Speaking to US magazine, the 20-year-old actress called Oscar winner Jack her "mentor".
"I'm going into the family business because we're so close and he's such an inspiration. I admire him so much," Lorraine said.
The Soul Surfer star explained that she strives to stay grounded in her life and career.
"My grandma always told my father, 'Don't toot your own horn,' which in Nicholson speak means, 'Be modest and let your work speak for yourself'. That's sort of what I applied to, not only my acting work, but my everyday work," she said.
Lorraine also praised her Soul Surfer co-stars Helen Hunt, Dennis Quaid, Carrie Underwood and AnnaSophia Robb as "probably the nicest group of people [she] will ever meet in [her] life".
73-year-old Jack recently admitted that he would love to settle down with a woman.