Congratulations – you’re a millionaire! Now what? The joy of suddenly attaining financial security for you and your family is news you’d want to share. But you may want to think twice before you post a photo of your new car on Instagram. Read about important legal considerations if you have been fortunate enough to win the lottery.
If you are fortunate to win a significant lottery jackpot in Ohio, it is your legal right to remain anonymous. The Buckeye State is one of the few states in the country to allow this. Why is this important? Two words – privacy and security.
Privacy and Security
Remaining anonymous after winning the lottery is the right move for several reasons, primarily privacy and safety. Coming into a large amount of money will introduce you to new ‘friends’ and ‘family’ members you never knew you had. And most of these folks do not have your best interests in mind.
If your name were to be made public, you can count on being bombarded with phone calls, texts, and emails asking for money or business proposals that are far from legitimate. The harassment may make you wish you hadn’t won.
Safety issues are another thing to consider. An annoying phone call is one thing, but someone finding out where you live or approaching you with a request is a different story.
A Florida man who won a $30 million Florida Lotto prize was approached by a woman interested in establishing a business partnership with him. It turned out she was a fraud who would embezzle more than $1 million from the man, but that wasn’t enough. The woman eventually was convicted of murdering the man to take the rest of his money.
Winning the Lottery in Ohio
In Ohio, lottery winners have 180 days to claim their prizes, so during that time and before you claim the money, it’s a good idea to speak with an attorney and financial advisor to devise a game plan and lay out some legal considerations.
One potential path to protect your privacy is to establish blind trust, with the help of an experienced lawyer. There are a few different types of trusts to consider, and your attorney can advise you on which one best meets your needs.
When it comes to your lottery winnings, having blind trust means the public doesn’t get to know who created it, and the person who created it gets to control it. Ohio law requires prizes to be claimed at an Ohio Lottery Regional office. If you set up a blind trust, your attorney can assist with that process, and your anonymity will be maintained.
A blind trust also means any future financial matters – real estate purchases, charitable donations, etc. – can be handled by the attorney on your behalf without anyone knowing.
What if you win an out-of-state lottery? The law follows where the ticket has been purchased, not where you live. If you live in Northeast Ohio but were on vacation in San Diego and won, you will have to reveal your identity to get your money under California law.
The Manning & Clair Difference
Manning & Clair Attorneys At Law have extensive experience in matters relating to establishing blind trusts and protecting your privacy, no matter the circumstances. Put our experience and compassion to work for you.
Manning & Clair Note: The information shared here is intended for a general overview and discussion of the subject. It is not intended to be, and should not be used as, a substitute for taking legal advice in any specific situation. Please consult an attorney for advice about your individual situation.
