A lottery attorney has uncovered the two biggest losses that winners can face when securing a jackpot ticket, and says they’re easily avoidable with the right help.
According to legal expert and lottery attorney Andrew Stoltmann, it only takes one “bad guy” to step in when it comes to managing large amounts of money.
Lottery attorney Andrew Stoltmann advises winners to hire a “bad” accountant to protect their newfound money. Credit: WGN The legal expert said family members and careless spending are the two biggest drags on lottery winnings. Photo credit: AFP-Getty
Stoltmann represents at least 10 clients he describes as “lottery losers,” meaning those who have won more than several million dollars in their state lotteries and lost almost everything.
He then takes on these clients and attempts to salvage their situation, recovering some or all of their earnings if possible.
Speaking exclusively to The US Sun, the lottery attorney extraordinaire explained that hiring the “bad guy,” who is actually an accountant, could prevent lottery winners’ two biggest outflows from affecting their winnings.
According to Stoltmann, these drains include greedy friends and family members and the temptation to spend the lottery money on expensive items.
The lawyer said the accountant was acting as a “bad guy” by keeping family members or friends who might have plans for a share of the profits at a distance.
“One of the biggest pressures on lottery winners is family members because every Uncle Willie or aunt wants to open a hair salon or bar and it’s just so hard to say no to family members,” Stoltmann explained.
He added that this is where the financial expert comes in – knowing when to say no.
“And from [bad guy]”I mean a lawyer, an accountant, an investment manager, someone who can say no to family members,” the attorney said.
Aside from having to watch out for those closest to you trying to get your money, Stoltmann noted that you yourself could be the biggest obstacle.
“Promote spending” is another massive drain affecting the sizeable amounts of money lottery winners receive, according to the lawyer.
“I would say it’s up to the family members and their propaganda spending,” he told The US Sun.
“To put it in layman’s terms, spend like a drunken sailor.”
To avoid this, Stoltmann again recommends hiring a “bad guy” financial professional to stay on top of spending with family members.
He stressed the crucial decision to do so, as he had previously seen families torn apart by lottery wins.
“The relationship breaks down because of the money,” Stoltmann remarked.
The lawyer added that money “changes the people around you,” and he has seen related parties suing each other for profits.
This stark warning from Stoltmann comes after a Michigan man said he was forced to sue his own family to keep a chunk of a $2 million jackpot he won on a whim at a rest stop in Ohio had bought.
FAMILY SUIT
As previously reported by The US Sun, Mahmoud Dabaja’s celebrations were cut short when he learned that there would be a court case over the prize money he won on a scratch card in June 2010.
He decided to file a lawsuit against three people who all believed they were entitled to some of the money.
His ex-wife, brother and an unnamed third party reportedly claimed the scratch card.
Dabaja decided to fight back and sued the lottery commission and the three plaintiffs in court for breach of contract.
In May 2014, the Ohio Court of Claims approved Dabaja’s $710,000 settlement with the Ohio Lottery Commission, although he felt he should have been awarded the entire amount.
For more related content, see the US Sun’s coverage of a lottery attorney who says colleagues can sue you unless you make a critical decision after winning the lottery.
The US Sun also has the story of why the world’s richest lottery winner was sued over his $2 billion win.
Stoltmann said he’s seen families suing each other for winning the lottery. Photo credit: Getty
