After a big multi-million win how long would you wait to come forward?

Reply #63

applejack78 — Wed, 19 Sep 2007 15:43:50 GMT

Trust no one with your new found wealth. Be a savey shopper like you were before you won! Approach 2 CPA's to get there advise, talk to 2 lawers for advise , talk to 3 or 4 financial advisers on how to invest ....But never commit to either parties pay an a advisory fee and tell them that you are consulting others and each will be evaluating your plans. So each lawyer will be scutinzed by an another on their advise given , same as for the CPA's and for financal advisers with each getting to see a... [ More ]

Reply #62

RJOh — Wed, 19 Sep 2007 14:27:16 GMT

I've bought tickets at several places near my home and when I shop in Mansfield, O. not too far from where I live I've bought tickets there too, so if I ever won you would have to connect all the dots within 25-30 miles of where the ticket was sold. Or if I was your neighbor you might noticed I had moved.

Reply #61

Stack47 — Tue, 18 Sep 2007 21:05:29 GMT

since OH allows anonymity

Ohio won't take your picture and give out your name if you request anonymity but they will publish where the ticket was sold. If I read on Winners Row where a huge jackpot was sold at a local store and noticed a change in my neighbor's lifestyle, it wouldn't be that difficult connecting the dots.

Reply #60

RJOh — Tue, 18 Sep 2007 20:46:24 GMT

If you buy a winning lottery ticket in Michigan, you have to cash it in Michigan and follow their laws even if you live in Ohio. However, if you live in Michigan and buy your winning lottery tickets in Ohio then Ohio laws will apply. Michigan players who play MegaMillions and want anonymity should buy their tickets in Ohio.

Reply #59

AuntiePat — Tue, 18 Sep 2007 20:03:32 GMT

Well--since OH allows anonymity and is just across the border from MI--I guess that I would, if in your shoes, quickly establish residence in OH and claim the tkt anonymously or through a trust.

Just a thought.

Reply #58

SoBe Yourself — Thu, 06 Sep 2007 13:26:24 GMT

I was in Delaware for the 4th of July. I saw a billboard there that says the Delaware lottery offers anonymity protection. Good to know because I really don't want the general public to know of my winnings.

And yes, I'm well aware that Delaware is pretty far away from Michigan.

Reply #57

DC81 — Thu, 06 Sep 2007 06:58:45 GMT

Shame there's no anonymity protection here in Michigan but even still I would try asking for my identity suppressed by writing, calling and whatever else to the media and to the lottery office and no interviews. Unfortunately I know that realistically wouldn't work though it would make for some interesting news if something did happen afterwards. I might just have to change my name.... After moving out of the state and somewhere where I wouldn't be found unless I wanted to be.... Yeah that would... [ More ]

Reply #56

Litebets27 — Thu, 06 Sep 2007 02:16:40 GMT

From one Baltimorean to another, welcome to the site SoBe Yourself. Good luck and have fun.

I would probably hit the Lottery Headquarters within the week, but I would claim my prize anonymously.

litebets

Reply #55

SoBe Yourself — Thu, 06 Sep 2007 02:07:09 GMT

I would have to agree whole heartedly. My big fear is the pree release. I don't want anyone to realize that it was me who won. I've read too many horror stories about people who won the big jackpot. So if very few people if any knew, than I could quietly disappear.

Reply #54

DC81 — Tue, 04 Sep 2007 19:54:41 GMT

If it were a huge amount, say I was the sole winner of the 330 million dollar/194.4M (what ever it was) Mega Millions'd I'd take the cash option and collect ASAP, place it in a large, well respected (HA) bank under a savings account with whomever would give me the best deal, especially when it comes to interest. Then after getting the hell out of my current location and moving elsewhere. I would then take the next step when it comes to planning, but that'd mainly just involve working on whatev... [ More ]

Reply #53

spy153 — Tue, 04 Sep 2007 13:48:35 GMT

I voted why wait? As many times as I have laid out my plans, I don't feel the need to wait. I want to get on with the enjoyment of the money. It isn't the money I want. It's the stuff it buys that I want. It's the never having to worry about paying your bills on time thing that excites me. The trip to Hawaii for all my family. (I want to take both my parents and my hubby's, along with our brothers' and sisters' families.) That would be a blast..

Reply #52

tnlotto1 — Sun, 02 Sep 2007 06:10:04 GMT

you are right computerhead723 some states make it 6 months to a year. its good to have something positive to look forward to so you will have a reason to keep on living.

