topic Re: Speaking of the Lottery... in Community Chat

Speaking of the Lottery...

bonnielu — Sun, 10 Jan 2016 16:26:48 GMT

My question is not what you would DO WITH IT. But how would you handle it? How does one COLLECT THE MONEY...

1. HOW TO YOU HIDE THAT FACT YOU ARE THE WINNER

2. HOW DO YOU EVEN safely collect THE TICKET winnings

3. WHO DO YOU TRUST TO HELP YOU INVEST

4. DO YOU TAKE ALL OR USE THE ANNUITY APPROACH

I would even be afraid to get advice... not sure if I can trust....

Re: Speaking of the Lottery...

hoosieroriginal — Sun, 10 Jan 2016 16:29:52 GMT

I really don't think any of have to worry about answering these questions - unfortunately....

Re: Speaking of the Lottery...

StylishLady — Sun, 10 Jan 2016 16:36:44 GMT

If you ever won a crazy amount of money, the first thing you'll have to do is disconnect your phone. Then find a good tax lawyer you hope you can trust. I can't believe what I see in the news, people waiting in long lines to purchase tickets. DH is buying one. He plays $1 at a time on our state Lotto and Fantasy 5 games. Won $7K on the Lotto once and $1,200 on the Fantasy 5. He calls his losses a voluntary tax for education.

Re: Speaking of the Lottery...

MaggieMack — Sun, 10 Jan 2016 16:44:21 GMT

@bonnielu wrote:
My question is not what you would DO WITH IT. But how would you handle it? How does one COLLECT THE MONEY...

1. HOW TO YOU HIDE THAT FACT YOU ARE THE WINNER
2. HOW DO YOU EVEN safely collect THE TICKET winnings
3. WHO DO YOU TRUST TO HELP YOU INVEST
4. DO YOU TAKE ALL OR USE THE ANNUITY APPROACH

I would even be afraid to get advice... not sure if I can trust....

1. I think only 4 or 5 of the participating states allow anonymity.

2. I would hire my friend who is local LE to drive me the 4hours to collect my check, and I would pay him handsomely.

3. I have investment relationships that are longstanding and trusted, but I wouldn't put it all in one place.

4. Take it all! I probably won't live long enough to collect the annuity payoff. I would want to set up trusts and charitable foundations NOW.

Re: Speaking of the Lottery...

Plaid Pants2 — Sun, 10 Jan 2016 16:59:40 GMT

How do you hide the fact that you are the winner? I'm not sure that you can 100%. When you go to claim your winnings, they can use your name and image, because by buying a ticket, you are agreeing to have that done.

How do you find a good attorney and financial advisor?

The same way that you would find one if you didn't win the money. You vet them. You check with the state licencing board, to see how many complaints they have against them, etc.

Re: Speaking of the Lottery...

Mz iMac — Sun, 10 Jan 2016 19:18:17 GMT

"HOW TO YOU HIDE THAT FACT YOU ARE THE WINNER"

If you live in a state where you cannot remain anonymous if you hit the lottery.......

BEFORE you claim your $$$, form a limited liability company so that when a winner’s name is reported, it’s the LLC and not individuals being identified.

Re: Speaking of the Lottery...

ECBG — Sun, 10 Jan 2016 19:21:38 GMT

First I'd give some to charity, buy a beach house, then I'd get a huge house in the mountains with lots of staff and fly all my Q forum friends in for the week!!!!

Re: Speaking of the Lottery...

Kachina624 — Sun, 10 Jan 2016 19:39:41 GMT

You immediately sign the ticket so no one else can cash it and take it to a lottery office. You have to decide how you want to receive it and can have your first check by next week. I already have a financial adviser at Edward Jones so I'd have him invest it. It would be so much fun playing Lady Bountiful and giving most of it away.

Re: Speaking of the Lottery...

Mz iMac — Sun, 10 Jan 2016 19:55:27 GMT

My first purchase will be a new license plate

Re: Speaking of the Lottery...

missy1 — Sun, 10 Jan 2016 20:02:36 GMT

@Mz iMac wrote:
"HOW TO YOU HIDE THAT FACT YOU ARE THE WINNER"

If you live in a state where you cannot remain anonymous if you hit the lottery.......
BEFORE you claim your $$$, form a limited liability company so that when a winner’s name is reported, it’s the LLC and not individuals being identified.

I thought the actual winner had to claim it, or everyone would do it this way. Only a few states you can remain anonymous.

