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Jackpot winner resources: Who would you use? (CPA, Tax, Attorney, etc)

Topic closed. 10 replies. Last post 8 years ago by Preppy.

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MegaWinner's avatar - Lottery-029.jpg
New Jersey
United States
Member #50273
March 3, 2007
329 Posts
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Posted: March 18, 2007, 1:27 am - IP Logged

Lets say you win a large jackpot (good luck to you all!), who sould you solicit as a CPA, Tax Attorney, Certified Financial Planner, etc.

For me, as far as Financial Planning, I was thinking about using either Solomin Smith Barney or Goldman Sachs; maybe even Morgan Stanley Dean Witter.  I don't know of any high profile Tax Attorney's or CPA's but I figure one of those companies I just mentioned would point me in the right direction.

Also, I have always wondered this, what kind of health insurance would you get if you are not working?  Basically what I am asking is what kind of health insurance do rich people have?  I know they just don't pay out of pocket.

    Coin Toss's avatar - shape barbed.jpg
    Zeta Reticuli Star System
    United States
    Member #30470
    January 17, 2006
    9214 Posts
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    Posted: March 18, 2007, 2:10 am - IP Logged

    I don''t know exactly what wealthy people do regarding health insurance but i know they have a totally different mindset.  

    Think about this, "poor people" plan for the weekend and "rich people" plan for their great-grandchildren.

    I know they have really different things available to them, also. There's a credit card that's only available to "the upper crust", American Express Black or something- they pay a mere $500.00 a month for the privilege of having the card, but this particular card is an "abrakadabra" of sorts.

    If you haven't read it yet, there's a book called The Millionaire Next Door, you might find it quite interesting.

    Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

    Lep

    There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

      MegaWinner's avatar - Lottery-029.jpg
      New Jersey
      United States
      Member #50273
      March 3, 2007
      329 Posts
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      Posted: March 18, 2007, 2:18 am - IP Logged

      I don''t know exactly what wealthy people do regarding health insurance but i know they have a totally different mindset.  

      Think about this, "poor people" plan for the weekend and "rich people" plan for their great-grandchildren.

      I know they have really different things available to them, also. There's a credit card that's only available to "the upper crust", American Express Black or something- they pay a mere $500.00 a month for the privilege of having the card, but this particular card is an "abrakadabra" of sorts.

      If you haven't read it yet, there's a book called The Millionaire Next Door, you might find it quite interesting.

      Thanks, gonna read this asap.

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        NY
        United States
        Member #23835
        October 16, 2005
        2874 Posts
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        Posted: March 19, 2007, 3:37 am - IP Logged

        "what kind of health insurance do rich people have?  I know they just don't pay out of pocket."

        Actually, being self-insured might make sense if you're rich. The insurance companies make huge profits because they spend less per insured than they charge. In essence, insurance is just like a lottery. Most people will spend more than they collect, and a few will collect more than they spend. Because of that, a good rule of thumb is to not buy insurance for losses you can afford without undue hardship. If you're young and healthy and not planning on getting pregnant your health care over the next few years will almost certainly cost less than the premiums for health insurance, especially if the premiums for a 25 year old are the same as the premiums for an 80 year old.

        If you self insure your car you'll probably save a lot of money, but there will always be a slight risk that you'll cripple a yuppie father  of 3 who was earning $1 million a year and get to pay a huge jury award. If you self-insure your house there's a slim possibility that it will burn down and cost 50 times as much as you saved. If you self insure your health and get a disease  that will require continuous treatment you can always get  group health insurance where pre-existing conditions are covered. If you happen to own a company that employs some of your friends and relatives whom you think should benefit from your lottery win there's a chance that the company might hire you and you'd become eligible for their group health plan.

        BTW,  if you want a high profile accounting firm you could always consider these: KPMG, Ernst & Young, Jenkens & Gilchrist,  PriceWaterhouseCoopers, or Arthur Andersen. Most of them will be happy to suggest a high profile tax attorney for you.  In fact, they may even insist. Of course before you do that you should do a web search on abusive tax shelters. Then maybe you could look for a small firm that offers good, reliable advice.

