You've won the lottery! Now what?

Comment #18

CASH Only — Mon, 11 Oct 2004 13:40:55 GMT

EW:Then you're not gonna win.

Comment #17

DoctorEw220 — Mon, 11 Oct 2004 05:36:12 GMT

thanx. i want cash. i just want that cash paid in annual installments.

Comment #16

CASH Only — Sat, 09 Oct 2004 16:58:13 GMT

Good luck everyone (who wants cash

Comment #15

blissfactor — Sat, 09 Oct 2004 09:09:38 GMT

WOW! Thanks for all the info! You sure do have a prepared mind :) Actually I do too. I'm soooo ready :) But have you noticed, it's always someone who has no clue, got the ticket at the first gas station they saw, don't really check if they've won for a few days and then don't really know what to do with the money, probably still work, type of deals? There's nothing wrong with that, but there's definitely something to it.I don't care if the lottery commission and the tax man get my name, it... [ More ]

Comment #14

hypersoniq — Sat, 09 Oct 2004 08:38:09 GMT

Thanks rabbitfoot for the info!Blissfactor, it takes about 5 minutes at your nearest notary office, the time and expense are in having the lawyer prepare one for you. Using a trust to claim a prize is legal and a quick trip to the powerball winners page will show this has been done before successfully. You (as grantor in the trust) will be identified to the lottery commission by certain identifiers including social security number... they will still publish hometown and state and amount won, so... [ More ]

Comment #13

blissfactor — Sat, 09 Oct 2004 07:56:59 GMT

Quote: Originally posted by rabbitfoot on October 08, 2004Everything I and my wife owns is already in trusts. Don't wait until you think you need a trust. You need one now! How long does it take to establish a trust?I also remember reading on one of the lottery sites that some winner claimed their winnings under the name of their trust and not their own. How does this fly with the law that requires your name to go public in the case of a winning? Does anyone know

Comment #12

rabbitfoot — Fri, 08 Oct 2004 14:04:22 GMT

Car insurance:How would you handle the cost of an accident that involved a $500,000 trailer-trailer and the death of the driver and/or others? I carry a Personal Libility Policy also known as a Umbrella Policy (UMB) that pays up to an additional two million dollars should it happen to me and I am sued. This extra protection cost me less then $200.

Comment #11

rabbitfoot — Fri, 08 Oct 2004 13:55:36 GMT

Everything I and my wife owns is already in trusts. Don't wait until you think you need a trust. You need one now!And, our costs was only $700 to have a lawyer do it. After that, you can amend your trust(s) by simply attaching a written statement to it. As far as bank accounts go, just take your trust(s) papers to the bank and tell them you want to retitle your account(s) into your trust(s).

Comment #10

CASH Only — Fri, 08 Oct 2004 13:39:38 GMT

Why the car insurance

Comment #9

hypersoniq — Fri, 08 Oct 2004 00:40:48 GMT

don't forget to protect your assets in multiple personal property trusts just like real estate tycoons do... that way you won't expose your entire fortune to frivelous lawsuits (which may or may not find their way to you once you are instantly wealthy)a properly constructed trust plan in place can take the place of a will and as an added bonus it avoids probate court.

Comment #8

dvdiva — Fri, 08 Oct 2004 00:09:46 GMT

Seems like they missed some things - first thing is to get a multimillion dollar coverage on your car insurance and to get rid of any liabilities you might have. Second is to get a will asap. You never know when bad things happen.

Comment #7

nomoneybabe — Thu, 07 Oct 2004 19:39:41 GMT

Thank you for the helpfull

Comment #6

fja — Thu, 07 Oct 2004 17:45:29 GMT

still have the instructions sitting in the hard drive....I also added taking some financial classes to make sure you understand what your advisors are telling you....

Comment #5

whodeani — Thu, 07 Oct 2004 16:52:20 GMT

It is nice to see Todd pull this article off the shelf and blow the dust off of it when Mega Millions or Powerball gets up there. Lot of good info in this story.

Comment #4

urbossmanpimpin — Thu, 07 Oct 2004 16:11:00 GMT

this is definitly a keep

Comment #3

rock_nc — Thu, 07 Oct 2004 15:12:36 GMT

well, this is some good advice,guess i will print it out to keep, til i win,if ever,i win..[rock

Comment #2

CASH Only — Thu, 07 Oct 2004 13:40:03 GMT

As you know, CA, NY, and TX require the cash/annuity choice when you PLAY, instead of after you win.

Comment #1

twisted — Thu, 07 Oct 2004 13:23:39 GMT

Nice Read. I'll keep this handy.

You've won the lottery! Now what?

Lottery Post — Thu, 07 Oct 2004 12:59:52 GMT

Believe it or not, jackpot winners face both a pile of cash and a mountain of problematic decisions. Here's a practical to-do list. Keep it handy for the next time you strike it rich.Hitting the jackpot may be a fantasy, but what's the harm in dreaming? Here's some realistic advice on what to do if those numbers prove to be magic.It's after 11 p.m. on Saturday night, a night like any other Saturday night. You're ready for bed and yelling at the dog to get out of the garbage. With little enthusia... [ More ]