Kurland Quoted in Super LawyersAugust 10, 2018 |
Jason Kurland was quoted in a Super Lawyers article, “Won the Lottery? Call a Lawyer.” Kurland advised lottery winners of steps to take upon winning the jackpot.
“One of the most important things they need to know, now, are the rules and the local customs of each state,” he says. “One of the major reasons we say you should call us right away is that depending on what state you win in, there is a level of anonymity one can have; this is a big deal for huge jackpot winners. In some states there’s a good possibility. In others, it’s impossible to be anonymous.”
“New York will allow someone to claim that a trust or an entity was the winner, so the name on the check will be the entity rather than the individual,” he says. “However, they require a press conference with the individual. So, your picture and a video will be out there, despite you claiming the winnings under a legal entity.
“The people I see getting into trouble are the people who try to do it themselves,” says Kurland. “If someone doesn’t know what they want to do, they can gift it away fast, or splurge on something without considering the taxes or what it takes to maintain the investment. … With a trusted team and a plan, winners should be able to turn these winnings into generational wealth.”
“When you win these [smaller] amounts, after the discounted rate and taxes, it’s not really as much money as they think. We must set reasonable expectations as to what their investments can return for them but that has to be on top of some constant employment,” he says.
“Once in a blue moon, I see that a client isn’t going to take our advice and isn’t ready to invest it wisely. Those are the ones I recommend the annuity or payouts from the lottery over a number of years. But, even in those cases, you can set up entities to put the money away, and get monthly payouts.”
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