Past lottery winners have discovered the hard way that the more people who know they’ve won, the greater the chance they’ll be approached for things like personal loans, handouts, investment opportunities and charitable donations.
Another challenge is figuring out exactly how to split the winnings. There are tax considerations, and some states have limits on how many checks they will cut. In that case, winners would end up turning to a more complex solution, such as forming a trust.
“Say there are 15 people who win a lot of money. Getting 15 people to agree on anything is difficult,” Kurland said. “And then if they each get their own attorney, you’ve got 15 attorneys who are supposed to agree.”
If you’ve already gone in on tickets or want to despite the potential pitfalls, at least make sure the pool’s coordinator documents the whole affair.