Winning a large jackpot. Now what?

Reply #11

nist7seven — Tue, 10 Feb 2015 00:29:35 GMT

For financial adviser, you have to be very careful since most of the financial industry is mostly a sales industry instead of actual investing that's looking out for your interests. You need to look at who are certified to be fiduciary advisers.

I would take sometime to read up on Jack Bogle and Vanguard and the Boglehead philosophy of investing. It's what I do and it's the cheapest/easiest way to invest for the long-haul.

If you win 450mil jackpot, the biggest thing is to protect y... [ More ]

Reply #10

maximumfun — Mon, 09 Feb 2015 20:33:03 GMT

Imagine being Joe Somebody ... turning into Sir Joe the Magnificent ... and becoming Joe the Village Idiot in a very short time.

Poor Joe. :) Thanks for the post

Reply #9

Raven62 — Mon, 09 Feb 2015 17:41:01 GMT

12 Things Not To Do! (click here

Reply #8

IPlayWeekly — Mon, 09 Feb 2015 16:54:50 GMT

I would wake wife up, I check PB around 11pm (night of the drawing) then call the accountant the next day. Once that's done then book a trip somewhere, no more 9 to 5. I can truly enjoy life.

Reply #7

nina09 — Mon, 09 Feb 2015 14:58:52 GMT

I loved my taxation professor and he is an amazing lawyer who worked as a CPA in a big four for many years so he would be my go to lawyer , since we talked many times in class about tax planning. I feel like since he has worked as a prosecutor , cpa and has his own law firm for many years he would have a lot resources to help me navigate ot.

As for accountant and financial planners ,if you go to an establish private wealth management group( think jp morgan , GS etc) they usually have a full t... [ More ]

Reply #6

CDanaT — Mon, 09 Feb 2015 12:17:24 GMT

This will be the Attorney I hire over in Dallas, should I become a PB winner

http://www.prweb.com/releases/2011/7/prweb8654988.htm

Let the professionals do their job, pay a bit more and reduce your stress/worries and concerns.

Reply #5

Stack47 — Mon, 09 Feb 2015 06:48:36 GMT

Claiming with a trust is the only way to remain anonymous in Texas, but that doesn't exempt anyone from back child support, court orders, tax liens, etc. The store selling the ticket either knows or has good idea who bought the winning ticket and trust can't prevent them leaking information.

Asking an anonymous jackpot winner who claimed using a trust for advice is out of the question.

Reply #4

ttech10 — Mon, 09 Feb 2015 06:44:53 GMT

That's how it works here as well. Names are subject to open records. For me that's enough, as long as it isn't just out there on every major news publication.

Also, on the topic of trusts, at least in Texas you can sign the ticket in your name, and then show up at the lottery offices with the trustee and sign a form that would transfer ownership to them. That way, you don't have to worry about having an unsigned ticket, and someone else can still collect the ticket and be mentioned in the pre... [ More ]

Reply #3

noise-gate — Mon, 09 Feb 2015 06:21:46 GMT

Out here in CA, the Lottery encourages one to form a trust but is quick to point out that this would not shield one from public disclosure, meaning that if people dig deep enough, they will come up the name of the winner, perhaps Texas rules are different.

Reply #2

ttech10 — Mon, 09 Feb 2015 06:11:29 GMT

An attorney is the first person I would hire. They would setup a trust or LLC and collect the winnings for me, keeping my name private.

If you go for an advisor, most would suggest fee-only advisors (http://www.napfa.org/) and ones that hold a CFP certificate (http://www.cfp.net/). Fee only removes a lot of conflicts of interests. That doesn't mean fee based (commission) is bad, but your advisor may be tempted to have you invest in something purely to make himself more money. Here's an articl... [ More ]

Reply #1

Stack47 — Mon, 09 Feb 2015 05:27:30 GMT

Of the three, an attorney is the most important. Most states give the winners plenty of time to decide on cash or payments so you can talk to an accountant and/or financial adviser after validating the ticket unless you need directions to lottery headquarters from them.

Players know if they have any obligations (child support, judgements, tax liens, etc.) that could affect getting them check or a possible court ordered injunction. Seeing a lawyer before validating the ticket is obviously more... [ More ]

Winning a large jackpot. Now what?

slickster505 — Mon, 09 Feb 2015 04:16:43 GMT

Now with the fever of the $450 million lottery in full pitch.

Questions:

They say it is smart to hire a lawyer, accountant, and/or financial advisor. Probably to save your money from gold diggers or lawsuits from the vultures called friends and family. How do we pick the right individual or corporation? Does a large lotteyr winner need all three professionals.

What is a reasonable amount of fees/salary that a lottery winner should expect to invest in those professionals(lawyer, acc... [ More ]