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$360 MILLION: Powerball jackpot raised on huge sales

Topic closed. 69 replies. Last post 4 years ago by rdgrnr.

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Arrowhead's avatar - underground
Ohio
United States
Member #120754
December 27, 2011
294 Posts
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Posted: May 15, 2013, 12:00 pm - IP Logged

Actually if you live in a state that allows you to remain anonymous it isn't really as discreet as it sounds. The media recently got the name of an anonymous winner through the freedom of information act and disclosed it to the public. That is why having an attorney claim your prize under a trust that can be hidden under several other trust is so important.

One thing I would like to clarify is that there is no need to totally alienate all your close friends. Once you have structured your financial plan you can slowly bring them back into your life if you choose.

There is no need to move out of town ASAP. You simply need to get your financial game plan in order(after having interviewed several attorneys/ financial experts) as well as submitting your job resignation. Once you have secured a temporary residence and finalized documents with your legal team then give yourself a couple days to relocate prior to having your trustee/attorney claim your prize. 

If you have close ties to your church/community, you can always give charitable contributions through your foundation at a later time which will help mitigate your tax obligations.

I'd spend whatever it took to 'hide' the claim (I live in Ohio; it can be done) under layers of several trusts...by the way, what would that cost... $20-25 grand?

And don't get me wrong---it must be done, but assembling a team of lawyers/financial people who you 'completely trust' would be totally daunting for most folks. If you don't live/work in the rarified air of high-level society, are not 'connected' to those that specialize in this stuff, this step alone would be very intimidating.

I've used a lawyer on a couple of occasions for relatively simple stuff--house closings and the like. I'd in no way consider him my 'friend'. I don't see him socially or live in his neighborhood. Frankly, it would probably take me a month or more just to find the people I'd want handling a windfall like this.

I suppose it's also a problem I could live with having Big Smile.

    Avatar
    NY
    United States
    Member #23835
    October 16, 2005
    3474 Posts
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    Posted: May 15, 2013, 12:41 pm - IP Logged

    "If the winner doesn't have a fast moving terminal disease, why can't they wait 3 weeks to ensure a smooth and less stressful transition?"

    Ever hear somebody talk about wanting to buy something that's very cheap, but they have to wait until they get their next paycheck?  I'm figuring that the majority of people who talk about claiming immediately have very little in savings, lousy credit, and have very little opportunity to indulge themselves. I can't imagine any other reason to want to rush to claim the prize as soon as possible. If I knew that paying it back was going to be a piece of cake, I could use the plastic in my pocket to spend 50 grand this afternoon. If I started making plans for collecting a prize of several million dollars I could easily borrow 100 or 200k and have the money faster than the lottery will write me a check.  The only thing I couldn't do today that I could do after actually collecting the money is buy an expensive piece of land and have a builder get started on a house, and even that  might be possible if my bank had examined the ticket.

    "The media recently got the name of an anonymous winner through the freedom of information act"

    IIRC, the winner wasn't actually anonymous. I think there's a state or two out there who don't  let you remain anonymous, but  also don't automatically announce the names of winners. Of course that's just another argument for taking some time to get your stuff together, which includes knowing exactly what the rules allow or prohibit.


      United States
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      Posted: May 15, 2013, 12:46 pm - IP Logged

      "If the winner doesn't have a fast moving terminal disease, why can't they wait 3 weeks to ensure a smooth and less stressful transition?"

      Ever hear somebody talk about wanting to buy something that's very cheap, but they have to wait until they get their next paycheck?  I'm figuring that the majority of people who talk about claiming immediately have very little in savings, lousy credit, and have very little opportunity to indulge themselves. I can't imagine any other reason to want to rush to claim the prize as soon as possible. If I knew that paying it back was going to be a piece of cake, I could use the plastic in my pocket to spend 50 grand this afternoon. If I started making plans for collecting a prize of several million dollars I could easily borrow 100 or 200k and have the money faster than the lottery will write me a check.  The only thing I couldn't do today that I could do after actually collecting the money is buy an expensive piece of land and have a builder get started on a house, and even that  might be possible if my bank had examined the ticket.