Reply #51

computerhead723 — Sun, 02 Sep 2007 05:34:33 GMT

some states only give you a year to collect the money ;

the reason some people don't come forward is they know millions will be watching them and asking questions ....and mabey there is no one left in their lives that they care about;

people need a reason to live .......

Reply #50

justxploring — Sun, 02 Sep 2007 05:18:38 GMT

Very smart decision. I worked for a large corporation for over 20 years. When my office was shut and I moved to FL, I continued to keep my 401K in a fixed income fund. A few years later I rolled it over into mutual funds at the advice of a financial planner who was with one of those well respected investment firms. I lost a lot of money - more than half. I then called another well known financial company and lost another 30%. All jokes aside, I think I had a nervous breakdown. I still get

Reply #49

Viceroy — Sun, 02 Sep 2007 04:46:10 GMT

I am a person who would freak out that my numbers won. I would HAVE TO KEEP MY MOUTH SHUT REALLY TIGHT.

I have to think VERY VERY CAREFULLY about signing the back of the ticket. It changes that BEARER INSTRUMENT to a REIGSTERED-TO-YOU Instrument, and there goes any hope of anonymity, and any pleas to the state to keep your name out of the paper or the public docuemnts (that could be searched, later on down the road by OTHER PEOPLE) is really just laughed at behind your back.

The first thin... [ More ]

Reply #48

dfitz59 — Sat, 01 Sep 2007 15:04:37 GMT

Hi All I would collect my winnings...I just wouldn't go public...I'd give secretly to those I want to bless...

I've always said If I won big...I'd go to the supermarkets and look at people who you know only have so much for food for there family or themsleves and tell them to buy whatever they want cause I'm paying.... it's a nice dream...

Reply #47

Down — Sat, 01 Sep 2007 01:28:28 GMT

If i ever won i would do one on two things, wait to claim the money till the next big jackpot was hit, or claim it ASAP and disapear for a year or so.

Reply #46

AuntiePat — Sat, 25 Aug 2007 21:09:55 GMT

I am quite sure that David Edwards thought he knew more than Financial Planners--which is why he' s living somewhere in a VA Hospital bed and most, if not all, of his winnings are gone--however he DID make several drug dealers and car dealers and faux antique dealers and treatment centers very comfortable.

In the 80's there was a Lottery Winner (back in the day when $7M was a phenomenally large JP) who was in People Mag saying that his goal after recarpeting his house was to take college... [ More ]

Reply #45

mylollipop — Sat, 25 Aug 2007 06:12:41 GMT

This week, I will claim the smallest jackpot immediately. The big one can wait.

Reply #44

pacattack05 — Sat, 25 Aug 2007 02:47:33 GMT

I've been waiting for the longest, why would I wait any longer

Reply #43

CCHS13 — Wed, 08 Aug 2007 05:38:44 GMT

I have been trying to figure out whats the big deal with all the talk of these lawyers and financial planners, unless one of them can show me how to duck some of those taxes then they cant tell me too much of nothing, at least not for the fees they will charge. I would think they would be a bit jealous that I am about to claim more money than they are worth and Im going to let them tell me what to do for a fee. I'd rather consult a CPA. As far as investing no investment is guaranteed. I like my... [ More ]

Reply #42

RJOh — Tue, 07 Aug 2007 21:55:40 GMT

Obviously this was a commitment never meant to be taken seriously by anyone because the 110% distribution didn't include anything to pay the federal and state taxes.

Reply #41

time*treat — Tue, 07 Aug 2007 21:36:48 GMT

Neither the commitment, nor the math can be enforced...

20% to the church35% to other charitable causes40% to invest or do as financial advisor's suggest10% for me and my family 5% for incidentals,

total 110% ~ Gov't 'lockbox' math

Reply #40

RJOh — Mon, 06 Aug 2007 17:15:51 GMT

As RJOh knows , we are blessed to live in a state that allows anonymity for the winners, and most of the people I would share this wealth with live out of the area though many are less than a 3 hour drive away.

by AuntiePat

Rather than anonymity, I would move to a neighborhood where the other people had enough money that they wouldn't care about the amount I had. If I won a lottery jackpot I have no intentions of going into hiding but rather enjoying the life style that can be afforded wit... [ More ]

Reply #39

KY Floyd — Mon, 06 Aug 2007 16:31:22 GMT

Some areas of claims require local and state taxes so maybe there in lays the standard 10% above the federal.

