Winning the lottery is not all it is cracked up to be.
One study concluded lottery winners are more prone to declare bankruptcy. As one attorney put it, the average lottery winner is a blue collar person. They suddenly receive a huge pile of money. Their name is plastered all over the media. It should not be a wonder they are preyed upon by people asking for money. At the same time, their own judgment might not be the best.
Thus, we endorse the idea a lottery prize winner ought to have the right to remain anonymous, providing he or she pays the legal amount of tax.
A bill to that effect is being considered in Illinois. Currently, six states — Delaware, Kansas, Maryland, Ohio, North Dakota and South Carolina — allow winners to remain secret. Four others (Colorado, Connecticut, Vermont and Massachusetts) allow anonymity if the winner forms a corporation. In places where the anonymous option is available, it appears about two-thirds will take their prize in secret.
That should not be a surprise. The sudden wealth likely will tempt thieves.
We would add financial experts believe winners should consult with attorneys, tax experts and investment advisors.