      "The media recently got the name of an anonymous winner through the freedom of information act"

      IIRC, the winner wasn't actually anonymous. I think there's a state or two out there who don't  let you remain anonymous, but  also don't automatically announce the names of winners. Of course that's just another argument for taking some time to get your stuff together, which includes knowing exactly what the rules allow or prohibit.

      The only reason I would wait 3 weeks would be to build suspense and attention to myself.

        haymaker's avatar - Lottery-012.jpg
        Egg Harbor twp.south Jersey shore
        United States
        Member #112968
        June 29, 2011
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        Posted: May 15, 2013, 2:17 pm - IP Logged

        The only reason I would wait 3 weeks would be to build suspense and attention to myself.

        from your balcony, no doubt. LOL

        Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

          helpmewin's avatar - dandy
          u$a
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          Posted: May 15, 2013, 2:28 pm - IP Logged

          from your balcony, no doubt. LOL

          Good one! Green laugh

          Let it Snow Snowman

            helpmewin's avatar - dandy
            u$a
            United States
            Member #106665
            February 22, 2011
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            Posted: May 15, 2013, 2:30 pm - IP Logged

            $360 MILLION: Power ball jackpot

             

            Tonight Hurray!

            Let it Snow Snowman

              Teddi's avatar - Lottery-008.jpg

              United States
              Member #142499
              May 13, 2013
              1183 Posts
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              Posted: May 15, 2013, 2:32 pm - IP Logged

              When you throw numbers around, especially outrageous ones like that, you're the one who needs to provide a source, not me. That you can only name

              a few (many of whom took longer than 5 years, by the way), out of tens of thousands of winners (For example, the florida lottery has made over 1,200 

              millionaires, so has the UK lottery, Australian lotteries, Canadian lotteries, etc.) clearly shows that 70% is plain wrong. It's kind of funny how you can 

              keep saying "the 70% statistic". You may be "really anal about researching everything" now, but research alone is not sufficient; you also need critical 

              thinking and reasoning. 

               

              Note that a couple thousand dollars can be considered a "windfall". It's much easier to lose a thousand than a million.

              Not one person here, certainly not myself, and certainly not Jill were either rude or insulting to you. If you can't act in a civilised, and dare I say, educated fashion, then you may have to start conversing with yourself. Trust me, it would be oh so easy to hurl targeted insults in your direction right now. But no one has done that. I'm not sure exactly what your personal issue is, but your reactions seem really off the map from such anodyne comments. 

              The rest of us, who freely admit to not knowing EVERYTHING welcome words of wisdom from someone who did nothing more than give sound, pragmatic, and reasonable information. If winners knew what to do, so many of them wouldn't go broke, it's as plain as that.

              The advice is exactly the same as every interviewed financial advisor has espoused, from Susan Bradley to Robert Ugell to Carl Richards to Don McNay to Jill Schlesinger. So what is the purpose for the hostility? 

              There is a problem with anyone who is so intransigent on a position based on no factual evidence except an "I'm smart and that's enough" argument. 

              Frankly, it boggles the mind that you can even take umbrage from something innocuous and well meaning. Especially when this isn't Nazi Germany and no one is going to force you to do anything you don't want to do with your own money. But don't ruin it for others who welcome her time tested advice. 

              ****************************************************************************************************************

              Studies have shown that million-dollar lottery winners often go broke after the first few years - Brett Rodriguez, Morgan Stanley

              70% of people who get a sudden financial windfall lose that money within just a few years  - National Endowment for Financial Education

              It’s an incredibly high number of people who run through lottery winnings in five years or less  - Don McNay (financial consultant)

               

              I know there’s a temptation to think you’re different from everyone else. All those other lottery winners? They were foolish.Which brings us to the first mistake you need to avoid: Overconfidence...Recognize that there’s a high probability that your life after winning the lottery will turn out like other average lottery winners. You will indeed be broke and back at work within five years... - Carl Richards (financial planner)

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                November 29, 2012
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                Posted: May 15, 2013, 3:51 pm - IP Logged

                "If the winner doesn't have a fast moving terminal disease, why can't they wait 3 weeks to ensure a smooth and less stressful transition?"

