Opinion: Powerball winners will lose big if they go public

Comment #56

Lots O-Luck — Thu, 22 Sep 2011 22:17:29 GMT

There are some great suggestions listed and I agree anonymity is the key. I'd like to do my research from now and was wondering what are some key words I should google to search for a law firm that's ideally suited to set-up trusts, transfer monies, and handle minimizing tax impacts on investments? Would family offices be a good place to start? Are there any books out there geared towards this type of stuff

Comment #55

Simba774 — Wed, 21 Sep 2011 08:27:03 GMT

lol

Comment #54

tiggs95 — Tue, 20 Sep 2011 00:47:59 GMT

tiggs...not lie...!!!..

Comment #53

rdgrnr — Mon, 19 Sep 2011 23:46:16 GMT

Computers been caught lying too.

In Tennessee.

Comment #52

Simba774 — Mon, 19 Sep 2011 10:38:53 GMT

Women lie, Men lie, Numbers don't.

Comment #51

imash85 — Sun, 18 Sep 2011 13:16:43 GMT

I can't for the life of me understand why people would want to go public.

Comment #50

Simba774 — Sun, 18 Sep 2011 06:47:03 GMT

The lottery doesn't care about your safety, they just want to sell more tickets. My state says you have to do a press conference, but there should be way around it.

There's nothing wrong with buying Porsche, but after you have moved out of your old neighborhood.

Comment #49

PrisonerSix — Sat, 17 Sep 2011 22:42:16 GMT

In Louisiana, winners can claim using a trust and it has been done many times. The problem with corporations and LLCs is all the members are a matter of public record and can be easily found through an online searchable database. It is possible to find out who is in a trust, but it takes more work than just opening the newspaper, watching the evening news, or going online.

Comment #48

TheOtherOne — Sat, 17 Sep 2011 03:51:39 GMT

Yes! egg-zactly what Colt45ML said.

Comment #47

Piaceri — Sat, 17 Sep 2011 03:12:57 GMT

Such faith and trust you both have in your wives. Seriously, I'd be pissed if my husband made those decisions without me. It's a breach of the marriage partnership, and a sign of distrust. Just giving you boyz the women's point of view. You do what you think is the right thing because that's what you boyz tend to do.

Comment #46

TheOtherOne — Sat, 17 Sep 2011 03:00:14 GMT

Scroll down to my next post after that for explanation.

Comment #45

Colt45ML — Sat, 17 Sep 2011 02:57:37 GMT

What if he established a trust with him as garrantor (the person that establishes the trust and appoints the trustee) and you and he as equal beneficiaries? This is what I'd do. My wife is my one and only love, but she does have her faults, and having trouble keeping her mouth shut about stuff like this is one of them. I'd let her know as soon as the money is safely overseas, and we are on our second honeymoon in the country where the trust is. It would be for her own good, and mine too.... [ More ]

Comment #44

Piaceri — Sat, 17 Sep 2011 02:46:20 GMT

How would you feel if your wife did the same thing... established a corporation in HER name first, before telling you? Curiosity makes me ask. Mostly because if my spouse did the same thing, I'd be doing this -- to him. Lucky me, I don't have to worry about a spouse who would go behind my back anymore. I solved that problem.

Comment #43

Colt45ML — Sat, 17 Sep 2011 02:40:42 GMT

That's why any intelligent individual would claim the money with an LLC owned by a trust, preferably from a far off place like the Cook Islands. Have the money wired to a bank account in the name of the LLC in someplace like Hong Kong. You do this even if you can claim anonymusly. Then you go and live someplace that is sunny year round, with a lot of plam trees, and preferably outside this country.

Comment #42

mkn2929 — Fri, 16 Sep 2011 07:52:03 GMT

The reason why many States require public disclosure is to prove the games are legit. To be honest, I would never trust any state that allows anonymity.

Comment #41

TheOtherOne — Fri, 16 Sep 2011 02:08:49 GMT

Hahaha... Re reading that I see how it looks and that's not what I meant.

Not trying to cut the wife out of the win-- I just mean I think about getting the ball rolling to claim the winnings with as little publicity as possible. I figure if I tell her we won and it's already in the bank in our corporations name, the shock wears off and she won't run out and tell the world

Comment #40

rdgrnr — Fri, 16 Sep 2011 00:54:24 GMT

Not tell your wife?

