Lottery winners share money advice

Comment #43

rdc137 — Sun, 02 Apr 2006 17:28:30 GMT

It's one way you could do it. On the charter document (the paperwork that actually forms the LLC with the Secretary of State), there are only three required pieces of information:

1) The name of the LLC

2) The name and address of its registered agent (a person or company with a physical location in Delaware that can be served with any legal business by the state). You can be your own agent, but if you are doing this for privacy, you will want to pay a fee to a service.

3) Signature of t... [ More ]

Comment #42

CASH Only — Sun, 02 Apr 2006 17:11:27 GMT

You mean if I win Mega Millions in NY or Powerball in Connecticut I should get help from Delaware

Comment #41

rdc137 — Sun, 02 Apr 2006 00:16:51 GMT

Quote: Originally posted by PrisonerSix on April 1, 2006 Quote: Originally posted by dumars798 on March 30, 2006 The only way 2 hide your idenity

is 2 give your lucky ticket 2 your

grandma/grandpa n have them

go in and collect your winnings,

lucky me i have honest grand-

parents that would love 4 me 2

live a comfortable lifestyle with

me n my family!

Some people claim the money using a trust or a LLC. It is possible to find out who is behind those in most c... [ More ]

Comment #40

CASH Only — Sat, 01 Apr 2006 20:50:21 GMT

Brachs...the candy people

Comment #39

PrisonerSix — Sat, 01 Apr 2006 16:23:25 GMT

Some people claim the money using a trust or a LLC. It is possible to find out who is behind those in most cases, but it takes more work than just picking up a newspaper or watching TV.

PrisonerSix

Comment #38

TheGameGrl — Sat, 01 Apr 2006 06:08:07 GMT

There are reasons that tax advisors exist. Family Trust, Corporate Trust, Create a tax shelter. The FACTS are, Rockerfeller, Brachs, and Even Donald Trump himself hires family. And they do it to keep the money in the family. The US GOVT doesnt intercede on corporate america and say what Maximum amount an employer pays, They only set the minimum wage. So long as a person files and doesnt hide income they are somewhat safe from audits....

Each state is different so I cant say what tax bracket w... [ More ]

Comment #37

dumars798 — Sat, 01 Apr 2006 05:34:45 GMT

lol, i agree with u the

gamegrl.

Comment #36

Uff Da! — Sat, 01 Apr 2006 02:24:15 GMT

Methinks the IRS is smart enough to know that paying someone a million or several million dollars a year for unskilled labor is a sham and the person who tries would be treated accordingly. And even if it did work, that money would be taxed again as salary, so it would be taxed twice. And if the amount was great enough, that would also be in the 24-35% marginal tax bracket, after the grandparents had already paid 25-35% tax on the amount. Plus the employer and employee would have to pay s... [ More ]

Comment #35

TheGameGrl — Sat, 01 Apr 2006 01:52:27 GMT

and the way to get around the gift tax is to hire that family member to do chores (like picking up two leaves on the fourth Tuesday of February) . Now that we resolved the ever so debatable rule on gift taxing, just hire the person, create a trust , do what ya must, but by golly keep uncle sams hands out of the fortune

Comment #34

Uff Da! — Fri, 31 Mar 2006 15:19:01 GMT

Dumars798 said:

IT ALL DEPENDS ON WHAT STATE YOU WIN BIG AT!!!! ME N MY FAMILY WILL BE COUNTING OUR $$an>

_______________________

Mmmmmmm, sorry. It does not depend upon the state. The gift tax and generation skipping taxes to which I refer are federal. I suggest you consult the IRS website and do an appropriate search. http://www.irs.gov

Comment #33

dumars798 — Fri, 31 Mar 2006 06:15:43 GMT

IT ALL DEPENDS ON WHAT STATE

YOU WIN BIG AT!!!! ME N MY

FAMILY WILL ALL BE

COUNTING OUR $$an

Comment #32

whitmansm2 — Thu, 30 Mar 2006 17:17:52 GMT

Disclaimer: I am neither an attorney nor an accountant. Anyone who actually receives a large lottery win would need to see both.

