An ex-wife’s lottery winnings are safe from her ex-husband’s creditors, as stated in a June 18th, 2012 New York Law Journal article. During the marriage the wife won the lottery and placed the majority of her winnings into an investment account that was restricted on withdrawals.
After reviewing the facts of the case the court found that there was no evidence showing that the ex-husband was entitled to the funds, nor did they find any evidence that he had creditors in that amount. It is best to learn a few tips on how to invest lottery winnings and how to be smart enough to conserve and even increase your winnings so that you will be able to live the rest of your life more comfortably. You would first need to make some calculations as to how much your winnings can give you in terms of annual earnings when you simply put your money in the bank. The next step is to segregate a small percentage of your winnings, say 5 to 10 percent depending on the amount of your winnings, and use it to buy some of the things that you have always yearned for. To see our content at its best we recommend upgrading if you wish to continue using IE or using another browser such as Firefox, Safari or Google Chrome. The first pub syndicate to win the Lottery has been told millions of their money has been lost by the accountant they gave it to in order to safeguard their wealth. Other clients have also reported losses, ranging from a few thousand pounds to A?1 million. The ex-husband was awarded $50,000 of the winnings and $10,000 to be used towards legal fees.  The ex-husband petitioned the court to gain an additional $52,000 claiming the funds were needed for his creditors and that he was entitled to the funds.
He specializes in many areas of practice including divorce, bankruptcy, and personal injury. The most important thing to remember is to never be complacent with the big amount of money that you have to begin with.


You would be surprised to know that even a moderate amount of income from interest alone would require a large amount of deposit money. It is better to have a small amount to splurge after winning the lottery so that you would not feel deprived later on.
If you have legal questions about a child custody, child support, or spousal support issue, then please feel free to call us at 1-800-660-LAWYER or 1-800-660-5299 or visit our office for a free initial consultation.
The question of how to invest lottery winnings needs to be answered properly to avoid the pitfalls of easily losing money.
A $1 million account in the bank could only net you around $40,000 a year assuming that the regular 4 percent interest per annum in deposit accounts is observed. You have to ensure that you do not draw more money than your limit otherwise you run the risk of depleting your money.
Lump Sum Taxes on Lottery Annuities How Much State & Federal Tax Is Owed on Sweepstakes Winnings? How to Transfer a Lump Sum Annuity Payout How Much State & Federal Tax Is Withheld on Casino Winnings? How to Compute Taxable Income A big lottery jackpot win is a time for celebration, but it's also a taxing time.
States offer winners a lump-sum payout option, which many winners choose instead of annual installments.
Further, state lottery agencies must report any win over $600 to the Internal Revenue Service.
As of 2012, the top federal income tax rate is 35 percent, applied to all taxpayers regardless of filing status if taxable income exceeds $398,350.


But the lottery agency withholds only 25 percent, so you may find yourself stuck with a big tax bill when you file your taxes for the year unless you set some jackpot money aside. Legal experts at the American Bar Association advise that if your winning ticket was from a pool or other group, don't cash in the ticket until you and the other members create a formal legal entity such as a partnership or trust to claim and distribute the prize.
Otherwise, you as an individual could be liable for the entire income tax bill when you make the claim and might even be stuck with additional gift taxes when you distribute the prize money. To avoid gift taxes, you and the relatives who will share in the prize should make a written sharing agreement before cashing the ticket.
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These returns cover a period from 1986-2011 and were examined and attested by Baker Tilly, an independent accounting firm.



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