Putting the millions in the bank... how?

Reply #47

JetSet9 — Thu, 16 Oct 2003 01:52:11 GMT

hypersoniq posed a question I've been wondering about.Would one bank take a huge amount? (I'm talking huge) I would not want one bank holding all of my dough......I have had it set up in my mind this way for a while:*Put a chunk in one main bank.You then ask that bank for a cashiers check for the remaining amount.....You then repeat this until you spread it around to different institutions*......Didn't I read where someone on here actually works in a bank?? Maybe this person would know.Good luck... [ More ]

Reply #46

vincejr — Tue, 14 Oct 2003 15:21:11 GMT

As for me, I would invest i

Reply #45

rundown99 — Mon, 13 Oct 2003 17:49:31 GMT

Quote: O

Reply #44

hypersoniq — Mon, 13 Oct 2003 15:09:15 GMT

the trust itself is the identity for the back of the ticket...For example, you form a trust... something like the Excalibur Trust (would defeat the purpose using the family's last name).Back of the ticket would be signed by the person cashing it in, but the printed name would be The Excalibur Trust . Make sure to photocopy BOTH sides of the ticket, for some type of recourse, as it provides things not made public (ticket code... what they type in at the terminals to validate small winners, Tic... [ More ]

Reply #43

mken35 — Mon, 13 Oct 2003 12:22:25 GMT

Again, You can never be so sure about things you never done before, How can you trust people to do the right thing and be loyal to you, To have someone speak up for you at the podium with mikes in his face, I am old fashion don't know about all that get a middle man to do the dirty work and expect him to be honest and bring the check for a 100 million dollars to me, I would be very nervous til I get it, There are so many scams out there and legal situations that can tie your money up, out there... [ More ]

Reply #42

dvdiva — Mon, 13 Oct 2003 03:15:46 GMT

well if its a lawyer you have hired to form your trusts (and you have the writen contract in your person) and in the contract it specifies that the lawyer will bring in the winning ticket and place it in the trust then assuming its an honest lawyer (yeah i know), the lawyer can file all the paperwork at the lottery office.

Reply #41

visiondude — Mon, 13 Oct 2003 02:38:47 GMT

Quote: O

Reply #40

megamillionaire — Sun, 12 Oct 2003 15:42:49 GMT

Quote: Originally posted by visiondude on October 11, 2003 you would still have to have someone on your financial team validate your ticket on your behalf initially in order to remain anonymous. anonymityisaninsurancepolicyonyourvision VisiondudeLottery tickets are like bearer bonds, he who holds the ticket is the owner of said ticket. So if you want to remain anonymous you'd better ask the lottery folks to let you remain anonymous when YOU take the ticket for validation.

Reply #39

JetSet9 — Sun, 12 Oct 2003 03:45:03 GMT

Ok Ok,I know.It's ano

Reply #38

JetSet9 — Sun, 12 Oct 2003 03:39:53 GMT

Ok guys.Not meaning

Reply #37

JetSet9 — Sun, 12 Oct 2003 01:56:33 GMT

$117 Million!!! Wow! It just keeps growing!! Let's see,after all has been taken out,that should leave me rougly $39 mill? Correct me if I'm wrong.I will be honest and say that I plan on living LARGE.My values will not change.I'm well into my 30's now,and have seen many a dark days,so my mettle is fortified within.But it's just a glamour ride I would take for a good 10 years or so.And as I approach mid life I'll start tapering off.(While still living well.of course!)................................. [ More ]

Reply #36

JetSet9 — Sun, 12 Oct 2003 00:58:41 GMT

Thanks so much,midwstrngirl

Reply #35

midwstrngirl — Sat, 11 Oct 2003 23:27:29 GMT

Quote: Originally posted by JetSet9 on October 09, 2003 Now a very smart gal friend of mine says she'd put it in an LLC(Limited Liability Corporation).She says it would be protected from taxes. Actually a LLC formed in the U.S. is still liable for U.S. taxes. BONDS seem like a good idea.LOT'S of bonds. Depends on the type of Bonds. Right now the interest rates are low, however, triple tax free bonds might be a viable option for a lottery winners portfolio. What do ya'll think about swiss bank a... [ More ]

Reply #34

visiondude — Sat, 11 Oct 2003 02:21:49 GMT

you would still have to have someone on your financial team validate your ticket on your behalf initially in order to remain anonymous. anonymityisaninsurancepolicyonyourvision

Reply #33

Bradly_60 — Fri, 10 Oct 2003 23:12:41 GMT

I belive with most states that are in multi state games they give you a check for the share the your state is supposed to give for the jackpot minus all the taxes you have to pay. It takes a couple weeks for all the other states to wire the money to the state where the winning ticket was sold....that causes the hold up. Well at least I think that is how it is.Brad

Reply #32

hypersoniq — Fri, 10 Oct 2003 22:14:14 GMT

as soon as I win, I'll let you all know how they pay you... until then...

