Helping lottery winners to stay anonymous
Logan's services are necessary for her clients to keep their identities secret. The lottery commission states prizes over $103,000 must be claimed from their headquarters in Dorchester. According to Channel 5, the process requires a lot of paperwork and taking a photo, which may be displayed on the Mass Lottery website.
Massachusetts is far from the only state that has rules about identifying winners. In fact, only a few states allow winners to remain anonymous, while the rest have various rules in place that require winners to disclose at least some of their details.
Logan helps clients get around these rules by forming a trust to claim their prize, protecting their personal details. This is permissible in some other states as well.
“The legal trustee — your lawyer — goes and collects the prize, and the underlying beneficiary remains anonymous,” Logan explained.
The trust can be named anything you want and it will be written on one of those big novelty checks she gets to hold — which, unfortunately, she says you don't actually get to keep.
“I don’t walk out with that humungous check," Logan said. “It’s actually just a regular-size check, regardless of the amount. And then I go straight to the bank.”
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Learn MoreTips for lottery winners to protect themselves
Logan's services are important because staying anonymous can protect winners from scammers, criminals and even friends, family and acquaintances who may pressure them into sharing their prize.
“I think no matter the amount, tell as little people as possible,” Logan advised. “I’m sure it’s very challenging to do that, but only tell those that you would trust with your life.”
Logan also has other tips for winners, including:
- Sign the back of the ticket right away after your win so no one else can claim it
- Create a team to help you, including a lawyer, a certified accountant and a financial advisor who can assist with making informed choices with your new wealth
- Avoid hiring anyone who charges you a percentage of what you won for their services instead of a flat fee
By following these tips — and potentially having a lawyer help you create a trust to claim your prize — you can maximize the chances that a lottery win will improve your life, instead of turning into a stressful time. Assembling a good financial team to help you plan around your sudden wealth can also help ensure it lasts.
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