You last visited October 15, 2008, 6:43 pm
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Lottery winner demonstrates the right way to claim a big jackpot
Gurnee, Illinois United States Member #50189 February 12, 2007 250 Posts Offline |
| Posted: March 23, 2008, 9:00 am - IP Logged |
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Perhaps I could have been more grammatically correct in starting a new paragraph. Also, in an effort to be concise, I don't expound fully on every point (if you want detail to the nth degree, go to the New Mexico lottery website, click on faq, and read the critique of lottery critics segment). But as I and my friends reread what I wrote, we don't arrive at the conclusions you do. Give it a rest...I made my point and you want to dream up new ways to have a beef with what I wrote. You obviously wouldn't make a great debater. But hey, we all can play the lotto, dream about winning the big one, and hopefully live ours lives in peace. Peace out homie! Forget the formulas...you only win when you're lucky!
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mn United States Member #59524 March 4, 2008 268 Posts Offline |
| Posted: March 23, 2008, 11:00 am - IP Logged |
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Actually it is a misconception that wealthy people manage their money on their own. Most all truly wealthy people...people who run businesses, long time successful celebrities and athletes, entreprenuers, and inventors utilize a team of advisors that include lawyers (for the specialized areas of need), financial and estate advisors, CPAs, and business advisors to help them make sound decisions with regards to their wealth. The do it yourself fad that swept over us in the 90s largely was taken up just by the middle class, which might explain why the middle class is worse off today than a decade ago despite the run ups in both the stock and real estate market. So just say no to all those "do it yourself" investment company commercials. So it is not a bad reflection on a person if they have a competent and trustworthy team of advisors helping them out. On the contrary, I believe it is a person with poor judgement who thinks they can handle every aspect of managing their wealth WITHOUT the aid of legal, financial, tax, and business experts. You say that you are poor now...hmmm, take a look at the people with which you surround yourself...take their incomes and divide it by the number of people involved to arrive at an average. If the average income is just about where you are now, I highly recommend that you change your circle of friends...IMMEDIATELY!!! It is true that the company you keep has a direct reflection on you...and how successful (or not) you will be in the future. i havent been on in a while so sorry for the gap in time but your statement is SO deep, thank you for that.
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Margaritaville United States Member #58035 January 9, 2008 103 Posts Offline |
| Posted: March 23, 2008, 11:03 am - IP Logged |
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I'm impressed! I love how this winner set things up. I don't think I will take 3 months unless it takes a full 3 months to get all this down airtight. Who knows, maybe it did take this long to hammer this out.
If I read this right, the winner has a limited partnership that claimed the lottery winnings, but then also legal entities to protect the LP. Each entity would have to have papers drawn and tax IDs created. Before they even start creating the entities, they have to create the master game plan. Doing this right could take some time. And who knows what snags they had along the way that may have held things up.
The only other thing I could say to do is have more than one "winner" stand at the podium. I'm sure I can find some random people I or my kids (both in college) know who for $12k would gladly stand at the podium wearing sunglasses posing as "family members".
Congrats to the winner and all her (his?) smart moves!
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mn United States Member #59524 March 4, 2008 268 Posts Offline |
| Posted: March 23, 2008, 12:30 pm - IP Logged |
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I'm impressed! I love how this winner set things up. I don't think I will take 3 months unless it takes a full 3 months to get all this down airtight. Who knows, maybe it did take this long to hammer this out.
If I read this right, the winner has a limited partnership that claimed the lottery winnings, but then also legal entities to protect the LP. Each entity would have to have papers drawn and tax IDs created. Before they even start creating the entities, they have to create the master game plan. Doing this right could take some time. And who knows what snags they had along the way that may have held things up.
The only other thing I could say to do is have more than one "winner" stand at the podium. I'm sure I can find some random people I or my kids (both in college) know who for $12k would gladly stand at the podium wearing sunglasses posing as "family members".
Congrats to the winner and all her (his?) smart moves! wow thats a pretty good idea, i wonder why i never thought of that.
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Antoine Professional Illinois United States Member #47157 September 23, 2006 3646 Posts Offline |
| Posted: March 23, 2008, 1:09 pm - IP Logged |
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One has to weigh the cost of a team of professionals vs how much money they are actually
saving you. I could be wrong but lawyers tend to charge what they want even sizing up
their customers so if they get wind of a big lottery winner I know their fees will change
accordingly. The only person I think I would consult is a CPA or someone who could properly
inform me how to duck some of those nasty tax laws. Dont think Ill need a team for that,
although I would get about 3 to 4 different opinions and then decide who to go with
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United States
Member #50662
March 1, 2007
14 Posts
Offline
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| Posted: March 23, 2008, 2:47 pm - IP Logged |
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tax free municipal bonds is a good way to skirt taxes.
if they formed a business/partnership, chances are they could live off the interest, but still have to claim income on that.
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United States Member #28776 December 15, 2005 978 Posts Offline |
| Posted: March 24, 2008, 7:22 am - IP Logged |
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I'm impressed! I love how this winner set things up. I don't think I will take 3 months unless it takes a full 3 months to get all this down airtight. Who knows, maybe it did take this long to hammer this out.
If I read this right, the winner has a limited partnership that claimed the lottery winnings, but then also legal entities to protect the LP. Each entity would have to have papers drawn and tax IDs created. Before they even start creating the entities, they have to create the master game plan. Doing this right could take some time. And who knows what snags they had along the way that may have held things up.
The only other thing I could say to do is have more than one "winner" stand at the podium. I'm sure I can find some random people I or my kids (both in college) know who for $12k would gladly stand at the podium wearing sunglasses posing as "family members".
Congrats to the winner and all her (his?) smart moves! 
According to your faith be it unto you. ---Matt. 14: 31
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United States Member #4194 March 23, 2004 632 Posts Offline |
| Posted: March 24, 2008, 7:31 am - IP Logged |
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Smart lady! WTG! Enjoy your millions!
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mn United States Member #59524 March 4, 2008 268 Posts Offline |
| Posted: March 24, 2008, 10:00 am - IP Logged |
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What a minute, this woman won this in IL where they DON'T allow you to remain anonymous, I didn't know you could still make legal entities, so it turns out that in a way you can still remain anonymous, that's cool. Everybody's been sayin that when you cant remain anonymous you also cant create legal entities and it turns out that it's the opposite.
In the immortal words of Barney Stinson - "Awesome"
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OC, CALI United States Member #60050 March 19, 2008 76 Posts Offline |
| Posted: March 24, 2008, 1:17 pm - IP Logged |
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Doesn't that also depend on the state? Don't some states require the legal entities to be disclosed in public records?
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