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Would you hire a lawyer and financial adviser

Topic closed. 16 replies. Last post 4 years ago by wheeltowin.

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victorl3ichiban's avatar - georgemichael
san jose
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Posted: September 21, 2010, 3:01 am - IP Logged

if you were to win jackpot more than 1 million dollars. Why or why not? Are lawyer and financial advisor trust worthy?

    ttech10's avatar - blobdude
    Texas
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    Posted: September 21, 2010, 3:23 am - IP Logged

    If I hit the jackpot I would get a lawyer and a financial advisor. A lawyer because I would be claiming via a blind trust and a financial advisor so that they could help me with everything (want to make wise decisions and not screw up with taxes and whatnot).

     

    All the rest I'd win is either the $1,000,000 for 5+0 and Powerplay/Multiplier or the $500,000 a year for life (actually for 15 years/$7.5 million) and I think I could do without a lawyer for both of those. Would get someone to help with taxes though.

      Raven62's avatar - binary
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      Posted: September 21, 2010, 11:23 am - IP Logged

      if you were to win jackpot more than 1 million dollars. Why or why not? Are lawyer and financial advisor trust worthy?

      Why do you want to know everyone elses Business?

      A mind once stretched by a new idea never returns to its original dimensions!

        ttech10's avatar - blobdude
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        Posted: September 21, 2010, 12:59 pm - IP Logged

        Why do you want to know everyone elses Business?

        It's a lottery website, it's interesting to see what other people would do. Plus maybe they're trying to figure out what to do and get some thoughts about it from other people.

          HoLeeKau's avatar - YheaShea
          Idaho
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          Posted: September 21, 2010, 2:16 pm - IP Logged

          if you were to win jackpot more than 1 million dollars. Why or why not? Are lawyer and financial advisor trust worthy?

          No, lawyers and financial advisors are not trustworthy.  When money is involved, the only person I'd trust is Mother Theresa and that's only because she's dead. 

          That said, you have to have some sort of trust because I think they're necessary.  But never give blind trust, always have your checks and balances in place.

            victorl3ichiban's avatar - georgemichael
            san jose
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            Posted: September 21, 2010, 4:44 pm - IP Logged

            this is a forum, are we suppose to keep our ideas to ourselve????? what's the point of being here than Raven?

              Raven62's avatar - binary
              New Jersey
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              Posted: September 21, 2010, 5:33 pm - IP Logged

              this is a forum, are we suppose to keep our ideas to ourselve????? what's the point of being here than Raven?

              What ideas do you offer: Asking a question without offering your idea is a one-way street: Paved with non-participation on your part! What's the point of starting a Topic and then Not Participating in the Discussion?

              A mind once stretched by a new idea never returns to its original dimensions!

                Avatar
                Sacramento, CA
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                Posted: September 21, 2010, 11:57 pm - IP Logged

                It is advisable to retain a lawyer if you win a large jackpot. The lawyer doesn't have to live with you, but he or she should be available to handle the legal issues that crop up once people know you're rich. Even family members will initiate litigation against a lottery winner if they think they can make a case against them. As far as financial advisors are concerned, I would be wary of those who show up at your door. I would be wary even of the ones whose door you show up at. Careful investing is the key to sustaining wealth with financial windfalls. But remember, everyone wants a piece of your big pie, and they'll try every scam in the book to get it! If you've never invested before, it is wise to exercise conservative, prudent judgement in that realm.

                  OwlCreekBridge's avatar - Lottery-031.jpg
                  lottoville
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                  Posted: September 22, 2010, 12:25 am - IP Logged

                  if you were to win jackpot more than 1 million dollars. Why or why not? Are lawyer and financial advisor trust worthy?

                  I would only hire a lawyer if i won the multi-state lotto since I can't collect the jackpot anonymously. I'd need one to help protect my privacy. if I won the state lotto, I could simply ask my name not be released to the public. Then I'd see some Austrian economists, like Peter Schiff or Mish Shedlock or people who work for them to get advise on investment strategies.

                  A good accountant would also be a must for me to help with the massive amount of taxes i'd need to pay. A gal who won a million dollars from PCH came on the message board a few weeks ago, off the top of my head, I could be wrong but I think after she opted for the lump sum and paid her taxes she walked away with about $250 grand. A great amount of money for sure but not my idea of easy street for life amount of money. Moral of the story is the advertised jackpot is no where near the amount you get to keep so unless you win about 20 million or more don't go hog wild and buy some expensive sports car or yacht.

                    rdgrnr's avatar - walt
                    -Ridge Runner- Oracle of the Appalachians
                    Way back up in them dadgum hills, son!
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                    Posted: September 22, 2010, 12:34 am - IP Logged

                    No, lawyers and financial advisors are not trustworthy.  When money is involved, the only person I'd trust is Mother Theresa and that's only because she's dead. 

                    That said, you have to have some sort of trust because I think they're necessary.  But never give blind trust, always have your checks and balances in place.

                    "When money is involved, the only person I'd trust is Mother Theresa and that's only because she's dead." 

                    LOL, good one.


                                                                 
                                         
                                                             

                     

                     

                     

                     

                                                                                                                       

                    "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                                --Edmund Burke

                     

                     

                      savagegoose's avatar - ProfilePho
                      adelaide sa
                      Australia
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                      Posted: September 22, 2010, 1:48 am - IP Logged

                      you could hire lawyersa to write up thew trust deed, only prob is assigning the seetlor, the person who pays the money into the trust.

                      that is supposed ot not be one of the beneficiaries or the administrator.

                      reason being is so there is not to be a legal question between the settlor of the trusts assets and the beneficiaries. ie a claim could be made agaisnt the trust if it was seen as comming from them.

