The Illinois woman knew on Dec. 18, the winning lottery ticket she held would change her life.
On March 19, she was claiming an oversized check from the state and answering questions from news media.
That the winner picked up the $81.5 million prize, her half of a $163 million Mega Millions jackpot drawing, is a big deal.
That it took three months is a rarity. She spent the time to work with lawyers and financial advisers to maintain anonymity and protect assets — something the state lottery agency wants other potential winners to note.
Sporting large sunglasses, the winner, a pharmacist, came forward, but she refused to provide her name or where she lived. An occasional player, she bought the winning ticket at a gas station at 851 S. Sutton Rd. in Streamwood.
"I came back home. My husband said, 'Let me check your ticket,' " she said. A quick confirmation through an Internet site and the two were screaming in delight. "It was a shocking moment."
The first step wasn't to get the money. A family member referred them to Wood Dale attorney Terry Zimmer, who assembled an advisory team, including estate planner Richard Kuenster.
"I told her get an unlisted number A.S.A.P.," Kuenster said.
The team helped the family create the JYS Family Limited Partnership and put together entities to keep the winner's identity from the public, and shield the money from some taxes, creditors and frivolous lawsuits while providing for her, her husband, children and any future grandchildren, Kuenster said.
"We're so proud of them for taking that time," said acting Illinois Lottery Superintendent Jodie Winnett. "What a sharp winner we have in Illinois and we hope that the rest of our community will hear this and that they'll take a deep breath and consider protecting themselves."
Thanks to JackpotWanna for the tip.
Awesome story about a smart lady - congrats!
I wonder if that's a wig...
Much more responsible than those others who recently claimed winnings within days of winning. Hats off to people who use their heads!
Congrats to her! It looks like she really did her homework.
Very smart lady. This is something that I said I would do when I WIN big but now, seeing that someone really did it, I know that I am really on to something. Maybe it is fate or something. I'm Next!
Very smart indeed...! Potential winners could learn a lot from this lady...
Congrats to her and the family.
I saw this on the 9pm news on WGN last night and wondered if it was gonna be on this website today.A very,very smart lady,indeed.
I wonder if the winner of the January 16th (?) Powerball drawing in Louisiana is doing the same thing.
I wonder if they took 1/3 of her winnings.
Very smart and responsible lady. I am very happy for her.
Very, very smart move. She had a good make-up artist too. I think the nose and the chin were fake, but the smile was real.
Congratulations!!!
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!!!!!
o....sorry .......and congrats to the lucky lady .....wtg
but it could be a guy in drag ......that would really throw everyone off
Lmao!!!! very funny and i thought the same thing.
I can honestly say that I would have taken the same approach they have taken. I am so glad to see someone finally take time and get all ducks in a row b4 takin a dive into the "money ocean".
I was thinkin about driving up to Illinois to play my Mega Millions numbers but decided against it after learning that you have to do the press conference. So I went to Ohio instead. I have been waiting to see how this person would be treated and how the media would pick up on the story and its been reletivley low key. i think I will be going back to Illinois. i need a state that has more than 10 advance draws....lol I would go to Michigan but thats an 8hr drive from here and that would turn into a weekend type ordeal and I just wanna go, get the tkt, come back home. I'm very happy for the winners though
congrats........
Were they really that smart?
$80,000,000 minus 25 per cent for Tax=$60,000,000
Invested at 3 per cent yields: $1,800,000 per year!
So waiting 3 months to claim the prize money cost: $450,000
Sorry Im not taking 3 months to claim my money. Im so poor I could use that NOW. If I ever won Id be at the headquarters the next day. If you dont know how to manage money like that on your own, you dont deserve it IMO.
Not true. The money earns interest if you wait to claim it. They lost nothing by waiting.
I'm not waiting 3 months, what if something happens the last week or two and you can't make it in time
I wasn't aware of that Destined .thanks for that information.
WTG lady! Wish you the best!
And I am a professional of desguises. No. She isn't disguised.
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 am also one of those who would try to get things together, but I would also not wait 3 months to do it.
So much for Illinois not being an anonymous state!
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.
FYI: You can purchase up to 15 advance draws in Illinois. The only place I know of that is much better than that is Virginia. I don't know about Michigan, but I don't make the drive to MI unless I have some other business to do in that state, so I prefer to just play locally here in IL for MM. Yes I know you can claim the prize anonymously in MI, but I would handle it just like the lady did in this case...disguise included!
No, I don't think that was the case. That only typically happens in the area of lawsuits because of the amount of work that has to be done to be successful in court, and the likelihood that they may not win or get the judgement amount they were seeking. When it comes to using lawyers for business, tax, estate, and patent planning, you can hire them by the hour. Just be sure to review and endorse the compensation contract beforehand...after all, you are dealing with lawyers. But on the real, don't be penny wise and pound foolish by trying to do without such expert advice...this lady is indeed pound wise by not pinching pennies to do without expert advice. I don't think we are going to be reading about her in the same light we have with Jack Whitacker, Bud Post, David Edwards, etc. See living in the Land of Lincoln is grand!
Where does it state that at? I'm sure it is collecting interest while sitting in the bank but where does it say that the winner also gets accured interest from it?
it may have cost them 450k in short term but think of how much they saved with potiential frivilous lawsuits and the peace of mind that comes with anonymity.
What if you get in a fatal car accident on the way to claim the jackpot? If you live your life based on "what ifs", ultimately, no amount of money is going to make you happy. You are going to be constantly waiting for the "other shoe to drop". That ain't livin'.
Illegal immigration is a bad thing.....ask any Indian.
What frivoulous lawsuits are they referring to?
Is it a fact that taxes can be saved by claiming the jackpot as a partnership?
