Plan on Winning The Lottery? Better Hire a Tax Attorney
Life will never be the same for Mavis Wanczyk. The 53-year-old hospital worker and mother of two from Chicopee, Massachusetts became an instant celebrity when she won the $758.7 million Powerball jackpot–the largest in U.S. lottery history. Wanczyk, who quit her job after 32 years, announced she will take a lump sum of $443 million. She will then receive $332 million after paying taxes. Wanczyk is now living the dream of countless people throughout the country. She can travel the world, buy a new house, cars and is financially set for life. It would appear Wanczyk no longer has any worries in the world. But more money also brings more responsibility and more headaches. Before she starts planning that dream vacation, one of her first priorities is to hire an experienced and knowledgeable attorney.
The Truth About Lottery Winning the Lottery
Winning the lottery involves more than just living the glamorous life and taking publicity photos with a giant check. Wanczyk’s world is about to change forever. Simply claiming the jackpot will cost Wanczyk an enormous amount of money. Within the first year of claiming their prize, lottery and Powerball winners can expect to spend hundreds of thousands of dollars on tax attorneys, accountants and a litany of financial planners and professionals.
Before you start buying a fleet of luxury cars and an extravagant mansion in Fort Lauderdale, it is important for lottery winners to set their priorities and make smart financial decisions. Among the biggest decisions and concerns include:
- Choosing between accepting a lump sum or an annuity payout
- Paying more taxes
- Setting up a trust
- Estate planning
- Deciding what to do with the jackpot before taxes
Many of the financial professionals needed can be used one time only, such as a creating a living will. However, it is extremely important to hire the right financial planners and tax attorneys for your long term planning. Chances are those professionals will require an advanced retainer. The first priority is to select an experienced and trusted advisor who can effectively coordinate all the different financial professionals to make your life easier. The two most important choices are hiring a financial planner and tax attorney.
How a Financial Planner Can Help ?
When choosing a financial planner, make sure they are certified. These professionals can put together a team to help minimize your tax liability. In addition to providing advisement and managing your money, a certified financial planner is also responsible for tax planning, managing the estate and acquiring insurance.
How a Fort Lauderdale Tax Attorney Can Help ?
You don’t have to be a Powerball winner to hire a tax attorney. But if you are one of the fortunate few to beat the odds, taxes become even more complicated with more money. Fort Lauderdale tax attorney Ira Zuckerman understands the nuances of both Federal and Florida tax law. For more than three decades, he has successfully helped countless people dealing with some of the most complicated tax problems. Whether you owe back taxes or face an IRS audit, a wage garnishment or tax liens, the legal team at Zuckerman Law can help. To learn more, contact his Fort Lauderdale law office today and schedule a consultation to discuss your situation.