Until a corporation can be established in your name to claim the winnings?

What about your wife's name?

I'm shocked and appalled

Comment #39

TheOtherOne — Thu, 15 Sep 2011 23:21:26 GMT

Am I the only one who considers not telling even their wife -- until at least the lawyer details are sorted out and a corporation can be established in my name to claim the winnings

Comment #38

LiLSpeedy — Thu, 15 Sep 2011 13:55:18 GMT

I WILL REMAIN ANONYMOUS because my relatives, known and unknown, will descend on me like a plague of locusts and frogs coming to take my first born.

Comment #37

tiggs95 — Wed, 14 Sep 2011 23:10:54 GMT

Slow down a bit so tiggs can understand what your trying to say..Now nice and slow....

Comment #36

haymaker — Wed, 14 Sep 2011 21:32:48 GMT

we have elections coming up,when the pols. come around my area asking for my vote this is one thing i'm going to be asking about.

nother ? will be why do we have the highest state tax on lottery at 10.8% .

anonymity and lower tax = more tix sold.

Comment #35

phitch — Wed, 14 Sep 2011 21:14:08 GMT

If you had read my first post before that one, I would obtain a attorney and set up a trust and appoint the attorney as the trustee to claim the winnings. Go check out the Powerball website and click on Winners stories, were some winners have set up a trust and their attorney is appointed trustee, and notice there are no pictures of the actual winners or trustee. I refuse to put me or my family in jeopardy; there are some sick people in this world. No state should make you pose for the media, th... [ More ]

Comment #34

dearsha — Wed, 14 Sep 2011 19:35:43 GMT

I WOULD WANT THE WORLD TO KNOW / HOW LONG IT TOCK ME TO WIN I WANT THEM TO KNOW THE LORD IS GOOD/AND IF UR NOT MY FRIEND NOW UR NOT MY FRIEND THEN.

Comment #33

Starr920 — Wed, 14 Sep 2011 17:33:57 GMT

If Maryland and Delaware can offer anonymity, why can't all the other states? Have there been any challenges to their policy regarding jackpot winners? What will it take for all States to reform and offer the option of anonymity? I'll say it again: Nothing good comes from going public

Comment #32

ladybugg — Wed, 14 Sep 2011 16:51:25 GMT

Good luck to the winners. I hope they make the right decision regarding their privacy.

I feel sorry for those winners that do not remain anonymous and have to deal with the chaos that comes with winning such a large amount of money.

I live in NC and all winners must release their name and city. I'm not sure if the photo in mandatory but there sure are a lot of photos of winners on the state's lottery site. I hope that more states make changes to their policies and allow winners to remain... [ More ]

Comment #31

Grace $Favour — Wed, 14 Sep 2011 16:19:54 GMT

Totally agree. Good luck to the winners, i hope they find a good Lawyer(s) that will advice them agaist releasing their identity to the public or better still hold the confrence on their behave. Just saying

Comment #30

ecnirP — Wed, 14 Sep 2011 14:07:55 GMT

The only person who will recognize me at my press conference will be the highly-paid special effects makeup artist I can get to make me look like a Ferengi before I go in there.

Comment #29

KY Floyd — Wed, 14 Sep 2011 05:35:32 GMT

Since you're in Missouri maybe you can get somebody to show you the back of a lottery ticket. Somewhere it will say something about being subject to all rules and regulations of the lottery. If one of those rules is that winners have to be photographed and do the dog and pony show the only way you can get out of doing the dog and pony show and having your photo taken will be to give back the ticket and get your dollar back. My guess is that if you're ever faced with making that decision you'll f... [ More ]

Comment #28

Piaceri — Wed, 14 Sep 2011 02:31:24 GMT

respectable and such won't last. Not a whole lot of fun in it for you, Ridge. Besides, why change a good thing, 'wildman

Comment #27

Piaceri — Wed, 14 Sep 2011 02:29:43 GMT

That and an assertiveness training class.

Texas allows limited publicity, although what that really means is unclear. The state lottery website's winners list is laundry list of trusts, LLCs, and FLPs, with winner notices having 'representatives' claiming in many cases. In any case, I'd leave it to the pros to protect my identity. I'd tell my immediate family - adult kids, parents, sisters. We are all pretty close, and none of us live large. There are a few extended family members who would b... [ More ]

Comment #26

CLETU$ — Wed, 14 Sep 2011 02:27:40 GMT

Sounds like a plan.