Re: Speaking of the Lottery...

goldensrbest — Sun, 10 Jan 2016 20:02:46 GMT

My son was speaking of this, you would have to hire security guards, and protect your love ones as well, i wish several people would win,ALOT of people.

Re: Speaking of the Lottery...

Mz iMac — Sun, 10 Jan 2016 20:21:03 GMT

@missy1

The actual winner is the LLC company. That is the beauty of it.

A lottery ticket is an anonymous "bearer" instrument that can be cashed by anyone who holds it; signing the ticket gives you some protection in case it's lost or stolen. If your state gives out the names of lottery winners, your LLC name will be given out.

You are also well-advised to stay out of the public eye as long as possible, or at least until you've set up a way to protect the money.

In N.J. if lottery winners show up at a news conferences & do not want to be id'ed, their faces are covered by the huge fake check they are holding. All are wearing gloves so you cannot tell which race they are.

Most if not all, have their LLC name on the fake check.

Re: Speaking of the Lottery...

missy1 — Sun, 10 Jan 2016 20:36:54 GMT

@Mz iMac wrote:
@missy1

The actual winner is the LLC company. That is the beauty of it.

A lottery ticket is an anonymous "bearer" instrument that can be cashed by anyone who holds it; signing the ticket gives you some protection in case it's lost or stolen. If your state gives out the names of lottery winners, your LLC name will be given out.
You are also well-advised to stay out of the public eye as long as possible, or at least until you've set up a way to protect the money.

In N.J. if lottery winners show up at a news conferences & do not want to be id'ed, their faces are covered by the huge fake check they are holding. All are wearing gloves so you cannot tell which race they are.
Most if not all, have their LLC name on the fake check.

http://articles.chicagotribune.com/2011-11-06/news/ct-met-anonymous-lottery-20111106_1_lottery-winners-illinois-lottery-lottery-jackpot

This talks about it. This state if you win a lot you have to have a media conference. It doesn't say how they handle it. Do they disguise themselves?

The couple in the article have all this money, but are not enjoying it.

Re: Speaking of the Lottery...

Mom2Dogs — Sun, 10 Jan 2016 21:23:01 GMT

If possible, it would not be announced to the media. I would have my financial advisor handle things for me.

Re: Speaking of the Lottery...

CatsyCline — Sun, 10 Jan 2016 21:27:46 GMT

1. Do Not come forward immediately to the Lottery Office TAKE TIME TO SET UP A TRUST or set up an LLC .

in CT there was a winner once whose Trust representatives accepted the jackpot. the winner never revealed thier faces or names. there was an elderly lady who won in MA i think and she set up a Trust first, not using her own name. Something like the Happy Cloud Trust.

Amazing how many come forward within days of winning without doing financial planning!

In most states you have one year to collect the winnings! so Plan !

Of course there will be tons of Media wondering who the winner is. Meanwhile, put the ticket in the freezer in a bag marked "Veal". or safe deposit box at the bank

Re: Speaking of the Lottery...

missy1 — Sun, 10 Jan 2016 21:41:06 GMT

I was just thinking ..... say you claim the prize in a LLC. If you buy property the owners will be the LLC. Then someone can just check to see who lives there and figure it out. That's only if the winners stay in the same county

Re: Speaking of the Lottery...

Mz iMac — Sun, 10 Jan 2016 23:04:12 GMT

@missy1

How are they going to figure out if the owners are lottery winners??? Any body can set up a LLC and/or trust account.

The ONLY way one will know is if you walk right up the people living in the new house & ask, "are you lottery winner(s)?"

Re: Speaking of the Lottery...

bonnielu — Mon, 11 Jan 2016 02:26:14 GMT

I know will not win, but I asked the question because I can only imagine what it would be like TO WIN. Not sure I could handle it. I am very trusting and basically I would not want the attention. So life would not be good. The money could not buy me peace of mind.. Looking over my shoulder.. deciding whom to trust would eat away at my reasonably happy tranquil life. I basically have what I want... a great family, friends, nice neighborhood, comfortable home and lots of opportunities to dance and feel free and grateful for what I have

Re: Speaking of the Lottery...

SydneyH — Mon, 11 Jan 2016 08:13:30 GMT

I'm hearing the smartest course would be to claim the ticket as late as possible. Personally I suspect if it was one winner, they would have to move and possibly change their identity.

Re: Speaking of the Lottery...

gabstoomuch — Mon, 11 Jan 2016 09:20:05 GMT

Why would they have to move and change their identity?