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GA family incorporates before claiming lottery jackpot

Mega MillionsMega Millions: GA family incorporates before claiming lottery jackpot
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Carrollton lottery winners 'won't be buying any Porsches'

Frank Mack Skinner's family regularly bought Georgia lottery tickets to contribute to the HOPE Scholarship fund.

But after claiming the $133 million lottery jackpot Thursday, they plan to use the winnings to pay for education for more of his family members.

"We bought the tickets primarily to help kids go to college," Skinner said from his kitchen Thursday night. "Now, we're going to make sure the lives of our grandkids and future grandkids are taken care of."

But the 60-year-old Carrollton native, who will split the more-than $82 million cash payout with his wife and their three children — who are ages 39, 37 and 33 — plans to more than just that.

"Our goal is to change the lives of our nieces and nephews and brothers and sisters," Skinner said. "We're trying to help kids that need help."

Skinner, his wife Phyllis, also 60, and their three children — Lori Ann Higgs, Angela Skinner Murray and Jeffrey Mack Skinner — waited nearly three weeks to tell lottery officials they had the winning ticket. They claimed the prize as a corporation called Carrollton SHM LLC.

Phyllis Skinner, 60, purchased the family's Quick Pick ticket at Mableton Chevron, 1450 Veterans Memorial Parkway, Mableton.  Mableton Chevron will receive a $25,000 retailer incentive bonus for selling the jackpot-winning ticket.

"The ticket was purchased by Phyllis, which is unusual because she rarely buys tickets but did so that evening," Skinner explained. "Over the years individual members of the family have all bought tickets representing the family, and it evolved into a tradition."

Winning numbers for the Aug. 29 Mega Millions drawing were: 21-25-26-50-51 and the Mega Ball was 22.

The family put off coming forward as winners to have time to "notify our financial advisers," he said. "And we were worried about the safety of our grandkids and nieces and nephews."

But news about their winnings got out around Carrollton last week.

The family partnership, he said, was a result of the poultry processing plant his father formed in the 1940s. That plant is now part of the Pilgrim's Pride chicken company.

Financial experts say that claiming the multi-million-dollar lottery jackpot as a corporation was a shrewd decision.

"The prize can live on, even if one of them should die," said Professor Tom Smith of Emory University's Goizueta Business School. "This is a smart move for them."

Skinner, a retiree and part-time investor for Primerica Financial Services, said he knew to be smart with the money. "We're not going to be on 'Oprah' or 'Jerry Springer' five years from now because we're broke," he said.

Financial adviser J. Michael McCarthy suggested that the family could actually "pay themselves" indefinitely if they invested their winnings wisely.

"Let's say they each have $15 million," McCarthy said. "A 5 percent annual return gives you about $750,000 per year. It may be a bit of a stretch since they don't have a business, but they can [each] pay themselves a salary."

Another benefit of incorporating is that each member is protected from lawsuits, Smith and McCarthy pointed out.

Skinner said the money won't change his family.

"We won't be buying any Porsches or anything like that," he said. "My wife wants to keep her $28,000 a year job at [Carrollton] High School."

Although he hasn't collected his winnings yet, he did splurge on one long-time big-ticket item: Season tickets to the Falcons — 24 of them, for his family. "It's the only thing I've ever wanted," Skinner said.

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20 comments. Last comment 8 years ago by myzeus.
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ThatScaryChick's avatar - x1MqPuM
Idaho
United States
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November 21, 2007
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Posted: September 19, 2008, 11:03 am - IP Logged

Congrats to them! It sounds like they have things worked out nicely.

"No one remembers the person who almost climbed the mountain, only the person who eventually gets to the top."

    Todd's avatar - Cylon 2.gif
    Chief Bottle Washer
    New Jersey
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    May 31, 2000
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    Posted: September 19, 2008, 11:19 am - IP Logged

    I think a lot of people were wondering what was up with this big jackpot, because nobody had claimed the prize.  It's nice to see that the time was used wisely, and that the winners have protected themselves.  They also seem to have a great outlook on life, and will hopefully be doing a lot of good with their windfall. 

    Congrats to the winning family! Cheers

     

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      JackpotWanna's avatar - squiz

      United States
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      March 23, 2004
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      Posted: September 19, 2008, 11:36 am - IP Logged

      That is what I call a beautiful lottery story.  Very wise couple.  They did their homework.  Many happiness to the winners and family. 

        DC81's avatar - batman39
        MI
        United States
        Member #54830
        August 31, 2007
        985 Posts
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        Posted: September 19, 2008, 2:11 pm - IP Logged

        Do they just have a script for what they want people to say? Because it seems really cut and paste, the exactly or almost exact same things about keeping jobs, not changing much and all that.

