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worldsux

United States
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October 19, 2005
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Apr 4, 2006, 11:32 pm

Everyone tells you to talk to professionals after you win, but they don't say which ones. What kind of lawyer do you consult? Definitely not one of those social security disability lawyers. But which kind? A tax attorney? One that specializes in wills and trusts? How do you check reputations? I think it should be easier to find a good financial planner. As long as they're fee for service (never go with one of those percentage of asset deals). Who else should you talk to? Anyone have any suggestions/ideas let me know. Thanks.
Dream

United States
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September 28, 2003
143 Posts
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Apr 4, 2006, 11:57 pm

Talk to your relatives and friends. They sure will help you manage your finances. Just kidding. You should consult a financial firm like Merrill Lynch or other big firms. They will be able to help you with everything you need, setting up trust, minimize tax liability, invest and so on.
justxploring

Wandering Aimlessly
United States
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November 5, 2005
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Apr 5, 2006, 3:45 am

Quote: Originally posted by Dream on April 4, 2006
Talk to your relatives and friends. They sure will help you manage your finances. Just kidding. You should consult a financial firm like Merrill Lynch or other big firms. They will be able to help you with everything you need, setting up trust, minimize tax liability, invest and so on.
Merrill Lynch? Google Merrill Lynch and key words like fraud and lawsuit! How about Paine Webber? I'm sure you'll come up with a few links! You don't have to tell anyone you won the lottery, but I'd suggest asking friends, people at church or professionals you know like your dentist or doctor for a referral. I found out the hard way and went to one of these large investment firms who lost more than 1/2 of my retirement. Then I learned to do my own research. Remember, anyone can call himself a financial planner. Always ask a lot of questions, read every prospectus, every contract and weigh the risks. There are numerous publications on investing. I'd start out with a lawyer who specializes in estate planning and setting up trusts or corporations before you even claim a large prize. There are books like The Best Lawyers in America if you can't get a personal referral. If you decide to invest in real estate, don't be stingy. Hire your own inspector and get an appraisal. A real estate attorney will review your contracts, check the titles and make sure there aren't any liens on the property. Just make sure that whoever handles your money knows what you want and listens. Don't go to someone and say "I have no idea what to do with my money, what do you suggest?" But if you do a proper response might be "Okay, what are your short-term and long-term goals? How much risk can you tolerate? Do you have children? Have you set up college funds? etc., etc." If they don't want to get to know you, then they don't really care about your money either.
Just my opinion.
tony95

Knoxville
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April 7, 2005
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Apr 5, 2006, 2:40 pm

If I ever won, I would consult my checkbook.. haha. I don't plan on finding a consultant until after I have collected the winnings and have a sum I am ready to invest. I would take the payments to get the tax deferred benefit. I read you would have to invest at a rate of %8 return to beat taking the payments and I would guess any other kind of investment would carry a much higher risk than the payments.
dvdiva

United States
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September 17, 2003
2,063 Posts
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Apr 6, 2006, 12:50 am

An example of whom to consult would be found at www.duffykekel.com
They are the lawyers I will be consulting in the off chance I win Powerball. (I play in Oregon)
If I win Megamillions I might consult someone closer in Seattle but due to the very high Oregon tax rate I would need a pro at Oregon tax law.
st.germain

chicago ill.
United States
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February 4, 2004
337 Posts
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Apr 6, 2006, 4:38 pm

1st...set up a trust by a lawyer so that you can put all your winnings into it, but get his fee before hand.
2nd...lay back until you can have the chance to pay all taxes due.
3rd...then find a decent financial planner.
4th ...then call me and we can go out and spend some of it.
annessa

United States
Member #36,800
April 7, 2006
3 Posts
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Apr 7, 2006, 1:57 am

did Worldsux win the lottery?
worldsux

United States
Member #24,007
October 19, 2005
38 Posts
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Apr 7, 2006, 8:37 am

Sorry, no I haven't. Just want us all to be prepared when we hit the big one. Someone on here has to hit eventually. At least I hope they do.
spy153

United States
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December 15, 2005
1,200 Posts
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Apr 7, 2006, 11:43 am

me too world, we have some serious talent here on lp.

voir-vous dans mes reves!
LOTTOMIKE

Tennessee
United States
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October 15, 2004
11,352 Posts
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Apr 7, 2006, 11:48 am

Quote: Originally posted by st.germain on April 6, 2006
1st...set up a trust by a lawyer so that you can put all your winnings into it, but get his fee before hand.
2nd...lay back until you can have the chance to pay all taxes due.
3rd...then find a decent financial planner.
4th ...then call me and we can go out and spend some of it.
lol.good one st. germain.....
LOTTOMIKE

