• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

The Babcock Law Firm

Denver personal injury and accident lawyer

(303) 683-5033 FREE CONSULT 4600 S Ulster St.
Suite 800, Denver CO 80237
  • Our Firm
    • Our Mission
    • Injury Attorney Profiles
    • How Representation Works
  • Practice Areas
    • Workers’ Compensation / Work Injuries
    • Car Accidents
    • Truck Accidents
    • Motorcycle Accidents
    • Drunk Driving Accidents
    • Pedestrian Accidents
    • Slip and Falls (Premises Liability)
    • Bad Faith Insurance
    • Wrongful Death
  • Reviews
  • News
  • Resources
    • COVID-19
    • Scholarships
  • Blog
  • Contact
Denver Personal Injury Attorneys (Home) / Blog / Community / Lottery Legal Advice

Lottery Legal Advice

winning lottery ticket

Last month the U.S. saw the biggest lottery in its history. The winning Powerball numbers were finally called out after over 2 months of drawings. The Powerball winnings topped out at $1.6 billion, crushing the previous lottery record of $656 million.

Since the January 2016 Powerball, three winners have emerged to divvy up the winnings. It’s almost guaranteed that the first question these winners were asked was, “What are you going to do with the money?” Our advice? Get a lawyer.

History has shown that winning the lottery isn’t all fun and games. Many previous winners have faced financial and personal hardships directly linked to their lottery winnings. Receiving a significant amount of money comes with certain responsibilities.

Plan Your Spending Wisely with a Tax Lawyer

It’s common knowledge that lottery winnings must be taxed. But believe it or not, in Europe it’s normal to receive the full winnings of a lottery—tax fee! However, if you win big in the U.S., expect to pay a standard 30% tax on lottery winnings.

Even after initial taxation, no matter what you decide to spend your money on, odds are that you’ll be held accountable for taxes. Whether you give to charity, invest your winnings or give monetary gifts to friends or family, our advice is to seek the advice of a tax lawyer. Make sure you have the funds needed to offset the tax liabilities of your spending.

Prepare Your Family’s Inheritance with an Estate Planning Lawyer

Lottery winners who take home large sums of money are forced to make some difficult choices on how to spend their money now and how to distribute the wealth when they’re gone. A good estate-planning lawyer can help you make proper inheritance decisions. A legally binding and comprehensive will and testament can also help prevent familial strife over inheritance issues.

Protect Yourself from Lawsuits with a Litigation Lawyer

Money certainly has the power to corrupt, and when people find out you’ve won the lottery they may act drastically in order to get piece of your winnings. Distant relatives, neighbors or acquaintances might attempt to blackmail, intimidate or sue you for some of your cash. With the council of a skilled litigation lawyer, you can protect yourself from heinous lawsuits that seek to capitalize on your winnings.

Primary Sidebar

Categories

Personal Injury
Practice Areas

Car Accidents Truck Accidents Motorcycle Accidents Drunk Driving Accidents Pedestrian Accidents Workers' Comp / Work Injuries Slip & Falls (Premises Liability) Insurance Disputes Wrongful Death

Resources

Blog Contact Us Firm News

Client Testimonials Read all reviews

5-star review image
Amazing results
Workers Compensation  |  Aurora
Represented for shoulder injury resolving wage loss issues and negotiating settlement.
2018-08-21
"Had a great experience with this amazing firm a few years ago and had the pleasure to hire ..."
2nd time client, Verified Customer
5-star review image
Thanks
Workers Compensation  |  Denver
Represented injured worker following denied hernia surgery and wage loss benefits.
2016-04-09
"I love your work you guys are the best thanks a lot "
Mohammad jafari , Verified Customer
5-star review image
Thank you!
Workers Compensation  |  National
Retained following denial of a low back claim and obtained a financial settlement.
2018-03-25
"Stephanie Tucker was wonderful. Thank you so much it was a really hard and confusing time and I ..."
Lili, Verified Customer

Footer

Association Badges
Association Badges

Schedule your free consultation with our attorney

No cost – No commitment

(303) 683-5033
The Babcock Law Firm
Denver Workers' Compensation Lawyer and Personal Injury Attorney Mack Babcock
4600 S Ulster Street, Suite 800 Denver, CO 80237 United States

Personal Injury
Practice Areas

  • Car Accidents
  • Truck Accidents
  • Motorcycle Accidents
  • Drunk Driving Accidents
  • Pedestrian Accidents
  • Workers' Comp / Work Injuries
  • Slip & Falls (Premises Liability)
  • Insurance Disputes
  • Wrongful Death
  • Colorado Springs Workers’ Compensation

Resources

  • Blog
  • Firm News

Free eBooks

  • Colorado Workers' Comp Guide
  • Colorado Car Accident Guide

Our Firm

  • Firm Mission
  • Attorney Profiles
  • Practice Areas
  • Contact

    Facebook    Twitter    Blog

The Babcock Law Firm: Colorado Enjuris Partner Attorney
More
  • Home
  • About Us
  • Contact
  • Privacy Policy
  • Legal Disclaimer & Terms of Use
  • Local & Reviews
© 2023 The Babcock Law Firm. Colorado law firm for workers' compensation, car accidents & personal injury. Serving all of Colorado and the Denver metro area from our Denver law office law firm internet marketing by SEO Advantage®