6 things to do before claiming your lottery prize

Comment #40

jamella724 — Mon, 24 Jun 2013 10:50:21 GMT

This is very informative article, I appreciate the steps that are given to guide the nouveau riche in handling their finances. At least now I know what to do before I claim my prize once I win a huge amount of prize. I should not be so excited so I can come up with a good decision.

Comment #39

FrostedNostrals — Sat, 22 Jun 2013 04:38:03 GMT

I agree about getting a new phone number and PO Box. Unless you have a secure dropslot for home mail delivery, I wouldn t continue using a exterior mailbox because you risk people breaking into, snooping through and or stealing your mail.

Also, these things aren t at the very top of the list, but they do rank up there, especially in terms of reducing identity theft and people who try to perpetrate financial fraud.

Buy a micro-cut or confetti paper shredder, rather than one that only strip

Comment #38

helpmewin — Wed, 12 Jun 2013 02:30:50 GMT

in a different Zipcode

Comment #37

Teddi — Fri, 07 Jun 2013 22:16:02 GMT

Getting a new number and a PO Box are right up there in my book.

Comment #36

Party1377 — Fri, 07 Jun 2013 07:32:25 GMT

ONLY 60 mill? People will come for you for 1 million. ONLY 60 LOL come on man.

Comment #35

Party1377 — Fri, 07 Jun 2013 07:30:54 GMT

hahaha good idea

Comment #34

jjtheprince — Fri, 07 Jun 2013 01:56:44 GMT

#5 only applies for larger jackpots anymore (like over $100 mil).

If someone wins the Powerball drawing this Saturday, no one will care because it's only $60 mil.

Comment #33

dognabit — Thu, 06 Jun 2013 23:24:22 GMT

7) Contact Richard Branson about a trip to mars. It's a good way to avoid people for awhile.

Comment #32

Artist77 — Thu, 06 Jun 2013 21:08:47 GMT

All, hiring an attorney is an easy matter. Get 3-4 references from reliable sources, set up a half hour appointment and say you want to talk about a small windfall that you received, and ask their hourly rate in advance. Meet with 2-4 attorneys, ask the expected # of billable hours for a trust, etc and if you hire one of them, do not authorize them to exceed a certain amount of billable $ without your approval and a justification first.

Do you go into into any contractual relationship (work o... [ More ]

Comment #31

helpmewin — Thu, 06 Jun 2013 16:50:42 GMT

don't fall for it

Comment #30

PlayToWin47 — Thu, 06 Jun 2013 13:56:04 GMT

That is sure one of my concerns!

Also, when hiring a tax attorney or trust attorney, how do you know they're not overcharging you because they know how much you now have

Comment #29

HoLeeKau — Thu, 06 Jun 2013 13:54:16 GMT

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 o... [ More ]

Comment #28

ShowMeTheMoney$ — Thu, 06 Jun 2013 08:53:55 GMT

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.

Comment #27

larry3100 — Thu, 06 Jun 2013 02:53:37 GMT

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.

Comment #26

RJOh — Thu, 06 Jun 2013 02:00:08 GMT

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

Comment #25

redhot7 — Wed, 05 Jun 2013 22:57:57 GMT

4. Assemble your team.

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

Comment #24

Seattlejohn — Wed, 05 Jun 2013 22:50:59 GMT

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 y... [ More ]

Comment #23

dallascowboyfan — Wed, 05 Jun 2013 21:56:55 GMT

I don't mind sharing PTW

Comment #22

HaveABall — Wed, 05 Jun 2013 19:56:00 GMT

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.

Comment #21

PlayToWin47 — Wed, 05 Jun 2013 17:36:47 GMT

Good article ... bookmarked!

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

Comment #20

PlayToWin47 — Wed, 05 Jun 2013 17:35:09 GMT

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

Comment #19

haymaker — Wed, 05 Jun 2013 17:22:14 GMT

#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

Comment #18

hearsetrax — Wed, 05 Jun 2013 17:11:28 GMT

adding this thread to my LP notepad

good luck to all playing tonight

Comment #17

dallascowboyfan — Wed, 05 Jun 2013 16:50:41 GMT

I like #4

Comment #16

dallascowboyfan — Wed, 05 Jun 2013 16:49:43 GMT

That will be tonight my friend

Comment #15

RJOh — Wed, 05 Jun 2013 16:40:44 GMT

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.

Comment #14

rdgrnr — Wed, 05 Jun 2013 16:37:24 GMT

I'll burn that bridge when I get there.

Comment #13

RedStang — Wed, 05 Jun 2013 16:30:58 GMT

Claiming a ticket while having a out of body experience, would be a good way to hide your anonymity.

Comment #12

Ronnie316 — Wed, 05 Jun 2013 15:57:58 GMT

Good idea, and don't buy a pot farm unless you have governmental approval.

Comment #11

helpmewin — Wed, 05 Jun 2013 15:05:05 GMT

I gone write that down

Comment #10

Ronnie316 — Wed, 05 Jun 2013 15:02:41 GMT

Don't buy a liquor store so you can get a good price on liquor.

Comment #9

helpmewin — Wed, 05 Jun 2013 14:55:58 GMT

how about a list of what Not to do might be better

Comment #8

helpmewin — Wed, 05 Jun 2013 14:54:33 GMT

Comment #7

Ronnie316 — Wed, 05 Jun 2013 14:51:16 GMT

That's so 70's.

Comment #6

ameriken — Wed, 05 Jun 2013 14:49:53 GMT

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

Comment #5

Ronnie316 — Wed, 05 Jun 2013 14:46:54 GMT

That is one good idea. but I could also choose one that I think is BETTER.

Comment #4

helpmewin — Wed, 05 Jun 2013 14:43:20 GMT

so then you need to give the ticket to charity not the cash, i would just threw it in the red kettle at christmas time for the bell ringers

why they need money anyway for new bells i suppose

Comment #3

Ronnie316 — Wed, 05 Jun 2013 14:31:22 GMT

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

Comment #2

NightStalker — Wed, 05 Jun 2013 14:12:12 GMT

They are all good ideas. You should have a plan in place. You might not need as many attorneys as he mentions, but good legal and financial advice will be needed.

I might have added changing your phone number to the list to help keep unwanted people away, as well.

Comment #1

helpmewin — Wed, 05 Jun 2013 13:09:59 GMT

i like the 1st one = 1. Sign the ticket

the rest

6 things to do before claiming your lottery prize

Lottery Post — Wed, 05 Jun 2013 12:55:14 GMT

What should you do if you win the lottery? Take it from someone who has developed a national reputation for working with sudden wealth recipients or as a client recently remarked, a lottery financial adviser : There are countless financial, tax and legal strategies that you can take to make the most of your sudden money but not so fast! Winning the lottery is a unique sudden wealth event that requires several immediate decisions. Here are six things you should do before you claim your lottery pr... [ More ]