen 🙏 thank you 🙏 dear universe

[@eduardoflores7315]

Cuestion Why do you need a lawyer and a finance adviser??? When you claim the winnings?

[@maranellfamilyprita7531]

I dont trust anyones when im winning lottery ticket

[@ChandAchanKhanKhan-q1m]

❤❤❤❤❤ Mumbai Maharashtra India Thanks

[@jrontal7247]

🙏🙏🙏

[@geneharrison3246]

All you need to do is pick up your check from the lottery agency deposited in your bank once it clears take it all out and enjoy because next tax season comes around they're going to bust you up so spend it before they take it

[@GraniteStateScratcher]

Good stuff. Now I need to go out and buy more tickets!

[@prantickdwari7225]

GOOD COMPANY 👌👌👌👌👌

[@jesuischerie224]

AS of 2021..the federal tax went up to 37%..from the original 24%...WOW!!!!!

[@Studio-ch3qc]

When has the top tax bracket been that low, 35% never 24%

[@ChloeLayneXO]

@@Studio-ch3qc it was 24%

[@ownedbitchfyi123]

What the lowest top tier tax bracket which if win loto your going to be in was 28% in 1988 and 1989, and its been 35-39% since the 2000

[@shannonarmstrong6364]

🤑🤑🤑🤑🤑🤑🤑🤑🤑🤑🤑🤑🤑

[@aestheticsleeps1747]

I hope I when the lottery!

[@ADawk-ps3pp]

So this was lol" cause he looked at her and jokingly said I hope you don't win cause we want to win then she turned around and gave them tickets he couldn't say nothing, now if she won I could tell she would do for other's not just herself lol" I'm just saying

[@inkedup9338]

F.M.O.M.F

[@riiisk1408]

I need her services