Speaking of the Lottery...

bonnielu · ‎03-11-2010

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....

hoosieroriginal · ‎03-04-2012

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

StylishLady · ‎03-11-2010

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.

MaggieMack · ‎10-01-2014

@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.

No act of kindness, no matter how small, is ever wasted. - Aesop

Plaid Pants2 · ‎03-14-2015

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.

Mz iMac · ‎07-26-2014

"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.

"Never argue with a fool. Onlookers may not be able to tell the difference."

ECBG · ‎01-08-2011

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!!!!

Kachina624 · ‎03-10-2010

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.

New Mexico☀️Land Of Enchantment

Mz iMac · ‎07-26-2014

My first purchase will be a new license plate

"Never argue with a fool. Onlookers may not be able to tell the difference."

missy1 · ‎03-10-2010

@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.