Should You Hire a Money Pro if You Win Millions?

Reply #37

Raven62 — Mon, 23 Jan 2023 23:59:57 GMT

Beware of Bank Bail-Ins: A Bail Out Using Your Money

Reply #36

Raven62 — Mon, 23 Jan 2023 23:02:54 GMT

Can a bank take your money in a bail-in?

Bank Bail-In: Rather than using taxpayer money to infuse banks with capital, banks can seize money from depositors , turning debt into equity to keep the bank afloat.

https://www.sbcgold.com/blog/bank-bail-ins-the-sneaky-legislation-that-puts-you-on-the-hook-for-failing-banks/#:~:text=Bank%20Bail%2DIn%3A%20Rather%20than,to%20keep%20the%20bank%20afloat.

Reply #35

KY Floyd — Mon, 23 Jan 2023 19:09:20 GMT

If you put $ 145,811,615 in a bank how much interest could you earn in 6 months?

Right now you can get a 6 month CD at about 4%, so you'd earn about 2% or 730k. Of course a main reason for figuring things out is to protect the money (and yourself) so how much you can earn in the first 6 months isn't that important in the scheme of things. Besides, if you don't run out and claim it before getting your act together you should already have a better plan than parking it in the bank when you col... [ More ]

Reply #34

CDanaT — Mon, 23 Jan 2023 17:22:40 GMT

Remember ddude, this is only interaction with other folks and their opinions, not an absolute, picture perfect scenario... But if you did win a jackpot that included $100-200 million dollars of take home after taxes and you don't trust anyone to invest it all for you ? I would strongly consider making sure you were completely debt free, plan on living to 100, divide your remaining years left by how much you want to live off comfortably(ex. $300K/yr) and keep that amount for yourself hidden somep... [ More ]

Reply #33

CDanaT — Mon, 23 Jan 2023 16:37:56 GMT

Here is a site that I would start with:

https://www.sec.gov/check-your-investment-professional

While there are no guarantees, it is a reasonable source....Word of mouth from trustworthy friends who have a 401K's or perhaps have investments.... While I can vouch for https://firstwavefinancial.com/ , other folks could disagree. Thats why, when your lottery win comes about, always talk with 2-3 different firms involving investments and conduct your due diligence.

Lawyer wise ??? shud... [ More ]

Reply #32

Artist77 — Mon, 23 Jan 2023 11:58:29 GMT

Yes, we have multiple people pretending to be something they are not but end up saying the say thing as I did...do the research on lottery related issues. Don't expect to be spoon fed.

Reply #31

Stack47 — Mon, 23 Jan 2023 06:14:27 GMT

Though we have several pretending they are, I'm not sure that anyone here could prove they have a license to practice law and give sound legal advice for every state and provincial lottery jurisdiction. Posters can research laws in states where they don't live in or purchase lottery tickets from, but I'd check with a real lawyer before taking any Online legal advice. Large prize lottery winners will have to make many decisions their new found wealth and how they claim their winnings is the most... [ More ]

Reply #30

ddude003 — Sun, 22 Jan 2023 23:05:32 GMT

I am not demanding anything Joe... Look, Artist made the claim... He should be able to backup his claim with the actual law he has claimed... If he is to be believed he needs to show the proof... Not me... BTY he still has not shown the proof... He was the one claiming that I was giving bad advice to all the LP users... And yes, here in Missouri as well as many other fly-over states, you don't need a lawyer to create trusts etc and have them be legal and binding... I am a pretty chill guy, just... [ More ]

Reply #29

cottoneyedjoe — Sun, 22 Jan 2023 22:01:01 GMT

LOL why are you demanding links for VA and FL legal issues when you live in Missouri? The only things you need to know are what the law requires in Missouri. It'll be hard for you to have a wonderful life if people on the internet can perturb you so easily by sharing mundane facts, such as, different states have different laws regarding the creation of trusts. Someone with dude in their username ought to be more chill.

Reply #28

ddude003 — Sun, 22 Jan 2023 20:38:21 GMT

So now you result in name calling... Nice... Still no links to the exact law... I'll take your word for it... 2 out of 50 states... Pfft... Hardly a thing...

Have a wonderful life...

Reply #27

Artist77 — Sun, 22 Jan 2023 20:24:14 GMT

This guy is not even capable of googling an issue. State law dummy. Florida and Virginia are 2 examples where an attorney needs to be involved with a living trust creation.

The duh dude...lol.