                       

                      i think this is where the term trust must come from. u need to find someone u trusat to actually put the money in., although im also told that u can set up a trust with $1 in assets and then fund it later, thus making the settlor not needed to be that trusted.

                       

                      dunno tho ive never been to a lwyer to find thge real ins and outs.

                       

                      but  anyhow, see lawyer to write up trust deed.  leaving names empty for allthe important jobs and posistions

                      get a good understanding of what the duties entailand make sure you have someone trustweorthy to fill those duties.

                      fill it out.

                       

                      dont get bamnboozled into letting the lawyer administer the trust.

                       

                       

                      as to finance advisor, they can charge by the hour, and never even have to touch your money. think of it like seieng a doctor for your money.if you dont like their advice go get a 2nd opinoin , you are now rich.

                      1st Q i would ask a FA  is what is the tax advantage of claiming the win in a shared payment , ie %50 for me,  %50 for rest of family.ie %5 to one, %10 to another etc.

                      2014 winnings

                      JAN -$48.50;  FEB  -$77.5; MAR -$18.05;  APR -$96.05 MAY -$61.10; JUN $-85; JUL $-88.9;AUG -$144.10

                      yearly grand totalspent = 938.05won= 318.8-$619.25


                        Nino224's avatar - Lottery-013.jpg
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                        Posted: September 22, 2010, 2:39 am - IP Logged

                        Why do you want to know everyone elses Business?

                        Raven, did you forget to take your pills today?

                        "...a chance to push everything aside, the circumstances that've controlled our lives, and do it our way now. Good, bad or otherwise. You'll maybe get lost in it, tied up in it a little bit, but if you work your way through that the real you shows up, I think. Maybe what's at your core deep down, maybe that comes out. Maybe that's what it's about." Mike Pace 

                          Nino224's avatar - Lottery-013.jpg
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                          Posted: September 22, 2010, 2:43 am - IP Logged

                          if you were to win jackpot more than 1 million dollars. Why or why not? Are lawyer and financial advisor trust worthy?

                          A financial advisor, definitely. I have several problems with hiring a lawyer. Number one, because you're now a millionaire they're gonna gouge you, and they're gonna try their <snip>dest make sure you stay married to them indefinitely. Number two, as much as I'd love to send someone else to collect so I could remain anonymous, I don't like the idea of giving a shark that much authority over my affairs. It's a sticky situation.

                          This post has been automatically changed by the Lottery Post computer system to remove inappropriate content and/or spam.

                          "...a chance to push everything aside, the circumstances that've controlled our lives, and do it our way now. Good, bad or otherwise. You'll maybe get lost in it, tied up in it a little bit, but if you work your way through that the real you shows up, I think. Maybe what's at your core deep down, maybe that comes out. Maybe that's what it's about." Mike Pace 

                            Raven62's avatar - binary
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                            Posted: September 22, 2010, 9:27 am - IP Logged

                            Raven, did you forget to take your pills today?

                            You forgot to take your Medication: So Now everyone else must have Too! LOL!

                            A mind once stretched by a new idea never returns to its original dimensions!

                              Raven62's avatar - binary
                              New Jersey
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                              Posted: September 22, 2010, 11:46 am - IP Logged

                              if you were to win jackpot more than 1 million dollars. Why or why not? Are lawyer and financial advisor trust worthy?

                              You need at least three advisors to handle such a big windfall: a financial planner, an accountant and an estate-planning attorney.

                              You can get referrals for fee-only financial planners: Who are compensated only by fees their clients pay and not by commissions or kickbacks: From the National Association of Personal Financial Advisors or the Garrett Planning Network.

                              You should interview at least three prospective Advisors about their education, ethical commitment and experience advising people who acquire sudden wealth.

                              One way to reduce the chances of becoming a Ponzi scheme victim is to make sure your money is held by an independent financial institution such as a bank, brokerage or mutual fund and that your statements come from that institution. You also should find out who audits your advisor and do a background check on that company as well.

                              You should find an experienced tax accountant who specializes in the area of windfalls.

                              Some questions you can ask to help ensure you find an experienced, trustworthy tax accountant:
                              1. What licenses or designations do you have?
                              2. How long have you been in the tax business and what experience dou have to handle my tax situation?
                              3. Do you outsource any of your work?
                              4. Do you perform the work personally? If not, what is the review process? Who signs the returns?
                              5. What's your privacy policy? Will you share my tax information with any third-parties?

                              Estate Lawyers provide estate planning, managing an estate and dispensing of that estate upon the demise of the owner by using trusts, wills, and other legal documents to ensure that your estate is dispensed in the manner you desire.

                              This area of law can be very complex and confusing, so you are best advised to hire an attorney that understands all the ins and outs of estate law.

                              Guidelines that you should follow in order to make your final choice of which estate lawyer to hire:
                              Biographical information will tell you what you need to know about the lawyer's particular field of expertise in the area of estate law. The three main areas of estate law include trusts or wills, estates and estate planning. All these areas are necessary to be addressed and you will want an attorney that is skilled in all three areas.

                              Trustworthy: Worthy of trust or confidence; reliance on the integrity and honesty of another!

                              A mind once stretched by a new idea never returns to its original dimensions!