        Hmmm, I guess there's no chance of anonymity in GA? I mean they went through the trouble to incorporate and everything.. Let's see how things turn out a few years from now...

        You can't predict random.

          Bondi Junction
          Australia
          Member #57242
          December 24, 2007
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          Posted: September 20, 2008, 2:04 am - IP Logged

          At Least One Yank Won't Have To Worry About The Financial Crisis

            sirbrad's avatar - Lottery-062.jpg
            PA
            United States
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            October 6, 2005
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            Posted: September 20, 2008, 4:42 am - IP Logged

            Screw college man. With that kind of cash you could have sexy teachers home-school you, be maids, other activities, and pretty much anything else you wanted. The college would be in your house!

              grengrad's avatar - nw rogue.jpg
              Raleigh
              United States
              Member #49057
              January 17, 2007
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              Posted: September 20, 2008, 6:20 am - IP Logged

              Very cool. It sounds like these guys have a viable, shred, and generous plan. I hope they have carefully set everything up and that no one gets too greedy.

                lottocalgal's avatar - Lottery-043.jpg
                CA
                United States
                Member #57222
                December 23, 2007
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                Posted: September 20, 2008, 10:18 am - IP Logged

                That is what I call a beautiful lottery story.  Very wise couple.  They did their homework.  Many happiness to the winners and family. 

                I agree,

                Very well planned. Congrats to them for the win and the preplanning before (or instead of)  the porches.

                  Avatar

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                  Posted: September 20, 2008, 12:27 pm - IP Logged

                  OK then the next big winner will say, "I'm telling my boss to go (%*^#$ and I'm heading straight to the strip club and if anyone wants a share of my winnings it's on the front seat!"

                  When **I** win the phrase that pays (not) will be "Where were YOU when I was poor?"


                    United States
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                    February 18, 2008
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                    Posted: September 20, 2008, 2:53 pm - IP Logged

                    At Least One Yank Won't Have To Worry About The Financial Crisis

                    He'll need to find an honest stockbroker,which might not be easy because so many have been using Wall Street like its their own private casino.Where the hell are honest people supposed to put their money to keep it safe from these thieves?

                      Avatar

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                      August 1, 2008
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                      Posted: September 21, 2008, 12:58 am - IP Logged

                      One percenters to celebrate. Dunno about the college plans... now-a-daze, higher learning institutions seem more like polished indocrtrination - educated conformity. They sound like good people, tho - investing in kids (the future). Sincere congrats!

                        Greatmaltz's avatar - Lottery-020.jpg
                        Connecticut
                        United States
                        Member #64588
                        September 1, 2008
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                        Posted: September 21, 2008, 1:32 am - IP Logged

                        OK then the next big winner will say, "I'm telling my boss to go (%*^#$ and I'm heading straight to the strip club and if anyone wants a share of my winnings it's on the front seat!"

                        When **I** win the phrase that pays (not) will be "Where were YOU when I was poor?"

                        Too Funny! ROTFL 





                          psykomo's avatar - animal shark.jpg

                          United States
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                          May 30, 2004
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                          Posted: September 21, 2008, 2:17 am - IP Logged

                          One percenters to celebrate. Dunno about the college plans... now-a-daze, higher learning institutions seem more like polished indocrtrination - educated conformity. They sound like good people, tho - investing in kids (the future). Sincere congrats!

                          Congrat'$$$$$$$$$$$$$$$$$$$$$$$$

                          Mableton couple!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

                          Let's B positive!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

                          the DEMOCRAT's have handed OUT>>

                          BULL$HIT 2 poor-people, but D-pur-R

                          still living on potato's & can't afford D

                          mater'sssssss!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

                          ???????????????????????????????????

                          R the democrat voterer's still stupid??

                          NANCEY PESO drink's $200 bottle (grape)

                           JUICE wine each evening 2 lower (er)

                          HER>>>>>>>>>>>STRESS>>$$$

                          HER>>rich hubby rubb'in girl's ?????

                          UR pay-check in mail>"DEMOcrat'$$!

                          LOL

                          PSYKOMO

                            Piaceri's avatar - sarsony1
                            Republic of Texas
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                            January 9, 2008
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                            Posted: September 21, 2008, 8:57 am - IP Logged

                            What a great lottery story. Congrats to the family. Hurray!

                             

                            There's nothing wrong with happy plans for the money.  I'm not so sure I could be as generous.  I would definitely form an LLC or trust, or whatever my legal advisors request, but I certainly could not turn over control of 1/3 to my 19 and 22 year olds!  Nor could I ever say winning would not change my life.  It would have to be a significant win to make me quit working, but at least I would have the freedom to leave this hell hole of a state (the one with it's own ongoing depression) and move somewhere that at least has a more positive outlook on life.

                            face

                            singlewinnersinglewinnersinglewinner