A lawyer has offered four tips that will help protect your money if you win a lottery jackpot.
There are many stories of lottery winners getting into trouble after hitting the jackpot, but a lawyer on TikTok shared a few tips to avoid the scare that comes with winning the big prize.
The Beach Lawyer urged viewers to hire professionals to manage their money.
“If you win, firstly, you will hire an attorney with lottery winning experience,” she said in a November 2022 video.
The lawyer emphasized the importance of hiring an accountant if you win the lottery.
“Second, you’re going to find an accountant with experience in lottery winnings because you’re going to have bank accounts that only have an insurable limit of $250,000,” she said.
“They want to make sure your money is protected by someone who knows what the heck they’re doing.”
The attorney said it was important to remain anonymous.
“Number three, you’re not going to tell anyone. No one. Maybe your spouse and that’s a long shot,” she said.
“You don’t tell your mother, you don’t tell your siblings, you don’t tell your cousins. You don’t announce it on Facebook.”
“You do nothing! You shut up!”
The lawyer then responded to her fourth tip.
“If you are in a state that allows you to qualify as an LLC, you must ensure that you do so.
“Make sure your trust owns your LLC,” she said.
An LLC or limited liability company protects its owners from personal liability.
“They will make sure that you all line up so that when you claim that money, a million people don’t come out of the woods and try to take it from you,” the lawyer added.