LMAO smart move. lol

Comment #31

Uff Da! — Thu, 30 Mar 2006 17:12:38 GMT

Bad, bad move! Do you realize that any amount your grandma/grandpa gave you beyond $12,000 a year would be subject to gift taxes in addition to income taxes? And that all they'd be able to give everyone altogether in their lifetime beyond the $12,000 a year per person would be one million dollars? Anything beyond that is subject to an additional tax of 35-46%. And if your parents are still alive, it is even worse. The money given to grandchildren would also be subject to a generation-skippi... [ More ]

Comment #30

whitmansm2 — Thu, 30 Mar 2006 16:28:07 GMT

Completely agree. I've already told my family who I'll be sharing with. (NEVER mentioned an amount) My family (husband, children) will obviously benefit the most. My church will be given my 10%. (good tax write-off BTW) Then my two sisters and parents will be the others. (hubby's dad and brother are already VERY well off, but I'll leave it up to him if he wants to share)

Other than that....nothing. Someone here said it best when they said "My long lost relatives....can stay lost... [ More ]

Comment #29

tg636 — Thu, 30 Mar 2006 14:00:34 GMT

I really don't think you can hide or be anonymous to family and friends, which seems to be where the trouble is. It's easy to say no way' to a stranger, a little harder when someone you know is in need or claims they are in need. The key is being decisive and tough minded about what you will do and won't do with the money and sticking to your guns.

Comment #28

dvdiva — Thu, 30 Mar 2006 06:48:27 GMT

I would far rather have a winning ticket without privacy than a loosing one with privacy. Still the big thing to check for wins larger than this is if the state allows trusts to claim the ticket. I know Washington state allows it but Oregon doesn't. All state run lotteries have links to the laws that they are based on and in reading those you can tell what they allow or not.

Ultimately it depends on how much you win. Smaller amounts can easily hide their identity if they are smart. A giant j... [ More ]

Comment #27

dumars798 — Thu, 30 Mar 2006 06:38:10 GMT

The only way 2 hide your idenity

is 2 give your lucky ticket 2 your

grandma/grandpa n have them

go in and collect your winnings,

lucky me i have honest grand-

parents that would love 4 me 2

live a comfortable lifestyle with

me n my family

Comment #26

DoubleDown — Thu, 30 Mar 2006 00:00:32 GMT

No room for personal attacks on this board.

We all can agree to disagree without insulting remarks.

DD

Comment #25

TheGameGrl — Wed, 29 Mar 2006 23:05:56 GMT

Welcome to the board newcomer!

Please read th rules Todd has created .

Personal character attacks are less then welcoming here so do take care to refrain from them.

Comment #24

rdc137 — Wed, 29 Mar 2006 21:54:16 GMT

Last time I checked DC Lottery requires those winning $5000 or more to have their picture taken when they claim the prize. They then put those pictures on their website.

I am not aware of MD have the right to remain anonymous. Do you know where I could confirm either of these? I'm not saying you are wrong, but I am curious.

Comment #23

tg636 — Wed, 29 Mar 2006 20:10:21 GMT

$100,000 or even $500,000 is not a tremendous amount of money in the age of Mega Millions. The surprising thing is the sense of entitlement people have from a lottery winner, as opposed to people who make their money in other ways.

>Her surprise came in the form of a big tax bill. Greer said she had set aside some money for taxes, but the bill came in higher than she expected.

What's with this? Property tax? Did they tax her the special lottery winners rate?

>She told the tale of one... [ More ]

Comment #22

loves2lotto — Wed, 29 Mar 2006 18:08:06 GMT

I currently live in charlotte, NC and if you win you have to atleast give your name and what city you are from. It's the same way in SC. Bummer. They are already ruining it for me even before our lottery starts. But I have no family here so I may just make it out with the hair on my head.

Comment #21

rundown99 — Wed, 29 Mar 2006 17:13:28 GMT

I say it all the time. Go to a state where you can be anonymous.

