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Contacting Professionals After You Hit A Multi-Million Dollar Prize!

Topic closed. 57 replies. Last post 10 years ago by Stack47.

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Who would you contact first?

A Financial Planner [ 15 ]  [17.65%]
A Lawyer (In General) [ 29 ]  [34.12%]
A Tax Lawyer [ 30 ]  [35.29%]
An Accountant [ 7 ]  [8.24%]
A Priest [ 1 ]  [1.18%]
A Shrink [ 1 ]  [1.18%]
A Divorce Lawyer [ 2 ]  [2.35%]
Total Valid Votes [ 85 ]  
Discarded Votes [ 4 ]  
pigsNtrees's avatar - pigsNtrees
Mallorn trees of Lothlorien
United States
Member #26084
November 14, 2005
199 Posts
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Posted: January 11, 2007, 1:50 pm - IP Logged

I voted for lawyer, as I would want to put my winnings in a blind trust. Why, a blind trust you say? So I could stay anonymous.

BTW I live in Texas where there is no state tax, however I cross the border into La. to buy Powerball. If I where to win, would I have to pay La. state tax?

Quando Porca Volare!

drunk hobbit

    SirMetro's avatar - center
    East of Atlanta
    United States
    Member #6191
    August 11, 2004
    1389 Posts
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    Posted: January 11, 2007, 6:12 pm - IP Logged

    Humm...I didn't see professional Body Guard as an option and with how nuts folks are these days, damn near need one if you get anything of any significant value

      TheGameGrl's avatar - character catafly.jpg
      A long and winding road
      United States
      Member #17084
      June 10, 2005
      4523 Posts
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      Posted: January 11, 2007, 7:05 pm - IP Logged

      Humm...I didn't see professional Body Guard as an option and with how nuts folks are these days, damn near need one if you get anything of any significant value

      I agree SirMetro, a bodyguard is needed in some areas. Folks in my town have bodyguards to guard there dentures at night! Those denture stalkers are notorious. ( just jesting)

      My list is not necssarily prioritized but a necessity should I be blessed to claim a large sum.

      1: My pastor. To bless my family and myself during this change that is evitable to transpire.

      2: A Great Lawyer. To set up my provisions during interum of deposit to my account

      3: A financial advisor

      4: My bank.

      5: My employer, Not to quit but to request a week or two off to travel.

      6: A great realtor to get scouting for land to build my home

      7: The architect.

      8: My Doctor . Check up and run test so my ticker keeps ticking

      ~~Is it true, Is it kind,Is it necessary. ~~~

       Thanks be to the giving numbers: 1621,912,119 02014

        Avatar
        NY
        United States
        Member #23835
        October 16, 2005
        3474 Posts
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        Posted: January 12, 2007, 2:05 am - IP Logged

        I voted for lawyer, as I would want to put my winnings in a blind trust. Why, a blind trust you say? So I could stay anonymous.

        BTW I live in Texas where there is no state tax, however I cross the border into La. to buy Powerball. If I where to win, would I have to pay La. state tax?

        Assuming LA taxes their lottery winnings, yes.

          Coin Toss's avatar - shape barbed.jpg
          Zeta Reticuli Star System
          United States
          Member #30470
          January 17, 2006
          10345 Posts
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          Posted: January 15, 2007, 7:05 pm - IP Logged

          TheGameGrl

           I wonder about:

          5: My employer, Not to quit but to request a week or two off to travel.

          I've always wondered, if you came into a multi-million dollar jackpot, would there be a moral obligation so to speak to move over and free the job up for someone who really needs it?

          The Chicago printer who won $43,000,000 and said he'd keep working for $650 a week comes to mind.  I don't think he lasted a month.

          8: My Doctor . Check up and run test so my ticker keeps ticking

           Mybe, maybe not.

          "Fortunatley you've won that jackpot because it appears you now have STLWM-itis. (share the loot with me- itis). There are some new tests that we do but they're very, very expensive."

          (Actually, the doctor is the one with the STLWMitis!) 

          Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

          Lep

          There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

            justxploring's avatar - villiarna
            Wandering Aimlessly
            United States
            Member #25360
            November 5, 2005
            4461 Posts
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            Posted: January 15, 2007, 7:26 pm - IP Logged

            "I've always wondered, if you came into a multi-million dollar jackpot, would there be a moral obligation so to speak to move over and free the job up for someone who really needs it?