Comment #25

rdgrnr — Wed, 14 Sep 2011 02:13:27 GMT

I'm gonna party like a wildman for at least a year and then come back home and start actin' respectable and such... maybe.

Maybe not.

Comment #24

C0w Pi3 — Wed, 14 Sep 2011 00:51:52 GMT

i think everyone who wins the lottery should take some of the money and go to money management school honestly. That's what I'd do anyway.

Comment #23

Litebets27 — Wed, 14 Sep 2011 00:48:30 GMT

I know several people who live in the area and by shop at wine world from time to time. I told one of them I hope she is the winner and playing it safe. I encouraged her to keep it to herself if she won. She assured me that she isn't the winner.

Although I am curious as to who the winners are. I employ them to...KEEP IT ANONYMOUS!!!! And...congratulations.

Comment #22

C0w Pi3 — Tue, 13 Sep 2011 23:54:27 GMT

Sounds like a plan, only I think I would take a cross country trip going to as many sporting events I could.. sounds like a hell of a vacation to me.

Comment #21

TheGameGrl — Tue, 13 Sep 2011 23:30:16 GMT

I vote for optional use of name claiming.

I vote for staying out of the Stock game. Keep it in your backyard with a smith and Wesson .

I vote for sensibility in winning and savings.

The best person to manage your money...yourself. You've gotten thru life this far, ya had to retain something in that noggin...

The best things in life never took winning the lottery to appreciate....

Comment #20

vastine28 — Tue, 13 Sep 2011 22:33:55 GMT

Can someone list te states were you can remain anonymous

Comment #19

phitch — Tue, 13 Sep 2011 22:00:32 GMT

I'm a stubborn soul and nobody is going to make me do anything I don't want to do --- As long as, I don't sign anything stating that I have to have my picture taken; I will not get my picture taken and there is no law that says I have to be photograph. I refuse to open the door for every Tom, Dick or Harry to come after me or my family for money. There was a situation some years ago, where a man won the lottery and he had a giving soul; he would give money to family and total strangers and when... [ More ]

Comment #18

eddessaknight — Tue, 13 Sep 2011 21:16:17 GMT

Agree w/Cypher with the MAXIMUM AXIOM in all field of speculation World Wide:

All things considered, when making money it's best to make it in the DARK!!!

Vanity, Narcissim Ego must GO

EddessaKnight

Comment #17

dpoly1 — Tue, 13 Sep 2011 20:48:23 GMT

Here in Pennsylvania you are required to allow your name and town to be revealed. The picture and ceremony is optional.

When I win, I will skip the hoopla spend some quality time at my new undisclosed vacation home !!!

I will get some advice from a reputable investment firm.

I like nice cars, so I will indulge in a nice car or 2!

I will blend into my new neighborhood as well as I possibly can.

There many bargains in the real estate market, so now would be an ideal time to win.

Comment #16

GiveFive — Tue, 13 Sep 2011 20:32:54 GMT

Absolutely some of the best advice I've ever seen with regard to winning a large jackpot.

A winner living in the Sate of New York will present a big winner some problems with regard to remaining anonymous, but the solution to that is to simply disappear.

Comment #15

OldSchoolPa — Tue, 13 Sep 2011 20:19:03 GMT

Don't even second guess...just don't do it if you win. I wouldn't tell any of my family I won because people will assume that just because you have so much money, you should have no problem lending any to them. Like others have stated here, I would hire me a law firm (actually, I already have that set...I would just need to schedule an appointment to discuss my issues ). I would actually accompany my lawyer(s) to the lottery headquarters, but I would be so incognito, I would give Eddie Murphy an... [ More ]

Comment #14

C0w Pi3 — Tue, 13 Sep 2011 20:08:12 GMT

Lucky for me I can remain anonymous if I win, and honestly I'd have to second guess telling my family because, I have a feeling they'd run there mouth.

Comment #13

joshuacloak — Tue, 13 Sep 2011 19:55:51 GMT

great quotes take some good thinking to understand fully.

I just miss - I miss being anonymous.

, you miss it to , if your found out to be a large jackpot winner and bugged for cash none stop.