Reply #26

ddude003 — Sun, 22 Jan 2023 20:20:25 GMT

Lol... I am not misleading anyone with a functioning brain... Still, waiting on your pointers to specific state and federal laws regarding needing a lawyer(s) to create, trusts, living trusts, wills, power of Attorney, etc... Heck, in many places, read states, you don't even need a Notary, although it is probably a good idea...

Reply #25

Artist77 — Sun, 22 Jan 2023 19:37:18 GMT

I don't think he even read what he posted. I hate to see lp members misled with his false and inaccurate legal information. But he does not even understand the difference between fed and state law so that sources his sauce.

Reply #24

ddude003 — Sun, 22 Jan 2023 19:23:58 GMT

Everyone wants to put words into my mouth... Where did I say anything was easier and better Joe? Look, I agree that many people are lazy or clueless or maybe don't want to know or care about the details... Fine... And then when one is taken advantage of by law/finance/medical professional ,then what? Or are they even paying attention to know if and when they are being taken advantage of... Sadly, the so called professionals who have a fiduciary duty to their clients aren't much better than those... [ More ]

Reply #23

cottoneyedjoe — Sun, 22 Jan 2023 18:44:47 GMT

I think it's internet slang for source.

Reply #22

SoCola — Sun, 22 Jan 2023 18:37:56 GMT

Whats sauce

Reply #21

cottoneyedjoe — Sun, 22 Jan 2023 18:34:32 GMT

If you think you yourself are capable (and legally allowed) to do X, Y, and Z without the aid of a licensed practitioner of X, Y, and Z, then go forth and do it. Recognize that most other people prefer and actually need a professional to do these tasks. What do you get out of arguing that DIY is easier and better? Obviously these professions would not exist if that were the case.

If you want sauce, go to the grocery store.

Reply #20

ddude003 — Sun, 22 Jan 2023 17:50:15 GMT

Unfortunately, you have no clue about me... However, you have no sauce, blue or otherwise... The more you run over a dead cat the flatter it gets...

Have a wonderful life...

Reply #19

SoCola — Sun, 22 Jan 2023 17:27:54 GMT

Theres prob too much I don't know that I don't know.

I would put it in a big private bank like jp morgan where people work with 100s of millions of dollars a day in their accounts rather than a small one where they might be more tempted by it. You might get more attention with a smaller bank but your money would also be getting a lot of attention and thats not necessarily a good thing.

I would also put it in treasury bills and index funds for minimal risks. The goal at that point is to... [ More ]

Reply #18

Artist77 — Sun, 22 Jan 2023 15:55:25 GMT

Bernie's clients relied on printed account statements from Bernie. They did not verify independently that they had x money in x fund.

Reply #17

GiveFive — Sun, 22 Jan 2023 15:20:04 GMT

It's true - even a financial pro can steal your money. In the final analysis it's up to the person who's money is at stake to find someone who is trustworthy and honest. Not always an easy thing to do, and if you don't know what the right set of questions are to vet a potential money manager, then you're flying blind and by the seat of your pants. Not a good thing when you're talking about millions of dollars.

Should you trust somebody that only your gut tells you is honest? A lot of people... [ More ]

Reply #16

GiveFive — Sun, 22 Jan 2023 15:03:30 GMT

I'd look for a firm that's a fiduciary. (They promise to put their clients best interests ahead of their own)

That said there are multiple types of fiduciaries so you have to know the various types and find the type best suited to your situation. G5

Reply #15

Artist77 — Sun, 22 Jan 2023 13:13:59 GMT

Unfortunately, you are a prime example of why many lottery winners make stupid mistakes by assuming they know it all.

Next you are going to say no one can represent themselves in a court of law... lol You do understand that this is a FEDERAL right guaranteed and upheld by the Supreme court under the 6th amendment. lol

Please take a basic US government class sometime or read a book on the US system of government. We have 50 US states and US territories and each have unique laws ranging f... [ More ]

Reply #14

Artist77 — Sun, 22 Jan 2023 12:05:08 GMT

Noooo. Lol. I have enough work on my plate. I am not one of the very rare members on LP, who try to use LP to sell products or services.

Reply #13

Stat$talker — Sun, 22 Jan 2023 06:01:36 GMT

I was trying to think of a way to earn money while getting the team together.

After winning a major Jackpot?...THAT'Z whut you'd pay Money Management Professionalz to do...

Nevaah place all yo eggz in 1 basket..then hire Artist77 , ta Watch'em ALL..

