Sorry about the delay in replying... a couple of days ago I had posted a couple of links to some news stories (about what generally happens to large jackpot lottery winners) in my message and my account was suspended on suspicion of spamming... Anyhow, thanks to Todd and his gracefulness, I'm online again...
Thank you so much, joshuacloack, for taking the time to contribute here your wisdom... it is very much appreciated. The problem with setting two trusts, IMHO, with the second one being a beneficiary to the first one, is that it widens further the circle of trust that becomes necessary... Things become shady, not only from the perspective of the government spying into our affairs... It also widens the risk, in my opinion, of things going wrong - i.e. the event of foul play by one of the trustees... I completely concur with tnlotto1 saying that when a very large amount of money is at hand, there's almost no one you can possibly trust in this world... unfortunately, even when it come down to your closest family and friends. It has been proven before...
Now, for those who don't seem to mind having their name disclosed publicly in case of a win: I don't think most of you realize how important it is to try your very best to maintain anonymity after winning a large lottery jackpot. You need to realize that, while most people have respect for wealthy individuals that got that way through work (business people, actors, etc.), almost everybody has none for a wealthy lottery winner (they think you don't really deserve the money you have won) and once the word is out that you are the one, everybody around you will try to get a "free lunch" one way or another, even by means of very nasty ways...
I have done a lot of reading on the subject... Take for instance Jack Whittaker, who pocketed $113 millions a few years ago. His name was made available publicly. Since then, he has been mugged, his house has been broken into several times, money was stolen from his car, people have (falsely) accused him and sued him in order to extract money from him, and he has been pestered to exhaustion with requests for money from countless people (including relatives he had never heard of before...) His life has become a living hell since his lottery jackpot win was made public... He has become an alcoholic... a drug user... he has been arrested... and that's because of all the stress involved in having hit the jackpot and the public at large having become aware of it.
I had previously attempted to post two links pointing to a couple of eye-opening news stories about Jack Whittaker. However, I was informed I can't do that yet. So I'm attaching one of those stories at the end of this post. You can find many more by googling keywords such as "Jack Whittaker" "lottery" "clown" - and similarly also for other lottery winners in the public domain.
There is something very peculiar about lottery winners whose names are publicized... I have read about several instances of it... it usually goes very bad with them... as in the case of Jack Whittaker.
Believe me guys, if you ever hit the jackpot, do the very best you can to prevent as many people as possible to learn about it... And, IMHO, it pays to prepare for it and plan the thing in advance... if you are serious about winning, that is.
Now, a clarification. It is obvious that if you hit a large jackpot you want to hire a very good tax attorney and get all the top advice that money can buy. My initial post here did not solicit legal advice about the matter discussed in any way - it would be very foolish to do so. My point was, and is: until it some in our midst get lucky and then have good reason to go through the expense of hiring such professionals... why not sharing here what we more or less know about it, with the caveat that this is absolutely NOT legal advice being dispensed here, so as to have "a preview of coming attractions?" Again, in my opinion, it really pays big to have an idea, in advance, of what we'll do should we ever find ourselves in that privileged position.
The news article about Jack Whittaker:
The worlds first glimpse of Jack Whittaker, winner of the richest undivided lottery jackpot in U.S. history, was of a boisterous, happy-go-lucky guy in a big cowboy hat who loved his family, work and God and promised to share his good fortune with the church and the poor.
Two years later, the picture the public is seeing now is a mug shot of a haggard, somber Whittaker.
Whittaker, 57, has been arrested twice on charges of drunken driving in the past year and has been ordered to go into rehab by Jan. 2 for a 28-day stay. He also faces charges he attacked a bar manager, and is accused in two lawsuits of making trouble at a nightclub and a racetrack.
Thats probably the unfortunate situation of maybe having too much money, too much time on his hands, said Steve Zubrzycki, who works for a company that started selling Wheres Jack? T-shirts after authorities issued an arrest warrant for Whittaker earlier this month.
Although he was already a wealthy contractor, Whittaker became an instant celebrity on Christmas Day 2002 after winning a $314.9 million Powerball jackpot. He took his winnings in a lump sum of $113 million after taxes, and at a news conference in which he came across as a jolly saint, he promised to donate one-tenth to his church and contribute to other causes.
He soon created a charity to help people find jobs, buy food or get an education; he split $7 million among three churches; and he gave money to improve a Little League park and buy playground equipment and coloring books for children.
But in August 2003, a briefcase containing $545,000 in cash and cashiers checks was stolen from Whittakers sport utility vehicle while it was parked at a strip club, and police disclosed that Whittaker not only frequented strip clubs but was also a high-stakes gambler which is why he was carrying so much cash.
The break-in was the first of several thefts involving Whittakers vehicle, his office and his house in Scott Depot, a booming community of about 8,000 situated between Charleston and Huntington, West Virginias two biggest cities.
One of the thefts occurred at his home on the same day an 18-year-old friend of Whittakers granddaughter was found dead there. The death remains under investigation. Whittaker was out of town at the time, but the young mans death made the lottery winner part of yet another front-page story.
Last week, Whittaker reported that his 17-year-old granddaughter was missing. The family had not seen or heard from Brandi Lasha Bragg since Dec. 4. Authorities are investigating.
In May, two men sued Whittaker, claiming they were injured when they were tossed out of a nightclub at his request. In another lawsuit, three female employees of a racetrack claim Whittaker assaulted them last year.
On Monday, Whittaker pleaded no contest to a battery charge and was fined $100 and ordered to begin attending weekly Alcoholics Anonymous meetings within 15 days. He was accused of threatening and assaulting a bar manager in January.
As if we needed another hit on our image as a backward, hillbilly state, along comes Jack Whittaker to reinforce the comedy cracks like Jay Leno makes, groused Dewey Large of Princeton. This clown is not capable of handling a $10 bill, much less all those millions. Every time you turn around hes having trouble with the laws of our state. What a waste of all that money.
Whittaker has donated more than $20 million to charity since winning the lottery, said his lawyer, Norm Daniels.
Today, his charitable foundation is closed, according to a secretary at Whittakers company. The legal troubles have raised questions about whether he will be able to fulfill his many promises to help others.
Whittaker declined comment Monday, and his lawyers did not respond to requests for an interview. He told The Associated Press last year that he had been bombarded with requests for help, and the fame was taking a toll on his family.
If I had to do it all over, Id be more secluded about it, he said. Id do the same things, but Id be a little more quiet.
Lottery winners commonly regret being so public about their windfalls, said Susan Bradley, founder of the Sudden Money Institute in Palm Beach Gardens, Fla.
Youre really in an international spotlight, Bradley said. The expectations of you are just it never ends. Its exaggerated by anyone who feels they are entitled or have an opportunity to grab a piece of it.
As for Whittaker, I think its pretty sad, really, said Jerry Medley of Hurricane. It just goes to show money cant always buy happiness. He added: I dont have no bad feelings about the guy. I just hope he gets his life straight. I think he could do some good with the money.
Wife Regrets Big Win
Whittaker's wife says she regrets his purchase of the $314.9 million ticket that has thrust her family into the public spotlight.
"I wish all of this never would have happened," Jewel Whittaker said. "I wish I would have torn the ticket up."