By Jennifer L. Fulton, Esquire
How many of us have participated in a lottery pool at the office? Probably most of us. But what happens if your office pool actually wins big—aside from no one showing up for work the next day? Does your office pool have a plan for if you win? What is the rule in your pool if you didn’t contribute that week? Many of us have heard the stories of the lottery winners who were hounded by “friends” and “relatives,” became the subjects of frivolous lawsuits, and were treated differently by the people that were actually friends and relatives after they won. How will you protect your privacy? Consider the following:
Florida law only allows one person to claim a winning ticket, and requires that certain information on its lottery winners are public information. What does this mean for a lottery winner? It means you should have a plan before you cash in your winning ticket. Even better, have some portion of the plan before you buy your ticket.
Before buying your ticket:
Once you check your ticket and find you are the lucky winner:
Once you and your office mates have set up the lottery trust or LLC, consider setting up your family’s trust or LLC to receive your share of the winnings, so you:
So next time you play the numbers, don’t play roulette with your privacy. Be prepared and protect yourself and your loved ones before you claim your ticket!
Jennifer L. Fulton, Esq. is an attorney at The Law Offices of Robin Bresky (www.breskylegal.com) focusing on Estate Planning, Probate, and Estate and Trust Administration. A member of the Florida Bar since 1996 with a Juris Doctor degree from Nova Southeastern University, Fulton works with clients to plan for the milestones of life (college, “adulting”, marriage, children, grandchildren, aging parents, pre- and post-divorce, loss of a spouse, aging, diminished mental capacity) and administration upon death. She can be reached at 561-994-6273 or EstatePlanning@BreskyLegal.com.