The 10% is the difference between the 25% federal withholding and the 35% rate that you can expect will apply to most of a large win. Once you've paid your taxes you can take steps to reduce the taxes on the future income, but as a practical matter you're going to lose the full 35% one way or another. If you don't have to pay it to the IRS it will be because you had deductions for ch... [ More ]

Reply #38

TheGameGrl — Sun, 05 Aug 2007 13:50:38 GMT

Its pleasing to see that some folks investigate the options from How to claim the ticket (re:trust, LLC,annony, etc). That is the first stage in helping the tax part. Its true that since the funds arent given the day of the claim, it allows the person to address these issues with the professionals.

The 10% additional is not a definite amount as there are tax laws that can bring it down in ones favor. 35% is the average maximum. Some areas of claims require local and state taxes so maybe there... [ More ]

Reply #37

Just6ntlc — Sat, 04 Aug 2007 06:19:03 GMT

Telling my family is my vote if I ever win a jackpot.

Reply #36

Uncle Jim — Sat, 04 Aug 2007 02:32:01 GMT

HI AuntiePat from Uncle Jim

Ditto LuckyLilly...Great first post from AuntiPat!!! I too have done a lot of research on the subject and I have to say your post seems to be to be spot on! My plans are a bit different from yours as I have different concerns from you but for other rteasons I too would like and indeed plan to try to live low off the hog.

From what I can tell one can form a Revocable Living Trust and still keep one's name out of the papers. Information I've found indicates... [ More ]

Reply #35

LckyLary — Sat, 04 Aug 2007 01:42:06 GMT

I would take a day off and I'd call the Lottery HQ and tell them when I'll be there (probably the following morning). If the car starts that morning we would roll in to the ELE7VEN or the SuperServe or wherever I got it and validate it and then we would lay in a course for Lawrenceville.

One time I won something I didn't know until 2 WEEKS later because on the day after was Jury Duty and I forgot about the ticket until a routine check.

Reply #34

LuckyLilly — Sat, 04 Aug 2007 01:13:10 GMT

Hi Auntie Pat. Welcome, and great first post. I'm glad you pointed out that the Federal taxes owed on a large jackpot will almost certainly be greater than what is withheld by the lottery commission. I see too many people planning on having the full 75% (less state taxes) of the cash value, and I think that could get a person into deep financial trouble.

When I go to USA Mega to see the jackpot analysis, I always calculate 10% of the cash value before I scroll down to my state. Then I sub... [ More ]

Reply #33

csfb — Sat, 04 Aug 2007 01:05:25 GMT

I'll come forward ASAP.

Definitely not in my name but under a Corporation or LLC that will be created. That Corp or LLC will assign the winnings to a Trust and the legal representative of the Trust will claim the prize. I will just be the major Beneficiary of the Trust. Don't need much really. But I'll see to it I'll have a say on how the winnings will be spent.

Reply #32

AuntiePat — Fri, 03 Aug 2007 23:07:06 GMT

Hi all

Been long time lurker but newly registered poster. I vowed I was going to allow this topic to die it's natural death, as it provoked a round of phone calls and research on my part that had me off purchasing lottery tickets (but only for a week--LOL)

What my research indicated was that the lottery winner that I had admired most--that guy that won the big Powerball--probably had it all wrong. He was the one who had actually won the big banana and vowed that he was going to turn... [ More ]

Reply #31

DoubleDown — Fri, 03 Aug 2007 18:26:12 GMT

I'm glad to see most would get financial advice. At least they said they would....

Reply #30

KyMystikal — Fri, 03 Aug 2007 16:06:29 GMT

I voted after the press died down, mainly because that would have been the last factor for me claiming. I'd contact a lawyer first, then tell my family, then get paid

Reply #29

RJOh — Fri, 03 Aug 2007 15:32:12 GMT

That's one of those pre-win commitments that many players make thinking that the lottery spirits love a generous givers and will favor them as the winner. Do you really believe anyone would give 20% to church,35% to charity and only keep 10% of their winnings for themselves and family? Once the player wins, the commitment can't be enforce and will be forgotten.

Reply #28

justxploring — Fri, 03 Aug 2007 15:29:03 GMT

I thought about this question again when someone won the last big FL jackpot of $33M. He came forward early Monday morning so obviously he didn't have time to contact an attorney or a financial planner. However, when I thought about it, since it takes weeks to actually get your money, why not validate your ticket and take off the way he did? This man's Dad had just passed away so he flew to Cuba to be with his family. Before he bought the ticket, he didn't even have enough for plane fare or... [ More ]

Reply #27

codmander — Fri, 03 Aug 2007 09:52:51 GMT

all acording to the size of the jack 1 mill who cares go claim it and brag 200 mill you better not let anyone find out they kidnap your relitives just to get a chunck ((or other scary stuff)) with that kinda scratch around so i would have to say it would take longer to claim a giant jack than a smaller one for me