Tennessee
United States
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October 15, 2004
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Apr 7, 2006, 5:55 pm

who do i consult?? NOBODY,lol
pigsNtrees

Mallorn trees of Lothlorien
United States
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November 14, 2005
199 Posts
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Apr 9, 2006, 5:15 pm

Do this before you accept the prize money.
I will need advisers to set up trusts for minimizing taxes, directing charitable giving and estate planning. I have a very good Dr. who I would ask for help on finding these advisers.
Hire a lawyer, an accountant, a financial planner and maybe an insurance adviser.
First the tax expert, then the investment adviser.
Talk to the accountant or tax attorney to figure out what my tax options are and find out how much money I will end up with after taxes.
Then hire a financial planner.

Financial Planner Board of Standards
http://www.cfp-board.org/
The National Association of Personal Financial Advisors
http://www.napfa.org/
Take the cash option but still pick conservative investments such as municipal bonds and blue chip stocks, aiming for something like a 6 percent return. I don't want to take a lot of risk.

Other things you may want to do.
Don't tell anyone. Don't do anything rash. At least for a few weeks, keep your job, keep your house and keep in touch with close friends, relatives.
Don't make grand promises in the heat of the moment to family members. Instead, wait until you've had time to talk with your advisors and get a sense of your true financial situation.
You may want to take a picture while holding the ticket, photocopy it front and back, and then put it away.
When you claim your money, no press conferences, no pictures, no commercials.
Well that all I can think of for now.

Quando Porca Volare!
worldsux

United States
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October 19, 2005
38 Posts
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Apr 9, 2006, 6:10 pm

Thanks for the tips. The things I know I'd want to do is sign the ticket and make 5 photocopies of the ticket. Then put it in a safe deposit box. Then seek advice. Just a little concerned about whose advice I need. I was thinking a tax attorney and maybe they'd refer me to one that specializes in trusts. Once that's done I'd cash the ticket, then seek the help of a finanical planner. That's about it so far, lol.
Xsmega

NY
United States
Member #16,555
June 1, 2005
1,053 Posts
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Apr 9, 2006, 6:45 pm

why not just put it in few bank accounts ...why invest it and give the chance of losing some of it, what are the chances of a major bank to go under and if there are signs it will go under pull your money out and put it in your other bank....i feel its better to keep it simple and not have to constantly keep tabs on all these multiple investments you made and then always keep in contact with bunch of stranger lawyers ,advisors, investors etc. telling you what to do and you probably didnt understand half of what they say and just nod yes, before you know it later down the road it costs a whole lotta $$ to pay for these advisors and investments commisions blah blah to much to think about
mylollipop

United States
Member #24,379
October 21, 2005
623 Posts
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Apr 11, 2006, 2:26 am

Quote: Originally posted by justxploring on April 5, 2006
Quote: Originally posted by Dream on April 4, 2006
Talk to your relatives and friends. They sure will help you manage your finances. Just kidding. You should consult a financial firm like Merrill Lynch or other big firms. They will be able to help you with everything you need, setting up trust, minimize tax liability, invest and so on.
Merrill Lynch? Google Merrill Lynch and key words like fraud and lawsuit! How about Paine Webber? I'm sure you'll come up with a few links! You don't have to tell anyone you won the lottery, but I'd suggest asking friends, people at church or professionals you know like your dentist or doctor for a referral. I found out the hard way and went to one of these large investment firms who lost more than 1/2 of my retirement. Then I learned to do my own research. Remember, anyone can call himself a financial planner. Always ask a lot of questions, read every prospectus, every contract and weigh the risks. There are numerous publications on investing. I'd start out with a lawyer who specializes in estate planning and setting up trusts or corporations before you even claim a large prize. There are books like The Best Lawyers in America if you can't get a personal referral. If you decide to invest in real estate, don't be stingy. Hire your own inspector and get an appraisal. A real estate attorney will review your contracts, check the titles and make sure there aren't any liens on the property. Just make sure that whoever handles your money knows what you want and listens. Don't go to someone and say "I have no idea what to do with my money, what do you suggest?" But if you do a proper response might be "Okay, what are your short-term and long-term goals? How much risk can you tolerate? Do you have children? Have you set up college funds? etc., etc." If they don't want to get to know you, then they don't really care about your money either.
Just my opinion.
Justexploring, thanks for sharing the good advice. $$$$$$

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