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Lottery winner demonstrates the right way to claim a big jackpot

Topic closed. 87 replies. Last post 9 years ago by DC81.

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OldSchoolPa's avatar - Lottery-057.jpg
Gurnee, Illinois
United States
Member #49731
February 12, 2007
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Posted: March 23, 2008, 9:00 am - IP Logged

Perhaps I could have been more grammatically correct in starting a new paragraph.  Also, in an effort to be concise, I don't expound fully on every point (if you want detail to the nth degree, go to the New Mexico lottery website, click on faq, and read the critique of lottery critics segment).  But as I and my friends reread what I wrote, we don't arrive at the conclusions you do.  Give it a rest...I made my point and you want to dream up new ways to have a beef with what I wrote.  You obviously wouldn't make a great debater.  But hey, we all can play the lotto, dream about winning the big one, and hopefully live ours lives in peace.  Peace out homie!

Get MONEY!!! Winning a JACKPOT lottery is all the HOPE and CHANGE I desire!!!  NOW give me MONEY!US Flag

The guy who won the presidency in 2008 really won the lottery...he is now millions richer, travels in first class style, and even has a staff that would be the envy of the richest Powerball winner (she has a staff of 2). Every night he goes to sleep, he probably plays the close of Dave Chappelle's Show: I'm rich beyatch!

    rubberbandman's avatar - Spawn Classic.jpg
    mn
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    March 4, 2008
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    Posted: March 23, 2008, 11:00 am - IP Logged

    Actually it is a misconception that wealthy people manage their money on their own.  Most all truly wealthy people...people who run businesses, long time successful celebrities and athletes, entreprenuers, and inventors utilize a team of advisors that include lawyers (for the specialized areas of need), financial and estate advisors, CPAs, and business advisors to help them make sound decisions with regards to their wealth.  The do it yourself fad that swept over us in the 90s largely was taken up just by the middle class, which might explain why the middle class is worse off today than a decade ago despite the run ups in both the stock and real estate market.  So just say no to all those "do it yourself" investment company commercials.  So it is not a bad reflection on a person if they have a competent and trustworthy team of advisors helping them out.  On the contrary, I believe it is a person with poor judgement who thinks they can handle every aspect of managing their wealth WITHOUT the aid of legal, financial, tax, and business experts.  You say that you are poor now...hmmm, take a look at the people with which you surround yourself...take their incomes and divide it by the number of people involved to arrive at an average.  If the average income is just about where you are now, I highly recommend that you change your circle of friends...IMMEDIATELY!!!  It is true that the company you keep has a direct reflection on you...and how successful (or not) you will be in the future.

    i havent been on in a while so sorry for the gap in time but your statement is SO deep, thank you for that.

      Piaceri's avatar - sarsony1
      Republic of Texas
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      Posted: March 23, 2008, 11:03 am - IP Logged

      I'm impressed! I love  how this winner set things up. I don't think I will take 3 months unless it takes a full 3 months to get all this down airtight. Who knows, maybe it did take this long to hammer this out. 

      If I read this right, the winner has a limited partnership that claimed the lottery winnings, but then also legal entities to protect the LP. Each entity would have to have papers drawn and tax IDs created. Before they even start creating the entities, they have to create the master game plan. Doing this right could take some time. And who knows what snags they had along the way that may have held things up.

      The only other thing I could say to do is have more than one "winner" stand at the podium. I'm sure I can find some random people I or my kids (both in college) know who for $12k would gladly stand at the podium wearing sunglasses posing as "family members".

      Congrats to the winner and all her (his?) smart moves!

        rubberbandman's avatar - Spawn Classic.jpg
        mn
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        March 4, 2008
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        Posted: March 23, 2008, 12:30 pm - IP Logged

        I'm impressed! I love  how this winner set things up. I don't think I will take 3 months unless it takes a full 3 months to get all this down airtight. Who knows, maybe it did take this long to hammer this out. 

        If I read this right, the winner has a limited partnership that claimed the lottery winnings, but then also legal entities to protect the LP. Each entity would have to have papers drawn and tax IDs created. Before they even start creating the entities, they have to create the master game plan. Doing this right could take some time. And who knows what snags they had along the way that may have held things up.

        The only other thing I could say to do is have more than one "winner" stand at the podium. I'm sure I can find some random people I or my kids (both in college) know who for $12k would gladly stand at the podium wearing sunglasses posing as "family members".

        Congrats to the winner and all her (his?) smart moves!

        wow thats a pretty good idea, i wonder why i never thought of that. 

          CCHS13's avatar - chi jpeg.jpg
          Illinois
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          Posted: March 23, 2008, 1:09 pm - IP Logged

          One has to weigh the cost of a team of professionals vs how much money they are actually

          saving you.  I could be wrong but lawyers tend to charge what they want even sizing up

          their customers so if they get wind of a big lottery winner I know their fees will change

          accordingly.  The only person I think I would consult is a CPA or someone who could properly

          inform me how to duck some of those nasty tax laws.  Dont think Ill need a team for that,

          although I would get about 3 to 4 different opinions and then decide who to go with

          Men Lie Women Lie Numbers Dont


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            Posted: March 23, 2008, 2:47 pm - IP Logged

            tax free municipal bonds is a good way to skirt taxes.

            if they formed a business/partnership, chances are  they could live off the interest, but still have to claim income on that.   

              spy153's avatar - maren

              United States
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              December 15, 2005
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              Posted: March 24, 2008, 7:22 am - IP Logged

              I'm impressed! I love  how this winner set things up. I don't think I will take 3 months unless it takes a full 3 months to get all this down airtight. Who knows, maybe it did take this long to hammer this out. 

