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What steps should one take before turning a winning ticket in?

Topic closed. 22 replies. Last post 6 years ago by alex1969.

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Posted: May 12, 2008, 12:49 pm - IP Logged

How soon should you go talk to a tax attorney?  beofre or after?  Also, does anybody know if Private Banks would be a good alternative for independent financial analysts?

How long does it take to receive your first payment?

 

Thanks!!

    psykomo's avatar - animal shark.jpg

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    Posted: May 12, 2008, 1:33 pm - IP Logged

    How soon should you go talk to a tax attorney?  beofre or after?  Also, does anybody know if Private Banks would be a good alternative for independent financial analysts?

    How long does it take to receive your first payment?

     

    Thanks!!

    G@@D>>>>>>>>>>>>>>>>?????????

    I SEE U like to PLAN>>AHEAD!!!

    I have heard of people..........winning the JACKPOT on a FRIDAY>>>>>

    and CLAIMING the JACKPOT on a MONDAY>>>>>>>>>>>>>>>>>>>>

    That does not mean U-HE-IT will have the money in bank monday nite

    BUTT>>>>>>>>>>>SOME can HANDLE $$$$

    "Some can't HANDLE MONEY"

    LOL

    PSYKOMO

      Bagent's avatar - avatar 10424.gif
      Vancouver, WA
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      Posted: May 15, 2008, 1:29 am - IP Logged

      To try and answer your question... It has been mentioned here on LP that it is wise to consult a tax attorney AND financial advisor before you claim the winnings.  As to private banks I have no clue sorry. 

      To answer the question as to how long for first payment... I have heard different stories.  If you are taking yearly payments, I have heard that you will receive the first payment within a day or so of claiming.  If you do the lump sum, you will have to wait for up to  6 weeks to get the money as the lottery has to gather the money from all the states that are participating in that lottery.

        DC81's avatar - batman39
        MI
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        Posted: May 15, 2008, 1:52 am - IP Logged

        Depends on how quicky you get things set up and how patient you are, I'd guess you could probably have everything set up within two weeks if not sooner. You could always claim it in a few days, it might depend on how important retaining some sort of privacy and preperation is.

         

        You should probably also contact an attorney that has experience in estate planning or setting up a Limited Liability Company if you plan on setting up and/or claiming it as a trust or LLC. If you have a family attorney that does that sort of thing, that might be good but it probably shouldn't be the same one as the tax attorney or vice versa and they probably shouldn't know each other or at least not friends or whatever, but that might be hard if you want to just look local. Might have to pay more but it helps with there being someone else to look over the other guy's shoulder, keeping each other in check.

         

        It depends on the jackpot and what lottery game it is. I think the big ones (Mega Millions and Power Ball) give you some money the day it's claimed, like a million dollars and then you get the rest of the lump sum in a couple weeks. They take that time as the previous said, to collect the money and tally the final sum (which will probably be more than advertised)  as well as to do a background check on you to see if you owe any money in past due child support, debts and if you used any government assistance, they'll want their money back.

         

        I'm not sure about private banks (I'd assume you mean something like local Credit Unions) I'd make sure they'd have more than enough to cover what you've put in and the interest. Then again, also doing that might leave you more open to people finding out since you'll be doing your banking there and only there. I think it'd be easier for it get around that way. At least with a major bank they have several branches to where no one locally would have to know.

         

         

        Here's a news post from a few months ago with some suggestions.

         

        http://www.lotterypost.com/news/170744

        You can't predict random.

          DC81's avatar - batman39
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          Posted: May 15, 2008, 10:40 am - IP Logged

          Long, boring, rambling post and I forgot to mention that you could look into CDARs if this small local bank offers them, it's a good way to get around the FDIC's paltry $100,000 insurance coverage.

          You can't predict random.

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            Kentucky
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            Posted: May 15, 2008, 2:05 pm - IP Logged

            Depends on how quicky you get things set up and how patient you are, I'd guess you could probably have everything set up within two weeks if not sooner. You could always claim it in a few days, it might depend on how important retaining some sort of privacy and preperation is.

             

            You should probably also contact an attorney that has experience in estate planning or setting up a Limited Liability Company if you plan on setting up and/or claiming it as a trust or LLC. If you have a family attorney that does that sort of thing, that might be good but it probably shouldn't be the same one as the tax attorney or vice versa and they probably shouldn't know each other or at least not friends or whatever, but that might be hard if you want to just look local. Might have to pay more but it helps with there being someone else to look over the other guy's shoulder, keeping each other in check.