Reply #26

BobP — Fri, 03 Aug 2007 07:13:14 GMT

All the contingency plans in the world won't help me when I've got that winning ticket in my hand. I'll likely be a basket case. Will the house burn down, be robbed, the pocket I've hidden it in be sent to Good Will? Sooner the lottery has the ticket and the cash in my bank the better. Can't think of anyone I could tell that would keep the secret, better not to have any. BobP

btw: The supposedly correct answer is to wait until someone else wins and collects, then you're just an old story... [ More ]

Reply #25

dld1961 — Fri, 03 Aug 2007 05:43:59 GMT

Probably about 4 weeks. Also for the comment that heaven is not real, there are only 2 choices to be made before you leave here. The question was about a lottery win not if heaven was real or not. That person said nothing about your beliefs at all. Some opinions are just that you have no evidance that it dose not exist. Have something to back you up, I have a bible and thousands of years of proof. Good Luck, DLD

Reply #24

time*treat — Fri, 03 Aug 2007 05:01:51 GMT

I thought heaven was spanish maids named Maria.

Or they dress up like a maid and let you call 'em 'Maria'

Looks like I'm not the only one who's not trusting in paper money .

Reply #23

Big Hitter — Fri, 03 Aug 2007 02:19:17 GMT

After talking to the lawyer and accountant, I would claim the money and convert most of it into hard currency (gold, silver and platinum). Paper money is dangerous right about now.

Reply #22

pacattack05 — Wed, 04 Jul 2007 01:36:00 GMT

The spanish maids named Maria will have front row in heaven.

People like me will have nose-bleed seats at an altitude of about 300 feet up....lol

Reply #21

MADDOG10 — Wed, 04 Jul 2007 01:30:44 GMT

What do you honestly think giving 20% to the church is going to get you????

A better seat on Sunday, or a special place in heaven?

Neither is real. Take the money and invest it for your family on the advice of a solid financial planner.....

Reply #20

justxploring — Tue, 03 Jul 2007 08:56:27 GMT

10% for me and my family

You won't have that 10% for you your family. You already spent 100% of your money! 20 + 35 + 40 + 5 = 100

Reply #19

mylollipop — Tue, 03 Jul 2007 07:34:21 GMT

I would wait awhile for the commotion to die down all the while consulting attorneys and tax advisor's. My percentage to the church has already been determined as well as to other causes as follows:

20% to the church35% to other charitable causes40% to invest or do as financial advisor's suggest10% for me and my family 5% for incidentals, which might end up with charitable causes or grants for those would-be-give-me's, who want to do this and that with my winnings. Probably a limit of $1000... [ More ]

Reply #18

irondoor827 — Tue, 03 Jul 2007 03:27:16 GMT

well people can say what-ever-they want Now but when the news comes in on a multi-milliondollar windfall I can bet you they will crap in their pants and be scared crapless ;

Then comes the phone-calls and Blabber-mouth syndrome, they wont be able to hold it in and tell the world the good news to any one who will listen.......if you got the time a lawyer and PCA would come in handy for taxes ; But hold it for a month no

Reply #17

irondoor827 — Tue, 03 Jul 2007 03:26:56 GMT

Reply #16

justxploring — Mon, 02 Jul 2007 21:37:08 GMT

I don't think when you collect the money makes a difference to the media unless there is a story that will receive more attention like a major disaster. I might just collect it within a couple of weeks. I can always make plans later. If I won one our state Lotto, we only have 60 days from the date of the drawing to take the cash, so it would definitely be in less than 2 months if I knew I didn't want annual payments.

For people who might wait a long time, keep in mind that every day you do... [ More ]

Reply #15

Stack47 — Mon, 02 Jul 2007 20:49:33 GMT

Most people probably buy their tickets, check them to see if they are correct and put them someplace until the drawing or they see the winning numbers. And if most people are like me, the majority of their tickets are losers. All losing tickets and winning tickets are worthless until it's signed, scanned and verified by a lottery terminal.

I voted I'd collect ASAP . I know some here are saying What A Dummy!

Some people are saying they would wait and contact a lawyer first; sounds lik... [ More ]

Reply #14

BaristaExpress — Mon, 02 Jul 2007 13:51:37 GMT

I voted I'd collect ASAP . I know some here are saying What A Dummy! But hold on for a second or two. Why let Any financial adviser know what you're worth before you have the money or before you negotiate on their fees? Most financial advisor's go by what they feel they can charge you and of course that's tied to what your total net worth is. So, why over pay them before they do anything for you? I'd make their fees coincide with their performance. I make money, they get a percentage. I lose... [ More ]

Reply #13

Coin Toss — Sun, 01 Jul 2007 23:07:09 GMT

I voted wait til the commotion died down.