            The Chicago printer who won $43,000,000 and said he'd keep working for $650 a week comes to mind.  I don't think he lasted a month. "  Coin Toss

             

            Yes, Coin Toss.  I'm not sure about a moral obligation, but most people would resent a multi-millionaire at a "regular" job.  Of course it depends on the job, since many working people are wealthy.  I also think the attitude of the person with money is important. I once worked with a woman who kept talking about her designer clothes, etc.  It didn't bother me (I thought she was funny) but many people couldn't stand her because she'd say stuff like "watch where you drip that coffee. These shoes cost me more than you make in a week!" 

            If I were working in a place where 2 weeks notice would help them find my replacement, I would definitely give it, but I wouldn't tell people I won the lottery.  No matter how nice a person is, the first time your boss yells at you or you're asked to clean the urinal, that $43M must start to sink in!!

              psykomo's avatar - animal shark.jpg

              United States
              Member #4877
              May 30, 2004
              5115 Posts
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              Posted: January 15, 2007, 8:26 pm - IP Logged

              I'm just going to cash the check and carry the money around with me..:):)..

              PSYKOMO.............voted............

              ........"PRIEST".........

              even...."JACK BLACK" agrees with ME!!

              ....bumped into @ a crap table in Vegas.....

              He ain't broke...........................yetttt     !!!!!!!

              Jack-in-the-BoxChairThinking of...PokeDunkStoogesLet It All Out

                Guru101's avatar - rw6jhh
                Indiana
                United States
                Member #48725
                January 7, 2007
                1953 Posts
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                Posted: January 15, 2007, 10:36 pm - IP Logged

                Where's the "Just claim your money" option?What?

                  psykomo's avatar - animal shark.jpg

                  United States
                  Member #4877
                  May 30, 2004
                  5115 Posts
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                  Posted: January 16, 2007, 2:33 am - IP Logged

                  my voted for tax lawer,beacause thats a few others were left out like the bank for an safty depost box for i have up to 180 days to claim evey thing.

                  PSYKOMO..................enJOY'ssssssssssssssssssssssssssssssssss

                  watchin...people .......MARCH

                  in FORRANT.................of ....................purlitterrrrPSYKOMO!!!!!!!!!!!!

                  MAKING>>>>>>>>>>>>>>>>>>>>>SACK-FULL of MONEY$$$$$$

                  IN..............THEIR.................................SAFE-DEPOSIT---------BOXE$

                  OH................YEA..................................PLAY QP'sssssssssssssssss

                  BUT...............when I walk out & get in my (ford}}}}}}JAGUAR}}}}

                  JHEyyyyyyyyyyGET ...............................in a $150,000 BENZzzzzzz!

                  LOL

                  PSYKOMO 

                    justxploring's avatar - villiarna
                    Wandering Aimlessly
                    United States
                    Member #25360
                    November 5, 2005
                    4461 Posts
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                    Posted: January 20, 2007, 2:10 pm - IP Logged

                    Where's the "Just claim your money" option?What?

                    You make a valid point here, Guru101.  I like your comment. Everyone always advises winners to seek professional help. Many of us don't know a good lawyer, so we'd have to get a referral.  My past experience with both financial planners and lawyers hasn't been that great and I've done much better making my own decisions.  For some reason, I am then influenced by the idea that they know more than I do and then I lose all over again.

                    That said, at this point if I won $20 million, I would have absolutely no idea what to do with it all at once.  So maybe electing the annuity would be a way to give the winner time to research his options.  One of those might be to choose one of the above selections after buying a home or taking a long vacation.

                      amsoly41's avatar - ron paul_gold_standard.jpg
                      Tennessee
                      United States
                      Member #24912
                      October 29, 2005
                      94 Posts
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                      Posted: January 22, 2007, 10:43 am - IP Logged

                      HERE IS A SNIPPET FROM  [THS INVESTIGATES CURSE OF THE LOTTERY]

                      SOME GOOD ADVISE.

                      Money experts advise laying low and taking a deep breath
                      Before you hand over your lucky numbers.

                      Don't tell anybody.

                      Put the winning Lottery Ticket in a safe deposit box.

                       "One of the first things a lottery winner should do in a perfect world is not claim the ticket in their name. You can form a blind trust, and you can have the lottery winnings put into the trust."


                      Now you have to know what you're doing to do that.
                      You have to go to a lawyer.

                      Planning becomes imperative.
                      The money is just a tool for the family, and if there is no plan, then the money becomes just a tool to use frivolously.

                      We Want to be able to bring in an accountant, an attorney, a financial Planner, a Counselor--
                      It all depends on the needs of the family, what they're trying to achieve, and what is their vision for the future.

                      The difference between happy lottery winners, and those whose lives end in tragedy
                      Has more to do with mindset than money.

                      SO I SAY CONTACT A TAX LAWYER FIRST.