True but the whole point of waiting months is for security of your winnings, and I'm just saying waiting till the "last minute" doesn't sound very secure to me
Being in a health professions occupation you are always a target. Joe Schmoe finds out his pharmacist is a few million dollars richer, and decides to sue him just to see what he can get. People make stuff up all the time.
I've heard that you can be sued by a burglar if he gets hurt by things on your property while he is trespassing. But maybe that's an exaggeration.
She didn't wait until the last minute to collect her winnings.She waited about 3 months so she could get her "ducks in a row".Most states allow you a year to collect your winnings,some only allow you 6 months.I don't know of any that only allow 3 months.
Rushing to the lottery headquarters the very next day won't gain you anything either.It takes up to two weeks to verify a MM or PB ticket and you'll have to wait to get your money.
It takes two weeks? Please.
It takes four to six weeks to: 1- validate the tickets authenticity 2- Verify the ticket claimants information with a full background check. (Past taxes due, any outstanding warrants, child support, you get the jist) 3- Collect the funds 4: setup proper dispersement to the claimants 5: Initiate the bank check for deposit or guarantee of funds.
The point of the story is two fold: THe lady followed sound advice and she did things in a manner that safe guards her funds and her family intentions. As to RICH folks having slews of advisors, the best advice I hurd was from Oprah who still reviews all her financial holdings and writes her own checks! The greatest flaw she has seen by folks with money is entrusting a group of advisors to handle the money and ensuring persons they are secure. Most stars who have filed bankruptcy did so because they allowed a team of experts to handle their funds, and skim in the process.
During those 4 to 6 weeks I see nothing wrong with sending the ticket in to be processed whilst getting sound advice. If I cant figure out what to do with millions in that time, then by golly I got some family members who will remind me!.
I couldn't find out how long it takes to collect your check from Mega Millions,but Powerball checks ARE cut in two weeks from the time you show up at the lottery office to collect.You can find this information on the Iowa Lottery website.It's in adobe acrobat format and I can't seem to pull up a link to it.I can't imagine that it takes Mega Millions 4-6 weeks to do what Powerball does in 2 weeks,but I suppose its possible.
The rest of your post makes sense to me.I wouldn't trust many people to manage my money.If these so-called experts are so good at managing money,why aren't they retired living in luxory on a south pacific island?
Feadogger
Massachussets and some other states (what are they thinking) have "Forced-to-flee" laws, i.e., if an intruder enters your home you are forced to flee so as not to harm them.
There is a huge difference between accumulated wealth and over night wealth. People accumulate wealth by making smart business decisions and hire financial advisers to protect their personal wealth. They don't just hand their personal wealth over to a team of financial advisers and say "have fun".
"That it took three months is a rarity. She spent the time to work with lawyers and financial advisers to maintain anonymity and protect assets"
Maybe it's just me, but if wanted maintain anonymity, I wouldn't attend the press conference and certainly wouldn't want it to be known that I was a pharmacist that lived or worked near a gas station at 851 S. Sutton Rd. in Streamwood. I wonder how many people saw her picture and said "hey I know her".
"The team helped the family create the JYS Family Limited Partnership and put together entities to keep the winner's identity from the public, and shield the money from some taxes, creditors and frivolous lawsuits while providing for her, her husband, children and any future grandchildren, Kuenster said."
This is how people that accumulated wealth separate their personal assists from business assists to protect them from future business failures. This jackpot winner has divided the winnings into shares in a limited partnership that will probably be distributed to family and friends. Probably one of the better ideas I've seen for sharing the winnings.
"If the average income is just about where you are now, I highly recommend that you change your circle of friends...IMMEDIATELY!!!"
Somebody spends a lifetime making good friends and your suggesting your friends are no longer good enough for you because you hit the jackpot. Good luck with making new friends at the Country Club that has a group of people that accumulated wealth. Ever hear of the Jed Clampett syndrome?
Ya for some reason i thought it was 3 months. I stand corrected.
Waiting 3 months is more than reasonable
And other states have "Make My Day" laws aka Stand Your Ground where a person is not required to flee but may inflict bodily harm up and to and including death in order to protect persons or even just property in some states
Look it up at Wikipedia, I'm using a browser that won't allow me to paste links.
JWBlue - I also thought about that statement. People are very litigious so who knows what someone might think up after finding out she won all that money? She's a pharmacist, so I assume she has insurance anyway. But I can just see a pregnant woman in court insisting she didn't know the birth control pills she was prescribed are to be taken by mouth. "Yes, I wore that diaphragm every night. It looked strange and didn't quite fit my big toe, but I thought I was protected."
The GameGrl writes: "......The greatest flaw she has seen by folks with money is entrusting a group of advisors to handle the money and ensuring persons they are secure. Most stars who have filed bankruptcy did so because they allowed a team of experts to handle their funds, and skim in the process."
I couldn't agree with you more! There used to be a commercial slogan "Thank you Paine Weber." Several years ago I personally changed that to "F-you, Paine Weber." It's important to watch over your investments and stay up-to-date on market conditions, not only to ensure that others are honest, but that they are also competent.
Lilly & Coin Toss - We're the Old Wild West here in Florida. Shoot now, ask later. I'm not sure if it passed, but I remember when Jeb Bush wanted to change the law that requires a person to walk away from a conflict whenever possible to allow using deadly force when one feels threatened.
In some states you have up to 3 months to decide how you want to claim your jackpot,annuity or cash option.Thats probably where you got the 3 month figure.
Probably the type of lawsuits where they hope the defendant will offer them a settlement that is less than the cost of going to court. It sounded like a frivolous lawsuit when that woman put a hot cup of coffee between her legs while driving her car so she could answer her cell phone, but look at what she got.
It said "some taxes" and the limited partnership was formed before they cashed the ticket. If Uncle Fred had a 1% share, he might not have to pay a gift tax.