After the Win: Who do you consult?

Reply #17

savagegoose — Tue, 11 Apr 2006 16:01:18 GMT

thought of another, estate planning and testimentory trusts!

you want your wishes for after you are dead to be declared. even a trust that issues shares to descendants , after they meet certian requirements in their life? like a degree in finanncial planning!

a car when they graduate from high school, a certaIN AMOUNT OF CASH FOR EVERY DOLLAR THEY EARN.

tax paid by the trust, and as theyre going to be financial planners a cut off at say the average anual wage, so that they leave

Reply #16

savagegoose — Tue, 11 Apr 2006 12:03:36 GMT

hi all ,

1 talk to professionals that you would know use lawyers, accountants financial planners etc.

2 when talking to the people you want to arrange things with; dont give the game away to the 1st one you talk to, like say woo hoo i won $x million. even lie about inherriting some small sum like $100k or less.

3 theres many financial planners , and ways of them getting paid.

id avoid, commision bassed, and trailing commission based.

some fee for FA will even refund an... [ More ]

Reply #15

justxploring — Tue, 11 Apr 2006 07:43:47 GMT

You're welcome, Lollipop

Reply #14

mylollipop — Tue, 11 Apr 2006 06:26:20 GMT

Justexploring, thanks for sharing the good advice.

Reply #13

Xsmega — Sun, 09 Apr 2006 22:45:51 GMT

why not just put it in few bank accounts ...why invest it and give the chance of losing some of it, what are the chances of a major bank to go under and if there are signs it will go under pull your money out and put it in your other bank....i feel its better to keep it simple and not have to constantly keep tabs on all these multiple investments you made and then always keep in contact with bunch of stranger lawyers ,advisors, investors etc. telling you what to do and you probably didnt unde... [ More ]

Reply #12

worldsux — Sun, 09 Apr 2006 22:10:49 GMT

Thanks for the tips. The things I know I'd want to do is sign the ticket and make 5 photocopies of the ticket. Then put it in a safe deposit box. Then seek advice. Just a little concerned about whose advice I need. I was thinking a tax attorney and maybe they'd refer me to one that specializes in trusts. Once that's done I'd cash the ticket, then seek the help of a finanical planner. That's about it so far, lol.

Reply #11

pigsNtrees — Sun, 09 Apr 2006 21:15:00 GMT

Do this before you accept the prize money. I will need advisers to set up trusts for minimizing taxes, directing charitable giving and estate planning. I have a very good Dr. who I would ask for help on finding these advisers.

Hire a lawyer, an accountant, a financial planner and maybe an insurance adviser.

First the tax expert, then the investment adviser.

Talk to the accountant or tax attorney to figure out what my tax options are and find out how much money I will end up with after

Reply #10

LOTTOMIKE — Fri, 07 Apr 2006 21:55:34 GMT

who do i consult?? NOBODY,lol

Reply #9

LOTTOMIKE — Fri, 07 Apr 2006 15:48:40 GMT

lol.good one st. germain.....

Reply #8

spy153 — Fri, 07 Apr 2006 15:43:26 GMT

me too world, we have some serious talent here on lp.

Reply #7

worldsux — Fri, 07 Apr 2006 12:37:27 GMT

Sorry, no I haven't. Just want us all to be prepared when we hit the big one. Someone on here has to hit eventually. At least I hope they do.

Reply #6

annessa — Fri, 07 Apr 2006 05:57:58 GMT

did Worldsux win the lottery

Reply #5

st.germain — Thu, 06 Apr 2006 20:38:45 GMT

1st...set up a trust by a lawyer so that you can put all your winnings into it, but get his fee before hand.

2nd...lay back until you can have the chance to pay all taxes due.

3rd...then find a decent financial planner.

4th ...then call me and we can go out and spend some of it.

Reply #4

dvdiva — Thu, 06 Apr 2006 04:50:28 GMT

An example of whom to consult would be found at www.duffykekel.com

They are the lawyers I will be consulting in the off chance I win Powerball. (I play in Oregon)

If I win Megamillions I might consult someone closer in Seattle but due to the very high Oregon tax rate I would need a pro at Oregon tax law.

Reply #3

tony95 — Wed, 05 Apr 2006 18:40:03 GMT

If I ever won, I would consult my checkbook.. haha. I don't plan on finding a consultant until after I have collected the winnings and have a sum I am ready to invest. I would take the payments to get the tax deferred benefit. I read you would have to invest at a rate of %8 return to beat taking the payments and I would guess any other kind of investment would carry a much higher risk than the payments.

Reply #2

justxploring — Wed, 05 Apr 2006 07:45:23 GMT

Quote: Originally posted by Dream on April 4, 2006 Talk to your relatives and friends. They sure will help you manage your finances. Just kidding. You should consult a financial firm like Merrill Lynch or other big firms. They will be able to help you with everything you need, setting up trust, minimize tax liability, invest and so on.

Merrill Lynch? Google Merrill Lynch and key words like fraud and lawsuit! How about Paine Webber? I'm sure you'll come up with a few links! You don't have... [ More ]

Reply #1

Dream — Wed, 05 Apr 2006 03:57:06 GMT

Talk to your relatives and friends. They sure will help you manage your finances. Just kidding. You should consult a financial firm like Merrill Lynch or other big firms. They will be able to help you with everything you need, setting up trust, minimize tax liability, invest and so on.

After the Win: Who do you consult?

worldsux — Wed, 05 Apr 2006 03:32:17 GMT

Everyone tells you to talk to professionals after you win, but they don't say which ones. What kind of lawyer do you consult? Definitely not one of those social security disability lawyers. But which kind? A tax attorney? One that specializes in wills and trusts? How do you check reputations? I think it should be easier to find a good financial planner. As long as they're fee for service (never go with one of those percentage of asset deals). Who else should you talk to? Anyone have any... [ More ]