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Preparation for picking up the prize.

Topic closed. 33 replies. Last post 11 years ago by RJOh.

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You've won. What do you do until you pick up the prize?

I speak to financial people. [ 16 ]  [31.37%]
I ask my spouse what to do. [ 2 ]  [3.92%]
I prevent my spouse from knowing. [ 0 ]  [0.00%]
I contact a tax attorney. [ 8 ]  [15.69%]
I contact a divorce attorney. [ 1 ]  [1.96%]
I stuff the ticket in my underwear. [ 2 ]  [3.92%]
I put the ticket in a safe deposit box. [ 5 ]  [9.80%]
I ask my in laws for advice. [ 1 ]  [1.96%]
I stare at the ticket continuously. [ 15 ]  [29.41%]
I let the goldfish watch the ticket under water. [ 1 ]  [1.96%]
Total Valid Votes [ 51 ]  
Discarded Votes [ 4 ]  
BaristaExpress's avatar - BaristaExpressMX zpsfb0d8b5d.png
Magnolia, Delaware
United States
Member #18795
July 20, 2005
789 Posts
Offline
Posted: November 13, 2005, 3:21 pm - IP Logged

Maybe I'm too optimistic, but I sign my tickets as soon as I purchase them. That way if they are lost or stolen, nobody can claim them since positive ID is required of course. But Justxploring, if you do that, you can't claim it as a Trust or an LLC! Claimed as a Trust or an LLC provides you a great deal of protection from law suits and other things! Remember this world today always has someone or a group of someones out there looking to make an easy buck at someone else's expense! Having the money in a Trust or forming an LLC protects you a great deal for those types of people!

Keep dreaming the impossible dream, it just may come true! Thumbs Up


    United States
    Member #25881
    November 12, 2005
    62 Posts
    Offline
    Posted: November 13, 2005, 4:53 pm - IP Logged

    I think we can all guess what we would do,

    but we can't know for sure until it happens,

    and that whatever we decide to do then

    will be based on the reality and that point

    in time & how we feel we should take action

    and for most of us the guesses before mostly

    won't mean or matter much then if it's for real.

      justxploring's avatar - villiarna
      Wandering Aimlessly
      United States
      Member #25360
      November 5, 2005
      4461 Posts
      Offline
      Posted: November 14, 2005, 4:08 am - IP Logged

      Maybe I'm too optimistic, but I sign my tickets as soon as I purchase them. That way if they are lost or stolen, nobody can claim them since positive ID is required of course. But Justxploring, if you do that, you can't claim it as a Trust or an LLC! Claimed as a Trust or an LLC provides you a great deal of protection from law suits and other things! Remember this world today always has someone or a group of someones out there looking to make an easy buck at someone else's expense! Having the money in a Trust or forming an LLC protects you a great deal for those types of people!

      Thanks for the warning, but I'm not sure I agree.  I am familiar with creating trusts to avoid probate and litigation & to reduce one's estate before death. However, what you wrote makes sense even though I'm not sure signing my name would prevent me from forming a revocable trust and collecting the money as the trustee.  It is food for thought,  however.  Hmm.  PonderI'm pretty sure I'd have to apply for another tax ID for the trust, but I also think I could still use my name and collect the winnings as trustee of the "Nancy J. Xploring Trust"  Every state website says to sign your ticket so I just assumed that with proper ID they wouldn't be that petty, but maybe I'm giving them too much credit.  The name of the Trust would then be stated on the claim form. An LLC can be tricky.  I'd definitely get a good tax lawyer if I won a lot of money.

        RJOh's avatar - chipmunk
        mid-Ohio
        United States
        Member #9
        March 24, 2001
        19903 Posts
        Offline
        Posted: December 7, 2005, 2:50 pm - IP Logged

        Maybe I'm too optimistic, but I sign my tickets as soon as I purchase them. That way if they are lost or stolen, nobody can claim them since positive ID is required of course. But Justxploring, if you do that, you can't claim it as a Trust or an LLC! Claimed as a Trust or an LLC provides you a great deal of protection from law suits and other things! Remember this world today always has someone or a group of someones out there looking to make an easy buck at someone else's expense! Having the money in a Trust or forming an LLC protects you a great deal for those types of people!

        According to the tax laws I've read you are suppose to pay taxes on all your lottery winnings. Signing all your tickets even the ones under $600 leaves a paper trail back to you.  Many people neglect to record these winnings on their tax forms because they are not included on the W-2G the state send you for your winnings of $600 or more.  If your are including these small winnings on your tax forms then that shouldn't be a problem.

         * you don't need to buy more tickets, just buy a winning ticket * 
           
                     Evil Looking