Comment #20

DoubleDown — Wed, 29 Mar 2006 12:57:21 GMT

Comment #19

justxploring — Wed, 29 Mar 2006 06:26:47 GMT

He was probably named after a famous baseball player because the night he was conceived, his father finally made it past first base

Comment #18

mangeydog — Wed, 29 Mar 2006 05:47:59 GMT

I didn't say he confessed it to the priest, I said that he told him. As far as what a priest should or shouldn't do, I guess in your little world priests never molest little kids. Because, after all, they are not supposed to do that either. And to your theory of embellishment, my best friend dated the guys daughter, as did I a year later. So unless his daughter was embellishing the story, it's true. I guess there is the flaw in your flawed attempt at deconstructionist logic. And by the way it's... [ More ]

Comment #17

TheGameGrl — Wed, 29 Mar 2006 04:29:11 GMT

Nah I promise my enemies they wont get a dime! And they can dern well take me to court on that promise!As to the rest of the story....its debatable as Im sure thru the years some embellishment has been added. Priests do not divulge confessions even under a court order, so there in lays the flaw to that story. It may well be that the guy had fallen upon hard times and been going thru bankruptcy ( which isnt a moral issue, its a financial issue). The one family that recently won the PB fessed up

Comment #16

mangeydog — Wed, 29 Mar 2006 04:03:04 GMT

About 18 years ago a local man won an Illinois lottery jackpot, about 2.8 million,which spread out over 20 years was about $140,000 a year. Not great, but an okay sum of money. He tried his best to remain anonymous, because he was already going through bankruptcy proceedings and was trying to finish it up before he claimed the money so that he wouldn't have to pay his debts. The only person other than family that he told was their priest, who promptly gossiped it to the whole community. Somebody... [ More ]

Comment #15

NCPicks — Wed, 29 Mar 2006 02:18:10 GMT

The best rule of thumb that I use(well maybe someday) is to take the advertised jackpot and divide by 4.Say the Powerball jackpot is 100 million.Ok,so I win and take the lump sum.Now I get approximentally 50% of the total.Next the estimated taxes,both federal and state are about 50%.This is a rough estimate,with any error on the side of more money to me instead of the taxman.So looking at a 100 million jackpot,I see 25 million after it's all said and done.Any small percentage over the 25% is "fu... [ More ]

Comment #14

DoubleDown — Wed, 29 Mar 2006 00:47:59 GMT

I can't say I feel sorry for him, because we don't know if he was a deadbeat Dad or his wife is being vindictive.

Dead being the key word here: Ty Cobb died in 1961. I've heard of a death tax, but geeezzz...

Comment #13

TheGameGrl — Wed, 29 Mar 2006 00:38:53 GMT

Great story! Enjoyed the fact that it was your average folks with average misconceptions. We all carry them from time to time thru life. Hindsight is always 20/20. As justexploring indicated, the facts are vague and open to interpretation. The Part that is perturbing is that a person doesnt GET the fact that the government will and no doubt monitors winners closer, come claim time. Be wise and place that 10% that will ultimately need paid, into some 6 month term investment CD so that when it i... [ More ]

Comment #12

justxploring — Wed, 29 Mar 2006 00:01:12 GMT

The only poor choice she made was not seeking tax shelter for a large win. That is suicidal. DoubleDown

Agree. I think one problem is that people often think that the lottery deducts the total taxes due, which isn't true. I believe the maximum personal federal tax for 2006 is 35% and the FL lottery deducts 25% (some states take out 28%) Then there's state tax too, which in some states can vary depending on income. (we don't have one) I'm not sure if lottery winners can take advantage of in... [ More ]

Comment #11

DoubleDown — Tue, 28 Mar 2006 23:52:57 GMT

Sassy, Welcome aboard.....

You just get the legal advice first, which these people didn't.

The lawyer can claim the funds on your behalf as a trust if this is acceptable in your state.

Easy, but so many don't take advantage....thus you get what we got in this hear case.

Comment #10

SassyOhio — Tue, 28 Mar 2006 23:49:42 GMT

OK so after reading some of this... I thought that if you win the lottery and are not in arrears with your child support since its not a earned income that they could not take any to Child Support..is this not so? In Ohio I know that we are able to keep ourselves anonymous and that is a beig relief! I mean you all know as well as I do that we would have relatives coming out of the wood work!! Any one and everyone standing there thinking that you owe them something. NOPE not me! I mean dont ge... [ More ]

Comment #9

justxploring — Tue, 28 Mar 2006 23:36:41 GMT

It's funny ironic that this article advises staying out of the spotlight and then the same 3 people are telling their tales to the press! At least that's the way I see it!

