Welcome Guest
Log In | Register )
You last visited December 4, 2016, 5:06 am
All times shown are
Eastern Time (GMT-5:00)

In the event you hit the jackpot ...

Topic closed. 17 replies. Last post 11 years ago by csfb.

Page 1 of 2
PrintE-mailLink

are you going to hire an attorney for one reason or another?

Yes, definitely [ 18 ]  [75.00%]
No, don't need one [ 5 ]  [20.83%]
Undecided [ 1 ]  [4.17%]
Total Valid Votes [ 24 ]  
Discarded Votes [ 5 ]  
csfb's avatar - Lottery-001.jpg

United States
Member #15309
May 13, 2005
307 Posts
Offline
Posted: March 1, 2006, 3:07 pm - IP Logged

Hey guys, this is the first time I'm posting a poll.  Hope I did it right.

    csfb's avatar - Lottery-001.jpg

    United States
    Member #15309
    May 13, 2005
    307 Posts
    Offline
    Posted: March 1, 2006, 3:15 pm - IP Logged

    I voted yes.  I'll hire one for the limited purpose of claiming my prize and keeping me away from the limelight as much as possible.  I realize I cannot be totally anonymous, but the less publicity, the better.  I will hire an attorney that is not acquainted with me, and our relationship will be very limited and short. 

      Avatar
      New Member
      Gate City, Virginia
      United States
      Member #33898
      February 25, 2006
      6 Posts
      Offline
      Posted: March 1, 2006, 3:57 pm - IP Logged

      I voted yes.  I'll hire one for the limited purpose of claiming my prize and keeping me away from the limelight as much as possible.  I realize I cannot be totally anonymous, but the less publicity, the better.  I will hire an attorney that is not acquainted with me, and our relationship will be very limited and short. 

      I Agree!, i would also get on the first plane out of the country after that was settled

        Avatar
        Sparta, NJ
        United States
        Member #18331
        July 9, 2005
        1977 Posts
        Offline
        Posted: March 1, 2006, 6:36 pm - IP Logged

        Three people voted no?  Please explain the logic to this.  What could possibly make you think you would be rationale enough to make logical decisions?  How on earth could you imagine yourself calm enough to read the fine print!  If I was the smartest lawyer in the universe, I would still hire a lawyer!

        Cheers

        |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

        I only trust myself - and that's a questionable choice

          Uff Da!'s avatar - InCelebration 001.jpg
          Washington State
          United States
          Member #33973
          February 26, 2006
          347 Posts
          Offline
          Posted: March 1, 2006, 7:10 pm - IP Logged

          My attorney is currently in the process of working up a proposal for an estate plan for me, including a living trust.  I've given him information of what I'd want to happen in the event of my death with my limited estate.  But in the event I won the jackpot, those proportions of what should go to whom would not be what I'd want at all!  If it were a large jackpot, I'd want at least 90% of it to go to charity, not to my stepchildren!  One of them can't even handle her own wages, let alone millions!

          If the jackpot were large, I'd also expect to set up a charitable trust during my lifetime, likely within the first year, to have the greatest tax savings.

            Avatar
            Coastal Georgia
            United States
            Member #2653
            October 30, 2003
            1866 Posts
            Offline
            Posted: March 1, 2006, 10:36 pm - IP Logged

            4 people voted no ?  Thud

             

            Please enlighten us as to why you would not need one( hint: if you ARE one, then that would be a good reason).

            DD

             

                                           

                          

             

             

              Uff Da!'s avatar - InCelebration 001.jpg
              Washington State
              United States
              Member #33973
              February 26, 2006
              347 Posts
              Offline
              Posted: March 2, 2006, 12:16 am - IP Logged

              Three people voted no?  Please explain the logic to this.  What could possibly make you think you would be rationale enough to make logical decisions?  How on earth could you imagine yourself calm enough to read the fine print!  If I was the smartest lawyer in the universe, I would still hire a lawyer!

              Although I said above that I'd hire an attorney, I'm not totally sure of the necessity of doing so (nor of checking with an accountant) before I collected the money.  I think a lot of people could be rational enough to make logical decisions, especially if they had done much "what would I do if . . ." dreaming ahead of time.  And what would it matter if they aren't calm enough to read the fine print?  It is not a contract to be negotiated.  It is the state's way or no way.  The only choice, it appears to me, is whether to take it as an annuity or in lump sum, and for anyone with any investment experience at all, that's a no-brainer with the low interest rate assumptions built into the annuity during these low-interest years.  (The annuity would have been far more attractive with the interest rate assumptions back in the early 1980s.)

              What I believe an attorney and accountant might be more helpful for are answering questions like "Should I take this in my own name or in trust?," "Should I create a charitable trust?," and "How will the way that it is owned impact the taxation?"  But if a person chose to collect first and see the attorney later, he/she could transfer the property to trust later.  At least I'm doing that with my house, IRAs, mutual funds, etc., so I don't see why it couldn't be done with any funds one collects from a lump sum payout.

