In the event you hit the jackpot ...Prev Topic Next Topic

New Topic New Poll

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

Yes, definitely

[ 18 ]

[ 75.0% ]

No, don't need one

[ 5 ]

[ 20.8% ]

Undecided

[ 1 ]

[ 4.2% ]

Total valid votes

[ 24 ]

Discarded votes

[ 5 ]

csfb

United States
Member #15,309
May 13, 2005
307 Posts
Offline

Mar 1, 2006, 3:07 pm

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

United States
Member #15,309
May 13, 2005
307 Posts
Offline

Mar 1, 2006, 3:15 pm

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.
Blueraider

Gate City, Virginia
United States
Member #33,897
February 25, 2006
6 Posts
Offline

Mar 1, 2006, 3:57 pm

Quote: Originally posted by csfb on March 1, 2006
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 would also get on the first plane out of the country after that was settled
Chewie

Sparta, NJ
United States
Member #18,330
July 9, 2005
1,977 Posts
Offline

Mar 1, 2006, 6:36 pm

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!

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

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

Washington State
United States
Member #33,972
February 26, 2006
349 Posts
Offline

Mar 1, 2006, 7:10 pm

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.
DoubleDown

Coastal Georgia
United States
Member #2,653
October 30, 2003
1,866 Posts
Offline

Mar 1, 2006, 10:36 pm

4 people voted no ?

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!

Washington State
United States
Member #33,972
February 26, 2006
349 Posts
Offline

Mar 2, 2006, 12:16 am

Quote: Originally posted by Chewie on March 1, 2006
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

50

United States
Member #14
November 9, 2001
31,614 Posts
Offline

Mar 2, 2006, 12:31 am

Quote: Originally posted by Chewie on March 1, 2006
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!!!!

love to nibble those micey feet.
sirbrad

PA
United States
Member #22,982
October 6, 2005
2,229 Posts
Offline

Mar 2, 2006, 12:55 am

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

MD
United States
Member #1,701
June 18, 2003
10,731 Posts
Offline

Mar 2, 2006, 1:03 am

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

United States
Member #15,309
May 13, 2005
307 Posts
Offline

Mar 2, 2006, 2:02 am

Quote: Originally posted by Blueraider on March 1, 2006
Quote: Originally posted by csfb on March 1, 2006
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 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

United States
Member #15,309
May 13, 2005
307 Posts
Offline

Mar 2, 2006, 2:09 am

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

PA
United States
Member #22,982
October 6, 2005
2,229 Posts
Offline

Mar 2, 2006, 3:19 am

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.
BevsPicks

United States
Member #33,084
February 18, 2006
810 Posts
Offline

Mar 2, 2006, 5:28 am

Hey Brad!
That was a good but very easy question.
Chewie

Sparta, NJ
United States
Member #18,330
July 9, 2005
1,977 Posts
Offline

Mar 2, 2006, 10:12 am

Quote: Originally posted by csfb on March 2, 2006
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.

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

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

New Topic New Poll

Subscribe to this topic

In the event you hit the jackpot ...Prev TopicNext Topic

In the event you hit the jackpot ...Prev Topic Next Topic