Would you hire a lawyer and financial adviser

Reply #16

wheeltowin — Fri, 24 Sep 2010 09:00:02 GMT

Very good answers! I love it when I learn something new here. I think we all have that nebulous thought in the back of our heads that we are going to need some type of protection/advice when we get a big hit but don't really understand the particulars of how to go about doing that. Imagine getting that million+ hit and the only thing you are thinking of is how soon can I get to it? Makes it difficult to take the right steps and educate yourself so you don't get scammed.

Reply #15

victorl3ichiban — Wed, 22 Sep 2010 21:37:28 GMT

Thank You Raven and everyone else for the answer I'm looking for.

Reply #14

Raven62 — Wed, 22 Sep 2010 15:46:28 GMT

You need at least three advisors to handle such a big windfall: a financial planner, an accountant and an estate-planning attorney.

You can get referrals for fee-only financial planners: Who are compensated only by fees their clients pay and not by commissions or kickbacks: From the National Association of Personal Financial Advisors or the Garrett Planning Network.

You should interview at least three prospective Advisors about their education, ethical commitment and experience advis... [ More ]

Reply #13

Raven62 — Wed, 22 Sep 2010 13:27:14 GMT

You forgot to take your Medication: So Now everyone else must have Too! LOL

Reply #12

Nino224 — Wed, 22 Sep 2010 06:43:39 GMT

A financial advisor, definitely. I have several problems with hiring a lawyer. Number one, because you're now a millionaire they're gonna gouge you, and they're gonna try their snip dest make sure you stay married to them indefinitely. Number two, as much as I'd love to send someone else to collect so I could remain anonymous, I don't like the idea of giving a shark that much authority over my affairs. It's a sticky situation.

This post has been automatically changed by the Lottery Post comp... [ More ]

Reply #11

Nino224 — Wed, 22 Sep 2010 06:39:55 GMT

Raven, did you forget to take your pills today

Reply #10

savagegoose — Wed, 22 Sep 2010 05:48:22 GMT

you could hire lawyersa to write up thew trust deed, only prob is assigning the seetlor, the person who pays the money into the trust.

that is supposed ot not be one of the beneficiaries or the administrator.

reason being is so there is not to be a legal question between the settlor of the trusts assets and the beneficiaries. ie a claim could be made agaisnt the trust if it was seen as comming from them.

i think this is where the term trust must come from. u need to find someone u

Reply #9

rdgrnr — Wed, 22 Sep 2010 04:34:35 GMT

When money is involved, the only person I'd trust is Mother Theresa and that's only because she's dead.

LOL, good one.

Reply #8

OwlCreekBridge — Wed, 22 Sep 2010 04:25:21 GMT

I would only hire a lawyer if i won the multi-state lotto since I can't collect the jackpot anonymously. I'd need one to help protect my privacy. if I won the state lotto, I could simply ask my name not be released to the public. Then I'd see some Austrian economists, like Peter Schiff or Mish Shedlock or people who work for them to get advise on investment strategies.

A good accountant would also be a must for me to help with the massive amount of taxes i'd need to pay. A gal who won a milli... [ More ]

Reply #7

Daveyl — Wed, 22 Sep 2010 03:57:50 GMT

It is advisable to retain a lawyer if you win a large jackpot. The lawyer doesn't have to live with you, but he or she should be available to handle the legal issues that crop up once people know you're rich. Even family members will initiate litigation against a lottery winner if they think they can make a case against them. As far as financial advisors are concerned, I would be wary of those who show up at your door. I would be wary even of the ones whose door you show up at. Careful investing... [ More ]

Reply #6

Raven62 — Tue, 21 Sep 2010 21:33:33 GMT

What ideas do you offer: Asking a question without offering your idea is a one-way street: Paved with non-participation on your part! What's the point of starting a Topic and then Not Participating in the Discussion

Reply #5

victorl3ichiban — Tue, 21 Sep 2010 20:44:23 GMT

this is a forum, are we suppose to keep our ideas to ourselve????? what's the point of being here than Raven

Reply #4

HoLeeKau — Tue, 21 Sep 2010 18:16:07 GMT

No, lawyers and financial advisors are not trustworthy. When money is involved, the only person I'd trust is Mother Theresa and that's only because she's dead.

That said, you have to have some sort of trust because I think they're necessary. But never give blind trust, always have your checks and balances in place.

Reply #3

ttech10 — Tue, 21 Sep 2010 16:59:17 GMT

It's a lottery website, it's interesting to see what other people would do. Plus maybe they're trying to figure out what to do and get some thoughts about it from other people.

Reply #2

Raven62 — Tue, 21 Sep 2010 15:23:25 GMT

Why do you want to know everyone elses Business

Reply #1

ttech10 — Tue, 21 Sep 2010 07:23:12 GMT

If I hit the jackpot I would get a lawyer and a financial advisor. A lawyer because I would be claiming via a blind trust and a financial advisor so that they could help me with everything (want to make wise decisions and not screw up with taxes and whatnot).

All the rest I'd win is either the $1,000,000 for 5+0 and Powerplay/Multiplier or the $500,000 a year for life (actually for 15 years/$7.5 million) and I think I could do without a lawyer for both of those. Would get someone to help... [ More ]

Would you hire a lawyer and financial adviser

victorl3ichiban — Tue, 21 Sep 2010 07:01:39 GMT

if you were to win jackpot more than 1 million dollars. Why or why not? Are lawyer and financial advisor trust worthy