                Ever hear somebody talk about wanting to buy something that's very cheap, but they have to wait until they get their next paycheck?  I'm figuring that the majority of people who talk about claiming immediately have very little in savings, lousy credit, and have very little opportunity to indulge themselves. I can't imagine any other reason to want to rush to claim the prize as soon as possible. If I knew that paying it back was going to be a piece of cake, I could use the plastic in my pocket to spend 50 grand this afternoon. If I started making plans for collecting a prize of several million dollars I could easily borrow 100 or 200k and have the money faster than the lottery will write me a check.  The only thing I couldn't do today that I could do after actually collecting the money is buy an expensive piece of land and have a builder get started on a house, and even that  might be possible if my bank had examined the ticket.

                "The media recently got the name of an anonymous winner through the freedom of information act"

                IIRC, the winner wasn't actually anonymous. I think there's a state or two out there who don't  let you remain anonymous, but  also don't automatically announce the names of winners. Of course that's just another argument for taking some time to get your stuff together, which includes knowing exactly what the rules allow or prohibit.

                Time value of money. If I can get money in hand now (or in 4 weeks when the funds are officially transferred), I'd rather that than an equal amount (as the lump collects no interest if you delay in claiming it). Would allow me to immediately invest it in opportunities (or in other people's cases, spend it on something that will satisfy them sooner) that I see available at this time.

                  Teddi's avatar - Lottery-008.jpg

                  United States
                  Member #142499
                  May 13, 2013
                  1183 Posts
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                  Posted: May 15, 2013, 4:15 pm - IP Logged

                  "If the winner doesn't have a fast moving terminal disease, why can't they wait 3 weeks to ensure a smooth and less stressful transition?"

                  Ever hear somebody talk about wanting to buy something that's very cheap, but they have to wait until they get their next paycheck?  I'm figuring that the majority of people who talk about claiming immediately have very little in savings, lousy credit, and have very little opportunity to indulge themselves. I can't imagine any other reason to want to rush to claim the prize as soon as possible. If I knew that paying it back was going to be a piece of cake, I could use the plastic in my pocket to spend 50 grand this afternoon. If I started making plans for collecting a prize of several million dollars I could easily borrow 100 or 200k and have the money faster than the lottery will write me a check.  The only thing I couldn't do today that I could do after actually collecting the money is buy an expensive piece of land and have a builder get started on a house, and even that  might be possible if my bank had examined the ticket.

                  "The media recently got the name of an anonymous winner through the freedom of information act"

                  IIRC, the winner wasn't actually anonymous. I think there's a state or two out there who don't  let you remain anonymous, but  also don't automatically announce the names of winners. Of course that's just another argument for taking some time to get your stuff together, which includes knowing exactly what the rules allow or prohibit.

                  It worries me that people do so much to try to protect themselves, and it takes just one dingbat reporter trying to make a name for himself to ruin it. 

                  Now this is funny: I'm reading up on these lucky people who won a jackpot, and right smack dab in the middle of the article is a huge add for a bankruptcy lawyer. ROFL Hahahahaha. I guess they thought it was only a matter of time and the money for the ad would be well spent. 

                  KY Floyd, someone from the Massachusetts state lottery said that they do try to give advice to the winners encouraging them to get a lawyer and a financial planner, but they are telling them that after they have already come forward. So that's already a mistake.

                  And the worse part is that if they didn't have an advisor beforehand, they are inundated with calls/letters/business cards/packages from advisors, accountants, lawyers after. It's that much harder to pick a good one over a shady one after they all now know the extent of the wealth.

                  I feel (and this is just my personal view) that the lottery commission should provide at least basic financial counseling to anyone who wins a million or more. I think it was Susan Bradley who said the ones who lose their money end up worse off than before they won. That's REALLY scary. They won't even break even.