              If I read this right, the winner has a limited partnership that claimed the lottery winnings, but then also legal entities to protect the LP. Each entity would have to have papers drawn and tax IDs created. Before they even start creating the entities, they have to create the master game plan. Doing this right could take some time. And who knows what snags they had along the way that may have held things up.

              The only other thing I could say to do is have more than one "winner" stand at the podium. I'm sure I can find some random people I or my kids (both in college) know who for $12k would gladly stand at the podium wearing sunglasses posing as "family members".

              Congrats to the winner and all her (his?) smart moves!

              I Agree!

              voir-vous dans mes reves!Cool

                JackpotWanna's avatar - squiz

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                Posted: March 24, 2008, 7:31 am - IP Logged

                Smart lady! WTG! Enjoy your millions! 

                  rubberbandman's avatar - Spawn Classic.jpg
                  mn
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                  Posted: March 24, 2008, 10:00 am - IP Logged

                  What a minute, this woman won this in IL where they DON'T allow you to remain anonymous, I didn't know you could still make legal entities, so it turns out that in a way you can still remain anonymous, that's cool. Everybody's been sayin that when you cant remain anonymous you also cant create legal entities and it turns out that it's the opposite.

                  In the immortal words of Barney Stinson - "Awesome"

                    JustFrozen's avatar - scenery water_mountains.jpg
                    OC, CALI
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                    Posted: March 24, 2008, 1:17 pm - IP Logged

                    Doesn't that also depend on the state? Don't some states require the legal entities to be disclosed in public records?

                      rubberbandman's avatar - Spawn Classic.jpg
                      mn
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                      Posted: March 24, 2008, 3:26 pm - IP Logged

                      Doesn't that also depend on the state? Don't some states require the legal entities to be disclosed in public records?

                      I suppose.

                      So, even if you make the legal entities and they are exposed to the public, your name and assets are safeguarded from them via the ENTITIES.

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                        NY
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                        Posted: March 24, 2008, 4:10 pm - IP Logged

                        Doesn't that also depend on the state? Don't some states require the legal entities to be disclosed in public records?

                        A good rule of thumb is that the creation and existence of a legal entity is a public record. How many details about that entity are considered a public record will vary from state to state. Generally it would be wise to figure that there will be at least one person that is the representative of an entity, and the name and address of that person will be public. That person can be the attorney representing the actual owner(s) of the ticket. It would be wiser still to consult an attorney when the specifics of the law that applies to you become important.

                        I would guess that many of the states that say you can't remain anonymous are simply offering a generalized answer. They'll release information about the winner, but that doesn't mean the winner has to be an individual or individuals. Unless the state requires that the prize be claimed by the individual(s) who own the ticket, creating a trust or other legal entity should allow you to make some information harder to find.

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                          md
                          United States
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                          April 20, 2005
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                          Posted: March 24, 2008, 8:41 pm - IP Logged

                          Original Post by ConstantlyB

                          Now I feel like she's an LP FAMILY MEMBER if she's not a member she is indeed the spouse of a member. She has exhibited some strong LP family member traits ya'll.

                          I Agree! I thought the same thing when I read the article.

                          I agree KyMystikal-

                          I would bet they have LP connections; but more importantly, they show any potential our time and work through all issues, and breathe as the money begins to make the better life for you.  As opposed to you *&^%#$%)_ it all up!

                          This is the way I have planned my big Jackpot pay off!

                            psykomo's avatar - animal shark.jpg

                            United States
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                            May 30, 2004
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                            Posted: March 24, 2008, 9:05 pm - IP Logged

                            I can't tell from this angle....if it were a frontal view I could tell better. She may have extensions...lol...for added fullness.

                            Now I feel like she's an LP FAMILY MEMBER if she's not a member she is indeed the spouse of a member. She has exhibited some strong LP family member traits ya'll.

                            NOW THAT'S APPLYING WHAT YOU HAVE  LEARNED!!!!!

                            Hurray!                                               Dance                                                Banana

                            BUTT, she or a member of HER family>>>>>>>

                            need's, to tell >>>>>Todd>>>(pronto)^

                            >>>>>>>>>>>>>

                            of the >>>>>>>>>>>Lottery Post>>>>>

                            PSYKOMO 

                              mylollipop's avatar - Trek STLOGO6.png

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                              Posted: March 25, 2008, 5:02 am - IP Logged

                              A good rule of thumb is that the creation and existence of a legal entity is a public record. How many details about that entity are considered a public record will vary from state to state. Generally it would be wise to figure that there will be at least one person that is the representative of an entity, and the name and address of that person will be public. That person can be the attorney representing the actual owner(s) of the ticket. It would be wiser still to consult an attorney when the specifics of the law that applies to you become important.

                              I would guess that many of the states that say you can't remain anonymous are simply offering a generalized answer. They'll release information about the winner, but that doesn't mean the winner has to be an individual or individuals. Unless the state requires that the prize be claimed by the individual(s) who own the ticket, creating a trust or other legal entity should allow you to make some information harder to find.

                              KY Floyd, your answer is the best I have read by far as to how to remain anonymous.  Thanks!