                      Wink

                      Money can't buy you happiness... but it does bring you a more pleasant form of misery Wink

                        Avatar
                        California
                        United States
                        Member #46824
                        October 1, 2006
                        270 Posts
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                        Posted: January 22, 2007, 11:32 am - IP Logged

                        One of the things that frustrates me is the so-called experts that make statements about claiming the money in a blind trust.  Yes, it said, in a perfect world; but we live in the real world.  Claiming in a blind trust or any other type of tool that allows you to stay unknown is not an option in most places.  While not an expert on the situation, I am aware of only 10 states (KS, MD, ND, DE, SC, LA, NH, OH, OK, PA) that allow a winner to claim as anonymous or in a trust. 

                        It is a virtual certainty that in California you are going to get your name in the paper.  What the lotteries want is a person attached to a wining jackpot, and a story they can promote.
                          Avatar

                          United States
                          Member #10438
                          January 13, 2005
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                          Posted: January 22, 2007, 11:51 am - IP Logged

                          you forgot----------- contac aliens  Agree with stupid

                            amsoly41's avatar - ron paul_gold_standard.jpg
                            Tennessee
                            United States
                            Member #24912
                            October 29, 2005
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                            Posted: January 22, 2007, 2:15 pm - IP Logged

                            One of the things that frustrates me is the so-called experts that make statements about claiming the money in a blind trust.  Yes, it said, in a perfect world; but we live in the real world.  Claiming in a blind trust or any other type of tool that allows you to stay unknown is not an option in most places.  While not an expert on the situation, I am aware of only 10 states (KS, MD, ND, DE, SC, LA, NH, OH, OK, PA) that allow a winner to claim as anonymous or in a trust. 

                            It is a virtual certainty that in California you are going to get your name in the paper.  What the lotteries want is a person attached to a wining jackpot, and a story they can promote.

                            Now this is interesting and opens up a whole lot of questions.

                            I live in Tennessee.

                            On the tnlottery dot com website.

                            It states the following in Faq section.

                             

                            [The prize can be issued to an individual, corporation, organization, partnership, trust or estate. Any non-individual claimant must provide documentation of authority to the TEL before the prize will be paid.

                            Can the winner of a large Lottery prize remain anonymous?

                            Tennessee law requires the Lottery to disclose the name, home state, and hometown of winners if a request is received for such information. ]

                             

                            It does not stipulate if one can claim in a blind trust it just says "TRUST or ESTATE. "

                            Also it says that TN law requires the Lottery to Disclose the Name etc of the winners.

                            If ones claim is in a blind trust (If that is possible) wouldn’t the Name disclosed be in the Blind Trusts Name? What?
                              justxploring's avatar - villiarna
                              Wandering Aimlessly
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                              November 5, 2005
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                              Posted: January 22, 2007, 6:58 pm - IP Logged

                              Now this is interesting and opens up a whole lot of questions.

                              I live in Tennessee.

                              On the tnlottery dot com website.

                              It states the following in Faq section.

                               

                              [The prize can be issued to an individual, corporation, organization, partnership, trust or estate. Any non-individual claimant must provide documentation of authority to the TEL before the prize will be paid.

                              Can the winner of a large Lottery prize remain anonymous?

                              Tennessee law requires the Lottery to disclose the name, home state, and hometown of winners if a request is received for such information. ]

                               

                              It does not stipulate if one can claim in a blind trust it just says "TRUST or ESTATE. "

                              Also it says that TN law requires the Lottery to Disclose the Name etc of the winners.

                              If ones claim is in a blind trust (If that is possible) wouldn’t the Name disclosed be in the Blind Trusts Name? What?

                              Disclaimer:  I am not a lawyer or financial advisor. LOL

                              I agree with CAlotteryguy. It's very hard to keep your picture out of the paper, especially during a slow news week. Also, the form in which you claim the prize isn't just the issue here, it's the law regarding anonymity which is a state decision.  Also some states allow only one individual to claim a jackpot and others allow several to be paid.  So if you win in a state that will only pay one claimant and you are in a pool or simply sharing with a friend, you probably should see a lawyer to create some kind of legal agreement.

                              AFAIK, you can always claim a jackpot in the form of a Trust or LLC, etc., but in states like Florida they still list the names of the people in the trust.  There have also been many groups who've won prizes throughout the country in state games and in multi-state games.  Example, a group who called itself "Lucky 13" won PB in Missouri.  If you look at the press release for PB in April, all of the names of the winners and their ages & home towns were printed.

                              As I once posted on a thread, you can probably request anonymity for personal reasons and hire a lawyer. However, you'll probably get more publicity doing this, so it's best to do what's required to get your money and then try to stay out of the spotlight.