                    Avatar
                    Toronto
                    Canada
                    Member #138397
                    January 26, 2013
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                    Posted: May 15, 2013, 4:23 pm - IP Logged

                    You hide under the pretense of being civilized and uninsulting, but how have I been any less civilized than you and Jill? Give any 

                    example from what I wrote and I can give an example of the exact same kind of thing from what you've written. 

                     

                    When have I ever said that I "knew everything"? You're accusing me of something I'm not guilty of. I'm simply questioning a questionable statistic you put 

                    out. It's not me who pretends to "know everything" and think I'm "different" from everyone else. That's why I'm writing simple, clear sentences, and not 

                    trying to impress with sesquipedalianism. 

                     

                    Let's see what I've accused you and Jill of so far: Giving wrong or misleading statistics (you) and me personally feeling that Jill's advice was a bit condscending

                    in that it sounds as if we can't manage even the tiniest details (for example, telling children) ourselves. Maybe I am being oversensitive. Maybe I misinterpreted.

                    But that's all I'm saying. There was no hostility; but Let's see what you're accusing me of:

                     

                    1. Believing that "I know everything" - simply untrue. 

                    2. Being rude - If you felt that I was rude, I apologize. However, I don't feel I've been any more rude than you have. 

                    3. I have "a problem" - When did I ever say "I'm smart and that's enough"? When you make a claim, you have to back it up yourself! I can say "everyone 

                    here on LP is stupid, except for myself". If you disagree with that statement, you need to give factual evidence, otherwise you just have a problem because

                    you're being "intransigent on a position based on no factual evidence". Does that even make the slightest sense to you? I'm questioning your claim, you 

                    need to back up your claim yourself.

                    4&5. Believing that "I'm different from everyone else" and "overconfidence" - There's not a single shred of evidence for this claim. You keep making ad 

                    hominem attacks against me based on no evidence yourself, and you're calling me rude and uncivilized? 

                     

                    Regarding your 3 quotes, at least you brought in some form of "evidence" now. However, of the 3, only the last one mentions "five years". Only the first

                    mentions "million-dollar" and only the 2nd mentions "70%". You can't simply combine unrelated sentences to a single one. It's kind of like combining 

                    "Apples are 1 dollar per pound" and "caviar is 500 dollars per pound" into "Apples are 500 dollars per pound".

                     

                    I'm not overconfident at all. I know for certain that if I were to win a jackpot, there will definitely be problems I can't even think of now. It's part of the reason

                    why I'm on this site, to learn. But the same will be for you and Jill, and anyone who isn't used to living or working in an environment with ultra high net-worth

                    individuals. There will always be problems you didn't think of beforehand. Of course, doing research and listening to advice will help lessen the burden. All

                    I'm trying to say is this: 

                     

                    Everyone is different. We all have different situations. Our families are different, our background is different, our educational background is different. There's 

                    no single advice that will work perfectly for every single person on Earth. You might not tell your children because they're only 7, and you don't want them to

                    accidentally blab about your lottery win. But someone else might want to give all their money to help their children who they know is responsible enough. I 

                    sincerely hope that whoever wins the lottery will be intelligent enough to handle these details by themselves, based on their own situations. Otherwise I 

                    doubt the money would last long, even if they followed Jill's advice to the word.

                     

                    Again, if you or anyone else felt I was rude, I'm sorry, I apologize. That isn't my purpose. I just want to bring in a different perspective to discussions, to 

                    encourage critical thinking. I agree, thinking that one knows everything is not good. And I know I don't. By bringing in different perspectives, and making a

                    friendly and civilized discussion, we're not only showing our own ideas and opinions, but also learning from those of others. Maybe what I said was total 

                    nonsense, but even that might spark an idea in your mind, or make you understand something better. I don't know about you, but there are many times 

                    when I strongly believe something, but can't completely explain why. Discussing helps clear your own thoughts as well.

                      maringoman's avatar - images q=tbn:ANd9GcTbRxpKQmOfcCoUqF2FyqIOAwDo7rg9G-lfJLAALPGWJWwiz19eRw
                      Massachusetts
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                      Posted: May 15, 2013, 6:15 pm - IP Logged

                      Same here maringoman Thumbs Up

                      I wish you luck dallascowboyfan if I don't win hehe

                      That money's gone fo ever

                        Teddi's avatar - Lottery-008.jpg

                        United States
                        Member #142499
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                        Posted: May 15, 2013, 6:59 pm - IP Logged

                        *sigh*

                        You cannot say someone is giving misleading information and you have nothing to refute it other than your say so. If we are wrong,site your source. I asked before and you scoffed and still haven given any information except that you think the number is wrong. oooh-kay. 

