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6 things to do before claiming your lottery prize

Topic closed. 40 replies. Last post 4 years ago by jamella724.

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RJOh's avatar - chipmunk
mid-Ohio
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Posted: June 5, 2013, 12:40 pm - IP Logged

Thumbs Up I wont even sign the ticket, if I decide to give it away to charity.

You would probably be pissed and feel like a fool if you read someone who worked for the charity signed it instead and claimed it for themselves.   Maybe they would be generous and make a donation to the charity they once worked for.

 * you don't need to buy more tickets, just buy a winning ticket * 
   
             Evil Looking       

    dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
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    Posted: June 5, 2013, 12:49 pm - IP Logged

    I'll burn that bridge when I get there.

    That will be tonight my friendThumbs Up

    I Love Pink & Green 1908

      dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
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      Posted: June 5, 2013, 12:50 pm - IP Logged

      Step 1: sign the ticket

      Step 2: understand you might get feelings of paranoia

      Step 3: run and hide

      Step 4: call your Dr for a supply of valium

      Step 5: now you're ready to deal with the rest of it

      I like #4Wink

      I Love Pink & Green 1908

        hearsetrax's avatar - 0118

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        Posted: June 5, 2013, 1:11 pm - IP Logged

        Type adding this thread to my LP notepad

        good luck to all playing tonight

          haymaker's avatar - Lottery-012.jpg
          Egg Harbor twp.south Jersey shore
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          Posted: June 5, 2013, 1:22 pm - IP Logged

          #3 should be done long before you win,

          do you want to make that kind of long term decision when your head is spinning from a big win ?

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

            PlayToWin47's avatar - Lottery-041.jpg
            Joplin MO
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            Posted: June 5, 2013, 1:35 pm - IP Logged

            That will be tonight my friendThumbs Up

            Hmm.  I guess that means that you and I will have to share.  Ok.

              PlayToWin47's avatar - Lottery-041.jpg
              Joplin MO
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              Posted: June 5, 2013, 1:36 pm - IP Logged

              Good article ... bookmarked!

              ...And there are a couple of new items that I need to add to my list.

                HaveABall's avatar - rocket

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                Posted: June 5, 2013, 3:56 pm - IP Logged

                #3 should be done long before you win,

                do you want to make that kind of long term decision when your head is spinning from a big win ?

                I Agree! heymaker! 

                Certainly, a FREQUENT lottery player should always know what the advertized "annuity" jackpot's cash value is worth ... PLUS know what annuitized and cash value amounts are after apx. 48% Federal and State taxes are deducted.  That way, if the current NET Amount isn't enough, they can wait until the jackpot grows to meet their criteria.  So, everyone pull out your calculator and some paper -- find out what would be your ideal starting jackpot amount to invest in.

                Star

                Having several millions of dollars in my financial accounts means receiving several valuable services each day!

                Disney

                  dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
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                  Posted: June 5, 2013, 5:56 pm - IP Logged

                  Hmm.  I guess that means that you and I will have to share.  Ok.

                  I don't mind sharing PTWWink

                  I Love Pink & Green 1908

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                    Seattle, Washington
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                    Posted: June 5, 2013, 6:50 pm - IP Logged

                    While #1 has it correct in that you don't want to lose your ticket & the winnings (and signing it ties the negotiable instrument solely to you), what the article conveniently forgot to include is how you sign your ticket is how you will be paid.  What it should have said is, sign your ticket AFTER you've met with your team & decided in what form you'll be receiving the funds.  If you're 2 people in a partnership, you both should sign it as partners of the XYZ partnership (or however the lawyers tell you to do so).  Conversely, signing it as one person, and then trying to give 1/2 to the other partner because you forgot to have him/her sign it as well can incur HUGE gift tax consequences; same thing for a trust or other legal format.  Simply signing it as individuals, as the article implies you should immediately do, limits you to receiving the funds as individuals.  While this probably won't apply to most winners, it should have been included in the article...

                      redhot7's avatar - SetforLifeLogo
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                      Posted: June 5, 2013, 6:57 pm - IP Logged

                      4. Assemble your team.

                      How do you know that the people you hire won't steal or embezzle your money?

                        RJOh's avatar - chipmunk
                        mid-Ohio
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                        Posted: June 5, 2013, 10:00 pm - IP Logged

                        4. Assemble your team.

                        How do you know that the people you hire won't steal or embezzle your money?

                        You assume they will if given the chance so you deal with them accordingly as in any business.

                         * you don't need to buy more tickets, just buy a winning ticket * 
                           
                                     Evil Looking       

                          larry3100's avatar - larry icon2.jpg
                          Redwood City,California
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                          Posted: June 5, 2013, 10:53 pm - IP Logged

                          I have two rules when I win in the lottery. First rule is to sign the ticket and second rule is to refer to rule number one- sign the ticket.

                            ShowMeTheMoney$'s avatar - Lottery-050.jpg

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                            Posted: June 6, 2013, 4:53 am - IP Logged

                            This article has good tips.  I also suggest getting an unlisted or new phone number.  And, you have to figure out what to do when family, friends, and others come knocking on your door for money.  Unfortunately, sudden wealth might not change you.  But, it can change the people around you and not always for the better.  Banana

                              HoLeeKau's avatar - YheaShea
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                              Posted: June 6, 2013, 9:54 am - IP Logged

                              You would probably be pissed and feel like a fool if you read someone who worked for the charity signed it instead and claimed it for themselves.   Maybe they would be generous and make a donation to the charity they once worked for.

                              Keep a copy of the ticket.  If you hear an individual claimed it, report to the charity and police. 

                              Personally, I'd go thru a lawyer so that another person could verify that the ticket was intended for a charity and could intervene if anything went wrong and I could stay completely anonymous.  Especially in a state where lottery claimants can stay anonymous, you'd need someone to follow up with the intended charity to make sure it was deposited into their accounts and not siphoned off by the office help or even the director.