          Coin Toss's avatar - shape barbed.jpg
          Zeta Reticuli Star System
          United States
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          January 17, 2006
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          Posted: March 19, 2007, 6:27 pm - IP Logged

          MegaWinner

          Another example of the wealthy mindset (the truly wealty) - when they talk about a "million dollar life policy" they have put the million up front. 

          Just more food for thought here.  

          Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

          Lep

          There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

            Rick G's avatar - avatar 1766.jpg
            FEMA Region V Camp #21
            United States
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            July 27, 2002
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            Posted: March 19, 2007, 6:49 pm - IP Logged

            I'd hire Jack Whittaker for money management consultation.

            Posted 4/6:  IL Pick 3 midday and evening until they hit:  555, 347 (str8).


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              Kentucky
              United States
              Member #32652
              February 14, 2006
              5651 Posts
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              Posted: March 19, 2007, 9:26 pm - IP Logged

              Lets say you win a large jackpot (good luck to you all!), who sould you solicit as a CPA, Tax Attorney, Certified Financial Planner, etc.

              For me, as far as Financial Planning, I was thinking about using either Solomin Smith Barney or Goldman Sachs; maybe even Morgan Stanley Dean Witter.  I don't know of any high profile Tax Attorney's or CPA's but I figure one of those companies I just mentioned would point me in the right direction.

              Also, I have always wondered this, what kind of health insurance would you get if you are not working?  Basically what I am asking is what kind of health insurance do rich people have?  I know they just don't pay out of pocket.

              http://www.megamillions.com/aboutus/press_release_detail.asp?artid=1869

              "The Messners have asked that inquiries of them please be made to their attorney, Richard M. King, Jr., Esquire of Linwood."

                Avatar
                Kentucky
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                February 14, 2006
                5651 Posts
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                Posted: March 19, 2007, 9:26 pm - IP Logged

                I'd hire Jack Whittaker for money management consultation.

                LMAO

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                  NY
                  United States
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                  October 16, 2005
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                  Posted: March 20, 2007, 4:48 pm - IP Logged

                  I'd hire Jack Whittaker for money management consultation.

                  That is funny, but a number of very wealthy people have hired big name firms and done far worse. For all we know Jack's money management skills may be perfectly good. Plenty of his other decisions have obviously been bad (and plenty of people could benefit by learning from those lessons), but we don't really know about the money management. He claims to be broke, but maybe he really managed his money right into someplace hard to find. Making your money hard to find, and safe from anyone who might want to take it from you is a pretty good idea. Either way, knowing the truth about what he's done and how it worked out could be well worth an afternoon and a modest consulting fee.

                    Coin Toss's avatar - shape barbed.jpg
                    Zeta Reticuli Star System
                    United States
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                    January 17, 2006
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                    Posted: March 21, 2007, 12:08 am - IP Logged

                    One time a lottery winner called in to one of those AM radio finanacial programs. The host asked the guy how much he had won, and he said he had hit the Missouri lottery for about $2.3 million net.

                    The guy with the financial advice program told the guy, "I should be calling you!"

                    Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

                    Lep

                    There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

                      Preppy's avatar - scene sunoverlake.jpg
                      Los Angeles County, CA
                      United States
                      Member #2161
                      August 24, 2003
                      30 Posts
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                      Posted: March 31, 2007, 12:07 am - IP Logged

                      Lets say you win a large jackpot (good luck to you all!), who sould you solicit as a CPA, Tax Attorney, Certified Financial Planner, etc.

                      For me, as far as Financial Planning, I was thinking about using either Solomin Smith Barney or Goldman Sachs; maybe even Morgan Stanley Dean Witter.  I don't know of any high profile Tax Attorney's or CPA's but I figure one of those companies I just mentioned would point me in the right direction.

                      Also, I have always wondered this, what kind of health insurance would you get if you are not working?  Basically what I am asking is what kind of health insurance do rich people have?  I know they just don't pay out of pocket.

                      You should be aware that many firms have account minimums when it comes to estate planning.

                       

                      In 2003, the minimum balance to open an account at Goldman was $2 million. I believe that $2 million allowed an individual to access Goldman’s research only and you had to do all the work yourself. If you want to talk to an advisor (“white glove treatment”) the minimum balance was a lot higher.

                       

                      In 2003, the minimum balance to open an account at Morgan Stanley was $10 million.