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demonter's Blog

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January 23, 2006, 9:58 pmNo taxes on Lottery Winnings in Europe

In Great Britain, there are no taxes due on lottery prizes. ( That are goverrnment run that is) Same everywhere else in Europe. Never happen here, the Feds don't have a Lottery anyway.

Entry #4
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December 19, 2005, 8:48 pmMore on Pools

The Pool Manager must do everything he/she can to avoid any potential future conflicts that might arise from a Jackpot Win for his/her Pool. Any Pool Manager that purchases tickets on his own behalf outside of the Pool is inviting a legal challenge should "his tickets" win, leaving his Pool Pals in the dust. I can smell trouble, can you? Some Pool Managers say they buy "their own" tickets at a different location from the Pool purchases. Sounds like a good defense? You think so? If there is a Jackpot of 250 million dollars at stake, there might be a legal challenge on some charge, like "unfair practice", "conflict of interest", etc. You trust these contingency fee legal manipulators? In every other nation on earth, contingency fee representation is both illegal and unethical. In Britain for example, it is thought of as unconscionable for legal counsel to take any portion of his clients court awarded settlement. Note that there is less frivolous litigation in Britain. Lottery wins are seldom challenged in Court and when they are, the plaintiff must pay his attorney by the hour out of his own pocket. Imagine if these Lottery opportunists in America had to pay for legal fees by the hour out their own funds? I digress from the point...Lottery Managers avoid even the appearance of any conflcit of interest by avoiding buying Lottery tickets outside your Pool. You won't reget it.

Entry #3
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December 18, 2005, 1:58 pmLottery Pools

The word on Lottery Pools is this: "the poolmeister" must draw up a formal Pool Agreement signed by all active poolmembers. The "poolmeister" must not purchase any lottery tickets "on his own account" outside the general pool pot to avoid a conflict of interest situation.

This agreement must clearly spell out the particlar Pool's rules concerning contributions, missed payments and the status of members participation if he/she fails to make a contribution before a given drawing date. If you don't Pay you don't Play with NO EXCEPTIONS.

If a pool member fails to contribute money for two consecutive drawings he/she is permanentley dropped from the pool. If a member goes on vacation, he/she must pre-pay the "poolmeister" for the missed drawings or risk being dropped from the pool. Under no circumstanes will the "poolmeister" or any of the others Pool Members be resonsible for fronting money to the Pool on behalf of an absent Pool Mmber. Making timely Payments to the Pool is the sole responsiblity of the individual Pool Members. NO EXCEPTIONS.

The Winning split will be divided up evenly between the active Pool Members.

All tickets must be posted publicly for all pool members to view.

If a conflict regarding a prize occurs all pool members agree to solve the problem through Binding Arbitration. All pool members signing the Pool Agreement must waive their right to sue the other Pool Members, relying on Arbitration to solve the dispute. If a Pool Member disregards this Arbitration Agreement, takes his claim to Court and subsequently loses, he/she agrees to pay the legal fees and court costs for the entire pool.

I will add more to this as I think of it, but this is a start.

Entry #2
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December 9, 2005, 6:03 pmLottery Wins and Welfare Repayment

What is NY State's rationale for taking back welfare payments from Lottery winners that have collected  welfare-aid to dependent children etc. Maybe they figure that they gambled with the state's money-the welfare - so they should pay the money back to the public treasury. Well, I guess it's logical and anyone collecting public assistance should not be buying Lottery tickets with food money anyway. The more I think about it, it seems fair...they are millionaires anyway. Hmmm....

Entry #1
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