             

            It depends on the jackpot and what lottery game it is. I think the big ones (Mega Millions and Power Ball) give you some money the day it's claimed, like a million dollars and then you get the rest of the lump sum in a couple weeks. They take that time as the previous said, to collect the money and tally the final sum (which will probably be more than advertised)  as well as to do a background check on you to see if you owe any money in past due child support, debts and if you used any government assistance, they'll want their money back.

             

            I'm not sure about private banks (I'd assume you mean something like local Credit Unions) I'd make sure they'd have more than enough to cover what you've put in and the interest. Then again, also doing that might leave you more open to people finding out since you'll be doing your banking there and only there. I think it'd be easier for it get around that way. At least with a major bank they have several branches to where no one locally would have to know.

             

             

            Here's a news post from a few months ago with some suggestions.

             

            http://www.lotterypost.com/news/170744

            "It depends on the jackpot and what lottery game it is. I think the big ones (Mega Millions and Power Ball) give you some money the day it's claimed, like a million dollars and then you get the rest of the lump sum in a couple weeks."

            I'm pretty sure most state lotteries either give multi-million jackpot winners an advance or help them set up a credit line while they are waiting for the check. This only applies after the winner validates the ticket so those who hire a team of lawyers and financial advisers before validating are on their own.

              pigsNtrees's avatar - pigsNtrees
              Mallorn trees of Lothlorien
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              Posted: May 15, 2008, 4:07 pm - IP Logged

              And speaking of a Limited Liability Company, should you sign your winning ticket with your name or the LLC or Blind Trust's name?

              Quando Porca Volare!

              drunk hobbit

                DC81's avatar - batman39
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                Posted: May 15, 2008, 4:45 pm - IP Logged

                You'd sign it to the name of the LLC or Trust's name because using yours would make you the one claiming it.

                You can't predict random.

                  CaliWinner's avatar - aeonflux
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                  Posted: May 15, 2008, 5:39 pm - IP Logged

                  The thing I always wonder is how you're supposed to find a suitable attorney and/or financial planner? I've never even used an attorney or CFP, and a) wouldn't even know how to find one, and b) wouldn't know how to pick the right one. All the things I read about winning the lottery say "Get an attorney and CFP" but give almost no guidelines or criteria on how to choose them, and since these are people that will be messing with a lot of YOUR money, it seems rather important to pick someone that actually knows what they're doing...

                  Not a winner yet. But I will be!

                    DC81's avatar - batman39
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                    Posted: May 15, 2008, 6:23 pm - IP Logged

                    I dunno but I just looked around local listings and if I were to win, I'd pick a law firm that works for several employers/companies, the bigger the better and also have people to do the setting up a Trust or LLC. At least where I am I have access to attorneys just outside my area that work several large corporations, including Dow Chemical, GM, AAA, a couple local stations and several others. Only thing is they'd probably cost an arm and a leg to hire. However, my only immediate purpose of hiring them would just be to set everything up and to claim on my behalf, after that I might go with someone else soon after since I'd only want them to be the Trustee for the purpose of being there to claim the prize. I think I said earlier to get two attorneys (one for the setting up a Trust or LLC and a Tax Attorney) not associated with each other but as long as you have a financial planner/advisor and CPA that aren't involved with them it might not be a bad idea to have an attorney or two that are experienced in both sides. If they're from a long standing, reputable firm, there shouldn't be much worry about them screwing you over. Besides, you should be going with them anyway when it's claimed so unless they're going to off you on the way there and dump your body, it'll be hard to steal your winnings. That would seriously be the dumbest thing they could do and I'm sure they know it since they wouldn't be able to get away with it as long as you have proof which is easy to come by, by just making a copy of the ticket, maybe take a few pictures of it and keeping it in a safety deposit box until the day you go to claim.

                     

                    Just look in the phone book or online to try to find someone, when it comes to attorneys you might be able to check with the State BAR to check on the lawyer's history and if there's any complaints against them or anything... At least I think you can check with them and do that.... Seems like you should be able to.

                    You can't predict random.

                      ConstantlyB's avatar - masked
                      Wilson
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                      Posted: May 15, 2008, 6:23 pm - IP Logged

                      just like the songs says: " you better shop around....you better shoppppppppppppp around"

                      "MAKE THAT MONEY YA'LL"

                      wisdom from Tyler Perry's Madea:"It doesn't matter what people call you....it's what you answer to."

