The Real Cost of the Lottery

By Lewis Braham - 2012-11-28T21:32:58Z

Photograph by FPG/Getty Images

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Estate Planning

Lottery jackpots often cause family squabbles. Estate plans help prevent them. "For lottery winners, estate planning is complicated by the fact that they can take their money as a lump sum or in installments," says Jon Gallo, an estate lawyer in Los Angeles. "It's very difficult to do sophisticated estate planning when the only asset you have is basically an account receivable over a long number of years." A simple will from costs $69, but the site provides scant legal advice. For a large estate, a comprehensive plan will cost upwards of $5,000, Gallo says.