Obviously you don't want to be anonymous, but you don't want everyone to know your life.

Money all you need for people to notice you in shopping world

enjoy being rich, just don't you dare let anyone and everyone know that your a lottery winner, they they think the... [ More ]

Comment #12

VAHopeful — Tue, 13 Sep 2011 19:44:54 GMT

My state doesn't let you collect anonymously, and they require you attend a press conf for the big wins.

Comment #11

Carl8080 — Tue, 13 Sep 2011 19:42:22 GMT

Here in NY it doesn't matter if you hire an attorney and set a trust, still have to go public and do the photos and media. Last winner that did this was in 2009, he came out after one month to claim his prize with a trust and wearing dark shades. The only thing that an attorney can do here in NYS is to prevent the media from interviews, but the photos are mandatory. I haven't heard many incidents after winning, but one with the Lady from staten Island that her husband wants a cut of a lotto priz... [ More ]

Comment #10

delS — Tue, 13 Sep 2011 19:26:44 GMT

Yes, a trust to claim your winnings here in Maryland is the way I will go. I will never go public, and I appreciate Maryland for having this option. Congrats to the PB $109,000,000 winners.

Comment #9

winwi5 — Tue, 13 Sep 2011 19:23:20 GMT

I would not go public if I were the winners you have alot of people in that town,

that are waiting to see if they know who it is. I would definitely move from the area

as people will never see you the same. I like the prvious post claim it and make people

think you won a small amount of money maybe $50,000.00, however if they let any

family members know they are going to tell people as well. I would say they have a hard

decision to make $109,000,000.00 is alot of money.

Comment #8

phitch — Tue, 13 Sep 2011 18:24:54 GMT

Even though some states require that you hold a press conference if you win a jackpot, but from my understanding; there are ways to get around that. That's why it is so important to get an attorney when you do win a jackpot. The attorney can set up a Trust, LLC,....etc and the attorney will represent you to claim your winnings and you can remain anonymous. What are they going to do if you don't come forward, but you have an attorney to represent you with the winning ticket?.......not give you th... [ More ]

Comment #7

ressuccess — Tue, 13 Sep 2011 18:23:10 GMT

I think they should retire and conserve their money.

Comment #6

HoLeeKau — Tue, 13 Sep 2011 17:30:13 GMT

Idaho requires that your name be released to the media, unfortunately, so there's no way to keep a win from your family. I wouldn't do the press conference or the photo op, but just having your name out there is bad enough.

Comment #5

time*treat — Tue, 13 Sep 2011 16:48:56 GMT

Nothing good comes from going public.

Especially when the d-bag media enables people to more easily pester you.

But what I really want to know is -- what if your stockbroker cousins work at T. Rowe and Vanguard

Comment #4

s5thomps — Tue, 13 Sep 2011 16:47:55 GMT

I WILL REMAIN ANONYMOUS IF GIVEN THE OPTION!

You make a living by what you get, You make a LIFE by what you give!

Sir Winston Churchill

Comment #3

Starr920 — Tue, 13 Sep 2011 16:31:43 GMT

Some states make lottery winners disclose their identities to the public to claim their prize. Not Maryland.

I hope the Maryland lottery winners are wise enough to remain anonymous especially since they have the option.

Nothing good comes from going public.

Comment #2

CLETU$ — Tue, 13 Sep 2011 16:29:23 GMT

When I win the lottery,my home state says that I must hold a press conference.They don't say that I have to appear as I normaly appear.I'm wearing a disguise to the horse pony show.

Comment #1

cypher — Tue, 13 Sep 2011 16:06:30 GMT

It should be optional for a winner to disclose their identity or at least only require a initial for first name e.g. Mr. or Ms. I. Won and no photo op. The world is a different place today and predators abound.

Opinion: Powerball winners will lose big if they go public

Lottery Post — Tue, 13 Sep 2011 15:49:46 GMT

There must be 109 million ways to ruin your life after finding out you won Powerball. But the most critical decision comes quickly, after about the fourth or fifth time you check the numbers.

To go public or not? To grip a check the size of a Charlie Sheen poster for the cameras? Or to hide your good fortune from an admiring and envious world?

We've heard from a couple who say they own the $109 million Powerball ticket sold in Abingdon last week, says Carole Everett, spokeswoman for the M... [ More ]