Reply #31

Loops — Fri, 10 Oct 2003 21:55:09 GMT

~~~Don't know how they do it in Louisiana but in NY they don't give you the money for a while~~~From what I've read, it's going to be pretty much the same for any multistate lottery. They do give you a check when you validate, but it's only the sum from that state. Then you have to wait a couple weeks for the other states to send the money to your state.

Reply #30

megamillionaire — Fri, 10 Oct 2003 17:21:16 GMT

Reply #29

rundown99 — Fri, 10 Oct 2003 16:30:41 GMT

Quote: Originally posted by megamillionaire on October 10, 2003 Don't know how they do it in Louisiana but in NY they don't give you the money for a while (you get a small amount to tide you over) and tell you to get a tax lawyer and financial adviser first . MegamillionaireBefore the lotteries give out the majority of the grand prize, do the lotteries give winners a certain amount of money at first so that people can take care of their affairs (such as paying bills, scheduling flights to get... [ More ]

Reply #28

megamillionaire — Fri, 10 Oct 2003 15:03:19 GMT

Quote: O

Reply #27

JetSet9 — Thu, 09 Oct 2003 15:15:35 GMT

Okay.But when I r

Reply #26

hypersoniq — Thu, 09 Oct 2003 14:57:02 GMT

LLC records are public... true anonymity can only be achieved via a trust (because setting up anything else ,even a foundation limits your control over how the money is used.

Reply #25

JetSet9 — Thu, 09 Oct 2003 14:47:16 GMT

Hello,I'm a newbie.

Reply #24

visiondude — Mon, 01 Sep 2003 11:34:54 GMT

a+b=c and that will lead to

Reply #23

WILLSELL — Mon, 01 Sep 2003 11:05:38 GMT

We who have nothing work hard at trying to get what we don't have...while those that have it, pay someone to work hard at keeping what they have. M = BAIL ², where M = money b=bamks A = accountants I = Investments and L= Lawyers.In the world of the rich, they spend their time checking on bail, that is their only real job.

Reply #22

visiondude — Mon, 01 Sep 2003 00:40:35 GMT

Quote: Originally posted by kbcherokee on August 31, 2003 Use what talent you possess you should see the graceful move which i possess when pulling out that $1 bill and handing it to the clerk (for my 1 QP). i practiced for many hours in front of a mirror just to make sure i had the right angle on my wrist. my signature move is much like those old west gun slingers in that i am lightning fast, yet graceful at the same time. you would be impressed.i guess that would be my talent a... [ More ]

Reply #21

kbcherokee — Sun, 31 Aug 2003 23:56:44 GMT

Tso-gali-I = Friends Use what talent you possess: The woods would be very silent if no birds sang except those that sang best. Chief

Reply #20

visiondude — Sun, 31 Aug 2003 23:48:41 GMT

may the force be with me visiondude, lottery post jedimasterofvision

Reply #19

midwstrngirl — Sun, 31 Aug 2003 19:13:19 GMT

never tell me the odds han solo, star wars

Reply #18

visiondude — Sat, 30 Aug 2003 23:59:33 GMT

LOTT

Reply #17

hypersoniq — Sat, 30 Aug 2003 08:56:02 GMT

Quote: Originally posted by MrSteel01 on August 30, 2003 Don't you have to win first!Big problem/just win!You have 180 day's in most States!! I have read in more than one place that 1/2 to 2/3 of all lottery jackpot winners of $1,000,000.00 or more end up worse off than they were before winning, and broke within 3 to 5 years.Most lottery offices take 6 to 8 weeks to validate the ticket and get you your money, why add 180 days to that? Also, if you go to the financal planner, tax attorney and a... [ More ]

Reply #16

visiondude — Sat, 30 Aug 2003 06:09:14 GMT

it pays to be prepared...which is why we have these conversations... BEFOREHANDANOTHERWORDFORVISION

Reply #15

MrSteel01 — Sat, 30 Aug 2003 02:50:53 GMT

Don't you have to win first!Big problem/just win!You have 180 day's in mostStates

Reply #14

hypersoniq — Wed, 27 Aug 2003 19:04:07 GMT