                        CaliWinner's avatar - aeonflux
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                        Posted: May 15, 2008, 7:07 pm - IP Logged

                        Okay, so you shop around...what questions do you ask? What qualifications do you look for? I did the same thing as you DC81 -- it's easy to find a list of attorneys or CFPs, either online or through the yellow pages, but how do you know that they're good at what they do? Not having any complaints through the state Bar doesn't mean that they're a good tax attorney, for example -- it just means they haven't been caught doing anything illegal yet. It just seems like, for the average person, getting one of these professionals is so outside of our normal scope, you don't even what to ask or look for. These are people who would be managing major assets -- you can't just pick the guy who has a nice smile and dresses well.

                        Not a winner yet. But I will be!

                          four4me's avatar - gate1
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                          Posted: May 15, 2008, 7:18 pm - IP Logged

                          "It depends on the jackpot and what lottery game it is. I think the big ones (Mega Millions and Power Ball) give you some money the day it's claimed, like a million dollars and then you get the rest of the lump sum in a couple weeks."

                          I'm pretty sure most state lotteries either give multi-million jackpot winners an advance or help them set up a credit line while they are waiting for the check. This only applies after the winner validates the ticket so those who hire a team of lawyers and financial advisers before validating are on their own.

                          No the lottery doesn't give advise except for you to contact a financial adviser.

                           The lottery doesn't want to be held liable for giving a person advise on what to do with their winnings.

                          Big John says. You don't hit the number. The number hits you!!!!

                                         I'm not Big John, I'm Four4me, Big John's a friend.
                            Piaceri's avatar - sarsony1
                            Wannabe Won Percenter
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                            Posted: May 15, 2008, 9:07 pm - IP Logged

                            Found a few websites that address how to go about finding an financial advisor.  The first thing you need to do is educate yourself about Financial Planners.  There are several good educational websites.

                            If you go to wikihow and search How to deal with winning the lottery, it has several good suggestions. One i was a bit confused by says to get a lawyer first, then a financial planner after you receive the money.  It also advises against buying your favorite sports team. Crazy  However, it is a good read.

                            You can also google private wealth management. I like Atlantic Trust.  The Sudden Money Institute is also a good read. 

                            The best advice is to educate yourself. Lottery Post is a good place to start, but remember, Google is your friend.

                            Below are some helpful things regarding Financial Planners:

                            To help you find a financial adviser who is right for you, use the following guidelines:

                            • Interview at least two to three financial planners, preferably a CPA or CFP, before deciding who to work with.
                            • Ask a lot of questions of the person you are about to entrust with your assets. (How many financial plans have they prepared, how are they paid, etc.)
                            • Get a list of three professionals who have worked with the planner. Call the professionals and ask about the planner.
                            • Once you make your choice, spend time getting to know your planner. Be certain he or she has committed both orally and in writing to what you have asked of him or her. CPAs and attorneys call this an "engagement letter." If the planner is too busy to spend much time with you or doesn't use a formal questionnaire to gather information from you, walk out of the office.
                            • Don't rely totally on the planner. Learn how to budget your money. One good tool is the groundbreaking book, "The Millionaire Next Door," by Thomas J. Stanley and William D. Danko.

                             

                            10 key questions to as prospective financial advisors:

                            1. What experience do you have?

                            2. What are your qualifications?

                            3. What services do you offer?

                            4. What is your approach to financial planning?

                            5. Will you be the only person working with me?

                            6. How will I pay for your services?

                            7. How much do you typically charge?

                            8. Could anyone besides me benefit from your recommendations?

                            9. Have you ever been publically disciplined for any unlawful or unethical actions in your professional careerr?

                            10. Can I have it in writing?

                            face

                            singlewinnersinglewinnersinglewinner   

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                              Posted: May 15, 2008, 9:17 pm - IP Logged

                              The thing I always wonder is how you're supposed to find a suitable attorney and/or financial planner? I've never even used an attorney or CFP, and a) wouldn't even know how to find one, and b) wouldn't know how to pick the right one. All the things I read about winning the lottery say "Get an attorney and CFP" but give almost no guidelines or criteria on how to choose them, and since these are people that will be messing with a lot of YOUR money, it seems rather important to pick someone that actually knows what they're doing...

                              "these are people that will be messing with a lot of YOUR money"

                              They're financial "advisors". They'll only be doing something with your money if you let them. Rule number 1 for investing is never invest in something you don't understand. If you follow advice and invest in something without  understanding what it is, why it's a good idea, and what the risk is, it won't be the advisor that made a mistake if you lose money.