But I'd defintiely collect before Dec 21 2012 (Google 12-21-2012 + Mayan Prophecy)

If my wife and I had to appear for a press conference, we'd wear gorilla suits and masks, like Ernie Kovacs' Nairobi Trio.

Reply #12

Guru101 — Sun, 01 Jul 2007 22:23:42 GMT

Not too much. Probably $5, which is really more than enough, but since I'll be in a good mood, that'll be enough. I'm going to treat myself, but I'm not going to throw a bunch of money at everyone I come across. I want to have some self control from the very beginning.

Reply #11

manzplan — Sun, 01 Jul 2007 22:13:55 GMT

I'd wait til I could get a redneck Make-over some real redneck clothes, a place at a trailer park, some job that people think is a redneck type job.... then I would go claim the money... and say

Nope it's not gonna change us at all, we're gonna still live down ta the trailer court heh heh heh heh heh ha. Ain't gonna quit my job....... I'd get bored heh heh heh heh ha.... Gonna buy the company and give everyone a raise heh heh heh heh ha... buy everyone in the trailer court a new veh... [ More ]

Reply #10

tnlotto1 — Sun, 01 Jul 2007 21:23:11 GMT

what size tip would you leave the starbucks person

Reply #9

Guru101 — Sun, 01 Jul 2007 21:18:18 GMT

Ya, I would take a cab back to the hotel. Once I got back, I would go to the Starbucks they have and get me a vanilla latte.

Reply #8

JackpotWanna — Sun, 01 Jul 2007 21:08:08 GMT

I would place my winning ticket in the bank with my revised will. Take a quiet vacation for a month to relax and think about how to spend my moola. Give my stuff quietly away. Claim my ticket within 3 months.

Reply #7

tnlotto1 — Sun, 01 Jul 2007 21:02:52 GMT

i hope you wouldnt walk back to the hotel, at least get a cab so the nosey press wont know where you are going...

Reply #6

Guru101 — Sun, 01 Jul 2007 20:56:06 GMT

Even though I check my numbers the same night they get drawn, if I found out I won a jackpot, I would get up from my desk right then, pack up a couple days cloths, drive to Indianapolis, get a room at the Mariott, then in the morning, I would walk a few blocks over to the Hoosier Lottery Headquarters to claim my jackpot.

Reply #5

bambini — Sun, 01 Jul 2007 20:43:29 GMT

I would claim the winning ticket on a really big news day, like the death of a really notorious celebrity, i.e. Anna Nicole Smith.

Reply #4

eproducer — Sun, 01 Jul 2007 18:39:37 GMT

I voted to wait for the attention to die down. There will always be another news story to help fade peoples memories. That would give you time to talk to all the people you need to. Changing your address to get an updated Drivers Licence for the id required to claim your winnings seems to me a wise step. Find a temporary place to receive mail in a different city and get a new one. Once you claim your prize it will be THAT city released to the press with your name. It would certainly cut down t... [ More ]

Reply #3

LuckyLilly — Sun, 01 Jul 2007 14:19:59 GMT

I'd consult an attorney first, then how long it would take depends on what the attorney I consulted tells me.

I'm hoping that I can change my name before claiming, and the lottery would only release the new name. I'd have my attorney check on that. I'd be happy to give the lottery my old name if they need to check to make sure I don't owe taxes or child support, but if they will give the press only my new name, then it would be 2 - 3 months before I could get the name change and claim the j... [ More ]

Reply #2

tnlotto1 — Sun, 01 Jul 2007 13:48:02 GMT

i voted to come forward after consulting legal advice and financial advice. i also know it can take 2-6 weeks for the lottery to receive all of the money from the other states involved in the game so there would be no rush to show up before they can actually wire me the money. if it wasnt a multi state game and just in my state jackpot then i would show up after i have my legal and financial advice because it shouldnt take as long to wire me the money without having to wait on other states...

Reply #1

pacattack05 — Sun, 01 Jul 2007 13:29:56 GMT

I'd wait about 5 or 6 years, just to make sure I had the best lawyers on my side.

After a big multi-million win how long would you wait to come forward?

MIlottoplayer — Sun, 01 Jul 2007 13:25:14 GMT

It always fascinates me to see how long some of the really big winners take to come forward to claim their big jackpots. So I'm just curious of my fellow members here, how long would you take to come forward and why? Please explain.