Quote: Originally posted by Bradly_60 on August 27, 2003 If you have a spouse and two children that is. got it covered! (spouse + 3 children

Reply #13

Bradly_60 — Wed, 27 Aug 2003 16:56:14 GMT

Hey I work in a bank. You can get your money insured up to $2,000,000 in a bank by FDIC. If you have a spouse and two children that is. That is the max you can get from the FDIC. But I dont see what would be wrong with putting 10 million or more in one bank. I mean the only way you would lose over 9 million of it would be if the bank went belly up. Not many banks do that and if they did...i am sure they would get some help before going under. Just make sure the bank is good to their custo... [ More ]

Reply #12

megamillionaire — Wed, 27 Aug 2003 15:10:13 GMT

Quote: O

Reply #11

Jvb0715 — Wed, 27 Aug 2003 12:20:52 GMT

Good morning and hello. I am the newbie on the block and I have been enjoying all your posts and learning a bunch of stuff. In regards to large sums of money in the bank here is my thought:Large monetary transactions take place all the time in banks. Just think of the huge construction loans for hotels, etc. I feel certain large banks are equipped to deal with the issue of a large deposit. For me, personally, I am having the money wired to my bank and use it as a very short holding station for d... [ More ]

Reply #10

visiondude — Tue, 26 Aug 2003 21:18:46 GMT

i dunno chief. mo

Reply #9

kbcherokee — Tue, 26 Aug 2003 19:33:31 GMT

Visiondude:ANOTHER GREAT IDEA...But I don't think I could get Squaw to fetch $ when need it... She no like that smell... It's bad enough getting her to gather up Buffalo Chip's for fire.Chief

Reply #8

visiondude — Tue, 26 Aug 2003 19:25:23 GMT

CHIEF,you bury under porta-potty. no one look under there (pee-yew) VISION

Reply #7

kbcherokee — Tue, 26 Aug 2003 19:10:49 GMT

Tso-gali-I = Friends Me get many coffee cans, (BIG ONES), and bury $ on Reservation. No need Bank...Hey-yea-yea-yea-yea, Hey-yea-yea-yea-yeaChief

Reply #6

midwstrngirl — Tue, 26 Aug 2003 14:55:18 GMT

switzerland...no bank there has ever failed

Reply #5

PAStone — Mon, 25 Aug 2003 23:54:22 GMT

Buy yourself a nice home and a nice car pay off your bills put your kids through college.Put the rest in different bank accounts.You can live off the interest alone for the rest of your life.I don't trust any accountants or lawyers handling my cash!!!Watch your so-called friends come out of the closet

Reply #4

gilla — Mon, 25 Aug 2003 23:36:20 GMT

Have a bunch of $90,000 accounts and when they reach $100,000 from the interest, take the $10,000 and start some more.

Reply #3

Thomas Covenant — Sun, 24 Aug 2003 18:04:52 GMT

You can buy more bank account insurance, but only up to $200,000. You probably wouldn't have all your money in a regular bank account anyway. You would probably have most of it in investments. And most investments aren't insured. Best thing to do is consult a tax attorney and financial advisors before you claim your jackpot.

Reply #2

hypersoniq — Sun, 24 Aug 2003 17:46:19 GMT

I still prefer the total c

Reply #1

Thomas Covenant — Sun, 24 Aug 2003 17:29:22 GMT

You could always take a portion lump sum and take a portion in an annuity. You can buy that multi-million dollar house with the lump sum and pay your taxes and expenses each year with the annuity.

Putting the millions in the bank... how?

hypersoniq — Sun, 24 Aug 2003 15:53:31 GMT

Say you won a veritable fortune (like 20 or 30 million, lump sum after taxes)... how would you go about banking it?(disclaimer... I know that is what the tax attorney and financial advisor would help here if it were for real, just curious on what the general opinion is)some issues to consider...1. Insurance... FDIC will only insure up to 100k in an account (corporate accounts, are they higher?)... would you buy insurance on a majority of the money?... would they write supplemental insurance for