              If anyone has specific knowledge of why one with a general understanding of investments, budgeting and taxation should seek out the detailed knowledge of an attorney or accountant before collecting rather than after, I'd be most interested in hearing. 

                emilyg's avatar - cat anm.gif

                United States
                Member #14
                November 9, 2001
                31343 Posts
                Offline
                Posted: March 2, 2006, 12:31 am - IP Logged

                Three people voted no?  Please explain the logic to this.  What could possibly make you think you would be rationale enough to make logical decisions?  How on earth could you imagine yourself calm enough to read the fine print!  If I was the smartest lawyer in the universe, I would still hire a lawyer!

                yes!!!!  I Agree!

                love to nibble those micey feet.

                 

                                             

                  sirbrad's avatar - Lottery-062.jpg
                  PA
                  United States
                  Member #22983
                  October 6, 2005
                  2226 Posts
                  Offline
                  Posted: March 2, 2006, 12:55 am - IP Logged

                  However there are those out there assuming they are doing the right thing by hiring all these "team members," yet they are getting fleeced and conned out of even more money by such so called professionals.

                  Point being, hire only who you think you really need to based on your own education, not simply because others tell you to, or tell you what you need. No one knows better what you need than YOU. Beware, there will be many looking to jump on the new bandwagon of riches.

                    four4me's avatar - gate1
                    MD
                    United States
                    Member #1701
                    June 18, 2003
                    8360 Posts
                    Offline
                    Posted: March 2, 2006, 1:03 am - IP Logged

                    Those people who voted no haven't a clue. If they should win they will find out real quick that they will need a lot more people on the payroll than a lawyer other wise more than likely they will end up back where they started. As soon as they go to the bank with their first check. The bank manager will more than likely clue them in on all the people they will need to keep their money safe. Including himself.

                      csfb's avatar - Lottery-001.jpg

                      United States
                      Member #15309
                      May 13, 2005
                      307 Posts
                      Offline
                      Posted: March 2, 2006, 2:02 am - IP Logged

                      I voted yes.  I'll hire one for the limited purpose of claiming my prize and keeping me away from the limelight as much as possible.  I realize I cannot be totally anonymous, but the less publicity, the better.  I will hire an attorney that is not acquainted with me, and our relationship will be very limited and short. 

                      I Agree!, i would also get on the first plane out of the country after that was settled

                      Good idea.  I'll disappear for a while myself.  Don't get me wrong.  It's not that  I don't wanna share my bounty, it's just that I want to be generous at my own time and pace.  In fact, in the event I win, 35% will go to a charitable foundation that I will create, not in my name, of course.  My first project will be a learning center for gifted children...  But first, I must buy that winning ticket...

                        csfb's avatar - Lottery-001.jpg

                        United States
                        Member #15309
                        May 13, 2005
                        307 Posts
                        Offline
                        Posted: March 2, 2006, 2:09 am - IP Logged

                        Chewie said,  "If I was the smartest lawyer in the universe, I would still hire a lawyer." 

                        I can only agree with you Chewie.  An attorney who represents himself has a fool for a client.

                          sirbrad's avatar - Lottery-062.jpg
                          PA
                          United States
                          Member #22983
                          October 6, 2005
                          2226 Posts
                          Offline
                          Posted: March 2, 2006, 3:19 am - IP Logged

                          I already live where most lottery winners would disappear to...the middle of nowhere. So looks like I will be saving from the start as far as travel expenses. Most are simply paranoid just because they read a few negative horror stories, probably out of the thousands of positive ones where nothing interesting ever happened. I won't be going anywhere, if somebody doesn't like the news let them leave town.

                            Avatar

                            United States
                            Member #33085
                            February 18, 2006
                            743 Posts
                            Offline
                            Posted: March 2, 2006, 5:28 am - IP Logged

                            Hey Brad!

                            That was a good but very easy question.  Smiley

                              Avatar
                              Sparta, NJ
                              United States
                              Member #18331
                              July 9, 2005
                              1977 Posts
                              Offline
                              Posted: March 2, 2006, 10:12 am - IP Logged

                              Chewie said,  "If I was the smartest lawyer in the universe, I would still hire a lawyer." 

                              I can only agree with you Chewie.  An attorney who represents himself has a fool for a client.

                              Its all about the emotional involvement.  You can't think your best when you've won a ton of money.  Flashbulbs and all.  Better to wear sunglasses and let your lawyer explain the fine print.  Later, you can always change lawyers.  A nice departure bonus will always ease any heartburn.

                              Cheers

                              |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

                              I only trust myself - and that's a questionable choice