Thatlawyer, Kurt Panouses, establishedanew club name for his clients, Wolverine FLL, and accepted the prize on their behalf from Michigan Lottery officials March 12.
He shareda few vague tidbits on the winners, while expounding more on the advice he gives them and others who have newfound wealth of mind-boggling proportions.
They are fans of the University of Michigan, hence the club name under which their prize was claimed the “Wolverine FLL Club” although the Spartans cheer“Go Green” might seem more fitting after they raked in $557 million after taxes.
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One member of the groupstopped at the Kroger store at 47650 Grand River while “passing through Novi, after realizing the friends had not yet bought a ticket for the $1.05 billion Mega Millions. This personselected multipleeasy picks and continued home.
The winning numbers, 4-26-42-50-60 and Mega Ball 24were drawn on Jan. 22, but it wasn't until the following morning that a new life literally dawned on them.
It began with a phone call from one of the friends tothe ticket holder, whowas making bacon and that the winning ticket was bought at the Novi Kroger.
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The holder began looking down all the quick picksto match the first three numbers, Panouses said, and upon finding them, reread them multiple times before letting the eyes slide over to see that the next three numbers in the row completed the winning set of numbers.
You see all six numbers, and then you hand it to someone else, and then you realize, ‘It’s us, ’” Panouses said.“It’s Saturday morning and you forget about the bacon burning. The bacon got thrown out;there’s new bacon in the house.”
The winners contacted Panouses, a Florida-based estate and tax attorney who gained national renown as alottery lawyer, advising them on various aspects of wealth as they take on millionaire status.
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“To get a phone call from a group that won a billionwithin 12 hours of their winis a remarkable point of my career, ” Panouses admitted. “This group did their own research and engaged to assist in this process.”
In Michigan, lottery winners purportedly are not allowed anonymity, but Panouses found “some gray area, ”and successfully claimed the prize in the form of the club name, keeping the winners identities private“so they can live their lives.”
“It’s scary to come into this kind of wealth, ” Panouses said. “I will be everyone’s shield;that is what I do, I am their shield. I will help this group and give them some privacy so they can live with peace and happiness. You don’t want them to come into this wealth and have a negative feeling.”
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It seems obvious you want a very tight circle to know of your newfound wealth. You also want to protect that tiny slip of incredibly fragile, valuable paper your winning numbers are printed on until the ticket is officially cashed in.
Panouses only told his wife that he knew who the latest billion dollar winners were. No one in his office knew, nor anyone else until he was flying to Detroit two weeks ago to take possession of the ticket and transport it to the lottery office to make things official.
That lottery ticket was not in a safe deposit box, the advice he gives to clients and which most of them ignore.
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“Most people don’t trust the bank and hide the ticket somewhere in their house, ” Panouses said. “The place in their house where they think it is safe — I absolutely cringe.”
He’s had clients wrap it up and put the ticket in the freezer, and another who bought a vault from Office Depot and drilled it into the concrete floor with the ticket already inside in an envelope.
He notes that winners don’t know where they will be in 25 years. If they’re older, it could be six feet under. The tax rate could also change, perhaps for the worse.
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He said in the 1960s and 1970s, individuals earning over $400, 000 per year, were taxed in the highest bracket, paying as much as 92 percent on their income.
While many people dream of quitting their jobs if they won the lottery, in Panouses’ experience, the reality is that new millionaires often say they want to keep working.
He tells them when they look at their bank account and it shows $10 million or $100 million, the last thing they will want to do is work. Even if they love their job, he said, they will feel frustration or guilt, taking a job from someone who needs it.
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In the current pandemic, he said winners could easily take a leave of absence and blame it on COVID. He said two of the Michigan winnershave already retired and the other two are close.
While Panouses supports a fast retirement for lottery winnersand perhaps a new car or a vacation to get away, he tells them to pause any major purchases or massive life changes for six months.
“When I get clients like this, I tell them to let the emotional roller coaster come to a halt before you get off, ” he said. “This can be very draining on everyone. Be normal people for awhile, let’s get the money invested and know what you can spend and put things in perspective.”
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The new winners each have millions, and they want to keep it and grow it, unlike the client Panouses had that blew through their first annual installment of $600, 000 in less than two months and were broke until their next payout.
Clients need to protect their assets, as well, from scammers or lawsuits. Car insurance for winners’ children should not be in the parents’ names, for example.
He estimates the Michigan Mega Millions winners can invest that money and generate $16 million per year risk-free at 3.5 percent interest, meaning $4 million income per year for each of the four individuals, without a decline in the original balance.
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Panouses will also guide the new winners, who he said are very charity-minded, in how to share their wealth for maximum effect.
“These are good people. They all have concern for education and their communities, ” Panouses said. “We need to do things anonymously, but will set up a charitable organization and we’re going to do a bunch of things. Scholarships are important to them and educating people who can’t afford to go to college. They all want to make their communities better.”We've found some of the best lottery lawyers you can hire . Get to know them below. Also, find out why it's a good idea to hire a lawyer after you win the lottery in the first place.
Hopefully, you're here because you've just won big playing the lottery. If that's the case, congratulations. We hope you've decided to hire professional help to get you through such a dramatic change. If you haven't won the lottery yet we recommend you check out our guide on best lottery prediction software, tools that you can leverage to increase your odds of winning dramatically.
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If you won the lottery, the first person you want to hire: an attorney. That’s right, just one. It’s true that you’re going to need all sorts of lawyers who specialize in taxes, trusts, estates, and the like. But, you don’t really need to hire an entire cavalcade immediately. It’s important to find just one good lottery lawyer who will guide you through every step of the way.
Winning the lottery can be truly life-changing. We're talking about sums of money that most people can only dream about. If you aren't careful, you can very well end up losing all your winnings, and even go into debt!
And that's not all. You'll also have to think about taxes, insurance, estate planning, your own privacy, and so on. It's a lot to handle, and you might feel a little in over your head, especially during that first year after your win.
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That's why you'll need a capable and trustworthy adviser guiding you from day one. They'll help you make tough decisions you've likely never had to face before. And most importantly, they'll give you the peace of mind that you and your newfound wealth are safe in more experienced hands.
A good lottery lawyer will help you find legal ways of minimizing your tax liability. They'll also be able to assist you in setting up a trust or other legal entity to claim your winnings, if you need to. That way, you'll be able to keep your identity private and keep unwanted attention at bay. They can also represent you in court, if needed.
A lottery lawyer will also refer you the other professionals who can round out your team of advisers. Finally, they can help you plan your estate to ensure that your family is protected.
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One thing to keep in mind: While a lawyer will definitely be able to offer you sound financial advice, they aren't exactly full-blown financial advisers. Check out our guide on financial advice for more information.
There are different types of lawyers you’ll want to look for after winning the lottery. A tax lawyer, trust and estate attorney, and asset protection lawyer are just a few examples.
Ideally, you'll want just one
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