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In the event you hit the jackpot ...

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

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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 ]  
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Sparta, NJ
United States
Member #18331
July 9, 2005
1977 Posts
Offline
Posted: March 2, 2006, 10:20 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.

You could always buy the town and raise their rent!

Me, I prefer Switzerland.  Swiss Alps? Poconos?  Humm. OK, I waited half-a-second.  I'm gone!  There is always the rent-a-jet to Disney World when the urge to be trampelled by mobs of swetty animals overcomes my sanity.  A quick hop back up to New York City to enjoy the pleasures of traffic jams and trains that derail more often then Madonna.  Then there are the mud-slides in Los Angeles, that would be a fun experience.  Naw!  Switzerland, where they never heard of Chucky Schumer.  Thats the route.

Cheers

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

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

    Avatar
    Sparta, NJ
    United States
    Member #18331
    July 9, 2005
    1977 Posts
    Offline
    Posted: March 2, 2006, 10:33 am - IP Logged

    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. 

    In principle, I agree with your premise.  Unless you're a gooney-bird, lost in the desert, it doesn't take a mental giant to deal the with the initial few weeks, or months.  Especially not to a detailed extent that you need to make life-long deicisions immediately.  I am a strong advocate of Get The Money, Have The Money; deal with the problems in a weekl or two; when your rationale thought processes starts to function again.

    However, I think a lawayer would be adviseable whenever some one throws down several inches of papers and wants your signature; a signature that WILL impact you and your life forever!  Maybe not when dealing with a six thousand dollar win at the track, but definetely when big money is invloved.  You didn't have a Mortgage Lawyer when you spent a couple of hundred thousand dollars on a house - to read the fine print?  I sure as heck did.  My mother did not raise any rocket scientists, but she didn't raise any doh-doh birds either!  I'm talking about the $100M plus range.  I want some one independant, being paid to look out for me.  The lottery had lawyers write up that ton of paperwork; then had lawyers ensure they had it exactly the way they wanted it worded.  You NEED a lawyer to read it back to you.  Remember Clinton and his "Depends on what 'is' means" bulldung?  Get a lawyer, you can afford the few grand.  If you can't afford a lwayer, sell your second born!

    Cheers

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

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

      csfb's avatar - Lottery-001.jpg

      United States
      Member #15309
      May 13, 2005
      307 Posts
      Offline
      Posted: March 3, 2006, 1:40 am - 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.

      Looks like you're on the right track, i.e. having an estate plan.  Bear in mind though that a revocable living trust will not shield you from estate taxes. (known as "death taxes" to many).  But you say you have a limited estate, maybe you're in the exempted class.  That would change if you won the jackpot.

      As for your stepchildren, maybe a spendthrift trust... 

      Good Luck.