I’m a lawyer for lottery ‘losers’ – you’re not a real winner until you make this move

A LAWYER has warned future lottery winners about how they can protect themselves from losing it all and becoming a horror story.

Chicago-based Stoltmann Law Offices also explained a key move that winners must make if they want to receive their fortune.

Attorney Andrew Stoltmann who represented Manuel Franco, the winner of the third-largest jackpot in US history has given a number of vital tips to winners.

The most key piece of advice the lawyer has is to ensure that from the minute a ticket is purchased it is kept safe so that you become a “real winner.”

He told lottery players to “buy a safe” as “the winner is not a true legal winner until the ticket is presented to lottery officials.”

This cannot happen if the winning ticket has been lost or destroyed.

The other initial piece of advice he tells winners is to “trust nobody” and “get off social media for a very long time.”

“Disappear from the public and social media,” the legal expert told Franco, after the 24-year-old won $326million.

Stoltmann has warned that only immediate and trusted family members should be informed of the news.

He told the Daily Post that it is “the worst initial decision a lottery winner can make” if they share the news with people outside of the immediate family.”

After representing six lottery “losers” who lost their winnings due to various scams and mistakes, the lawyer is only too aware of how a dream can turn into a nightmare.

The majority of lottery mistakes come in the immediate aftermath of the win when feelings are high and winners are in a dream-like haze.

When people win the lottery, they get offered the money as a lump sum or in annual installments for the next few years.

Stoltmann urges winners to not take the lump sum though it is tempting.

“Spreading the payments out lets the winner over time learn investment lessons and apply those lessons,” he said.

He added: “To make a mistake with the first year’s winnings is not catastrophic if the winner is going to receive another 25 years’ worth of payments.”

Secondly, one of the first things winners must do is establish an experienced financial team.

The lawyer said: “Few lottery winners have the infrastructure in place to manage a lottery windfall.

“An experienced team must be put together, and fast.

“Each team must have at a minimum an attorney, Certified Public Accountant, and a financial professional.”

It is also important that winners learn the basics of finance despite having this team.

Such knowledge will allow them to “weed out ‘professionals’ or others that might want to scam you.”

Stoltmann advocates for lottery winners to have the right to anonymity due to the increased risk of being targeted by scammers.

He said: “The winner is likely the biggest target of banks, brokerage firms, and scammers worldwide.

“Ultimately, nobody should be trusted. Multiple sets of eyes should be watching everyone who has any access to the funds.”

The final two tips from the lawyer is that no major decisions should be made within the first six months of winning such as quitting a job or buying a mansion.

Lastly, the money should be deposited in a safe account until a full financial plan is in place.

Stoltmann said: “Because the sum is too large for it to be covered by FDIC insurance, the winnings should be deposited in a brokerage account of a major broker-dealer like Merrill Lynch or Goldman Sachs.

“It should be initially invested in short-term U.S. Treasuries until more concrete investing decisions can be made.”

The U.S. Sun has previously reported on lottery winners who lost it all.