You can have a loss of identity, because now you're one of those people with money, Bradley said.

Hmm..maybe that's why I never used my BA in Psychology! As Keenan Wynn said to Bob Newhart in one of the funniest episodes ever on television It's all a crock! I wonder if one of the homeless people who are invisibl... [ More ]

Comment #8

DoubleDown — Tue, 28 Mar 2006 22:50:52 GMT

One winner says his child support payments doubled, eating into his take. Another says she lost a friend after loaning $800. A third got a big tax bill she wasn't expecting.

Common denominator here: not one of them solicited/received professional advice.

The Winners

TY COBB

Lives in: Carolina Beach. Age: 47. Won: $100,000, plus money for taxes. Game: Carolina 5. Advice: It was fun when I did it, but I wish I never let them put my picture on the Internet. I have no sympathy for h... [ More ]

Comment #7

Littleoldlady — Tue, 28 Mar 2006 22:46:16 GMT

I think they should be able to keep it anonymous....I feel for the man whose child support doubled..now how is he going to pay it..he only won $100,000.00 and when u r paying child support, that is not much..the 100,000.00 lein on his house makes no sense to me..he must have been behind in his payments..he would have been better off just giving all of the winnings to his kids.

Comment #6

libra926 — Tue, 28 Mar 2006 22:41:57 GMT

Hi delS....

I do concurr w/you and it's so nice to have the option....I didn't know you were also a resident....it's fun to have a compatriot on-line.........I think the 'shock' itself is going to throw me. I'd be sitting at home re-reading the winning ticket until it sunk in.....should take 30mins.....lolololololoolool.at least

Comment #5

delS — Tue, 28 Mar 2006 22:34:27 GMT

libra926-

I am in the column for remaining annonymous. I think people ask for heartache and chaos when they are just to eager to share the news of their sudden wealth. If I win PB in D.C. or MM in Md. I will claim it in blind trust and move forward with life

Comment #4

libra926 — Tue, 28 Mar 2006 22:24:06 GMT

3/28/2006

Hi 'loves2'........now don't say that, you have as much chance as anyone, and you deserve to win ... be positive about it....ckeck your States rules on Lottery winning. I am here in Maryland, and those residents of Maryland and the Nation's Capitol, who win Lottery prizes can do so annonymously, if we so choose.......and no one ever finds out, unless we tell ......

Comment #3

loves2lotto — Tue, 28 Mar 2006 22:13:01 GMT

I think winners should be able to keep all of their information private. They only want you to take a picture and have your name put out there for everyone so that the lottery pulls in more players. When I win I don't want anyone to know unless I tell them. With all of that said, I probably won't win.

Comment #2

libra926 — Tue, 28 Mar 2006 22:02:43 GMT

3/28/2006

........and I just know that now, with most of their private information, made public for all the world to see, the winners are of course, still living at their same addresses and work addresses..lololollo especially TY COBB....with all his 'child support payments'....lolololololololol

The Winners TY COBB

Lives in: Carolina Beach. Age: 47. Won: $100,000, plus money for taxes. Game: Carolina 5. Advice: It was fun when I did it, but I wish I never let them put my picture on t... [ More ]

Comment #1

libra926 — Tue, 28 Mar 2006 21:51:00 GMT

3/28/2006

Now, this is funny.....and enlightening:

Be careful about loaning money. Get a tax adviser. And if you owe anyone money, don't let lottery officials put your picture on the Internet.

Don't get them wrong. Three winners interviewed by the Observer are perfectly happy to keep the money, thank you. But they've had their headaches.

One winner says his child support payments doubled, eating into his take. Another says she lost a friend after loaning $800. A third got a big tax b... [ More ]

Lottery winners share money advice

Lottery Post — Tue, 28 Mar 2006 21:06:47 GMT

3 who hit jackpot in S.C. games share advice on the pitfalls of newfound wealth

Just in case you're the first one to win big money in the N.C. Education Lottery that starts Thursday, S.C. lottery winners have some advice:

Be careful about loaning money. Get a tax adviser. And if you owe anyone money, don't let lottery officials put your picture on the Internet.

Don't get them wrong. Three winners interviewed by the Observer are perfectly happy to keep the money, thank you. But they've h... [ More ]