Reply #12

ddude003 — Sun, 22 Jan 2023 02:43:12 GMT

I would like to know the states and the provisions... Got sauce? TV dinners... Hope the sauce is not to blue...

Really, there is no need for professionals , attorneys or otherwise... Anyone can represent themselves unless they are clueless, which may are...

Next you are going to say no one can represent themselves in a court of law...

Reply #11

zephbe — Sun, 22 Jan 2023 01:16:54 GMT

I was trying to think of a way to earn money while getting the team together. Spreading it around isn't worth the hassle.

I would take the annuity and get professionals to help manage it.

Reply #10

Artist77 — Sun, 22 Jan 2023 01:03:51 GMT

Not true. Some states require an attorney prepare it and include certain provisions in it to be legal under state law. There are even rules on how it is to be signed. And I have one and had an expert trust attorney prepare it. A lot of people now use living revocable trusts vs wills.

Reply #9

ddude003 — Sun, 22 Jan 2023 00:49:15 GMT

A living trust is an easy way to plan for the management and distribution of your assets, and you don't need an attorney to do it...

And you don't really need a money manager or the orthodox financial community... Do some due diligence...

Reply #8

Stat$talker — Sat, 21 Jan 2023 22:43:35 GMT

Reply #7

Artist77 — Sat, 21 Jan 2023 18:28:56 GMT

LF does not seem to know you need an attorney to set up a trust.

While I am not blaming the clients Kurland cheated, some of them certainly made it easy for him to do it. As a major JP winner, you need to stay actively engaged in overseeing your investments and verify anything you are told. Assigning anyone sole and exclusive oversight over your money (and excluding yourself) is laziness and stupidity at best.

Reply #6

Lotto fanatic — Sat, 21 Jan 2023 18:17:29 GMT

I clicked on this thread to mention that Jason Kurland was a Lottery Lawyer and a lot of Lottery Winners have him their Millions to protect their money for them and he stole their money. So, even professional Financial Pros can't be trusted. Lottery Winners are better off putting their Millions in Bonds and Trust Funds. There is also another type of Savings that I can't remember the name of. It starts with a C I believe, and it's meant to prevent you from touching your money until a certain time... [ More ]

Reply #5

Stat$talker — Sat, 21 Jan 2023 16:46:52 GMT

Putting THAT much money into 1 Bank Account would be ludicrous...!! cauze if it went belly-up?,especially a small regional Bank.. ..all the Bank would LEGALLY be responsible to pay you back, iz around $250,000..(FDIC)..So, NEVAAH do that..spread THAT kinda money out into numerous financial institutionz..of no more than $250,000 ea account..investment portfolioz...

You would also save on taxes..intrest income paid from dividendz iz taxed at %15 rather than the highest tax bracket for an obvio... [ More ]

Reply #4

Artist77 — Sat, 21 Jan 2023 15:51:13 GMT

I would be asking about their liability policy. Law firms have liability insurance and an overall managing partner. I would ask about the chain of command as well and ask for an organizational chart. I would want to know who supervises whom and whom they report to as well.

Reply #3

zephbe — Sat, 21 Jan 2023 07:41:04 GMT

If you put $ 145,811,615 in a bank how much interest could you earn in 6 months?

No investing -just park it there (like in a money market account) while you decide what to do with it. How much could it earn

Reply #2

KY Floyd — Sat, 21 Jan 2023 06:18:14 GMT

I'd imagine that a major reason that a lot of winners take several months before claiming the prize is that it takes them awhile to find the help they need. The corollary is why I figure the faster somebody claims the prize the more likely it is that they haven't planned properly. Sure, you can claim quickly if your cousin Eddie already knows a guy, but imagine you hired the guy cousin Eddie suggested and they turn out to be Jason Kurland.

Reply #1

Raven62 — Fri, 20 Jan 2023 15:35:25 GMT

I would start with evaluating the character of the potential Financial Advisor. A good place to start would be

The Ultimate Character Traits List:

https://benjaminspall.com/character-traits

Should You Hire a Money Pro if You Win Millions?

GiveFive — Fri, 20 Jan 2023 15:07:27 GMT

I'm a big advocate of hiring a team of finance professionals if you win millions of dollars playing the lottery. But there are some reasons why that's not an easy thing to do.

IMHO it all boils down to you doing the research necessary to find honest money managers, but even then there is still a risk that you could become a victim of financial crime. Although I advocate for doing the research, I admit that I don't have any idea how to go about doing it. I've never had millions of dollars in... [ More ]