                        You are free to be skeptical of 70% failure rate. I actually don't care what the percentage is. I said that before. What matters to me, is that people who have worked with past winners, be it bankruptcy lawyers or accountants or estate attorneys, say the majority of winners they come in contact with go bust. That's enough for me. Could they be highballing that number to secure future winners as clients? Absolutely!! But I do not care if majority means 51% or 90%. At that point it's all anecdotal. Whittaker and Dill were enough of an eye-opener for me. Seeking advice and information costs nothing and doesn't hurt. 

                        Half of marriages fail. 50% failure rate in anything is alarming enough. Is it possible for those who don't go for marriage counseling or bother to get to know their future spouse before walking down the aisle to still be married 40 years from now? ABSOLUTELY. But what if you learned ahead of time what common mistakes to avoid so as to lesson your chance of a divorce, would you take the time to listen to what relationship experts say before rushing to tie the knot? I cannot think of any life changing event that people rush into that ends well. Not for the majority. 

                        Keep in mind, I also believe that 50% is incorrect. I don't think they factor in people who get married for green card status or for financial gain/stability, where those people have planned ahead of time to be divorced in X number of years. So I would think the percentage of legitimate marriages have a lower failure rate (opinion and no evidence), but then all I had to see was the end result of a couple of bad marriages to know I will do whatever I can to not be them. It isn't the percentage that's important to me, it's the horror stories. 

                        You have a strong opinion, I'm all for that. But recognize it for what it is. Just your belief. You have concluded that we are wrong you are right, we lack the ability to think critically, or we have poor deductive reasoning skills (rude and insulting) and you have no evidence to back up why you feel you are correct. Why should we take your word over that of people who actually work and counsel and advise in this field?? If my statements seem outlandish to you, you are FREE to not accept them. But why should I accept yours when your evidence is nothing but your own personal opinion?

                        Do you not see the irony of that?

                        I never bother to state in ANY conversation with an adult that there are exceptions to every rule, because I expect them to already know that. Dave Thomas, Usain Bolt, FaceBook, Amazon are the exceptions to pretty much everything reasonable we're taught. Being an exception makes for a nice story. It lifts us up and provides hope that anything is possible. Except that: "Nothing is so common as the need to be extraordinary" - William Shakepeare (and doesn't that say it all right there?) The very desire to be different is what makes you like everyone else. Which is precisely why when a winner says I'm not going to end up bankrupt like the rest of them, then check back in 5 years later and they're on welfare, it isn't a shock. 

                        In any case, this isn't a discussion/argument I want to keep going at forever. It is what it is. I love differences of opinions because you always end up learning something you didn't know before. A difference of opinion does not mean being combative and argumentative. The lottery or the dreaming of the lottery is supposed to be FUN! $360M at stake tonight. Wouldn't you rather talk about that instead of berating someone who was only trying to help?

                          Arrowhead's avatar - underground
                          Ohio
                          United States
                          Member #120754
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                          Posted: May 15, 2013, 7:38 pm - IP Logged

                          So, how many tickets did everyone buy? I bought two, each with powerplay.

                            Erzulieredeyes's avatar - spider miss.png
                            Painesville, Ohio
                            United States
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                            Posted: May 15, 2013, 8:48 pm - IP Logged

                            So, how many tickets did everyone buy? I bought two, each with powerplay.

                            I originally planned to buy 3 tickets  but ended up indulging this time and purchased $12 worth of tickets..no powerplay for this game.


                              United States
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                              Posted: May 15, 2013, 8:50 pm - IP Logged

                              So, how many tickets did everyone buy? I bought two, each with powerplay.

                              My regular 5 lines.