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

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Who would you contact first?

A Financial Planner

[ 15 ]

[ 17.6% ]

A Lawyer (In General)

[ 29 ]

[ 34.1% ]

A Tax Lawyer

[ 30 ]

[ 35.3% ]

An Accountant

[ 7 ]

[ 8.2% ]

A Priest

[ 1 ]

[ 1.2% ]

A Shrink

[ 1 ]

[ 1.2% ]

A Divorce Lawyer

[ 2 ]

[ 2.3% ]

Total valid votes

[ 85 ]

Discarded votes

[ 4 ]

Guru101

Indiana
United States
Member #48,723
January 7, 2007
1,961 Posts
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Jan 22, 2007, 11:36 pm

Safe deposit box? No thank you. We're talking about a lottery ticket worth lots of money. It just a little slip of paper, small and fragile. As soon as I find out it's a jackpot winner, the only hands that ticket will be in is mine. I would not let anyone touch it, and probably not let anyone see it until I go to claim my prize. That might sound obsessive, but a tiny slip of paper worth millions of dollars is something that shouldn't be taken lightly.
justxploring

Wandering Aimlessly
United States
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November 5, 2005
4,461 Posts
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Jan 23, 2007, 1:19 am

Quote: Originally posted by Guru101 on Jan 22, 2007
Safe deposit box? No thank you. We're talking about a lottery ticket worth lots of money. It just a little slip of paper, small and fragile. As soon as I find out it's a jackpot winner, the only hands that ticket will be in is mine. I would not let anyone touch it, and probably not let anyone see it until I go to claim my prize. That might sound obsessive, but a tiny slip of paper worth millions of dollars is something that shouldn't be taken lightly.

Sorry everyone that I keep posting on this thread, but I just read this comment, and Guru again has a good point. How would you prove you had the winning lottery ticket in it? What if there was a fire? I would sleep with it, wear it, never let it out of my sight until it was validated. This is copied from the FDIC web site
Safe Deposit Boxes
The contents of a safe deposit box are not insured by the FDIC. (Make sure you read the contract you signed with the bank when you rented the safe deposit box in the event that some type of insurance is provided; some banks may make a very limited payment if the box or contents are damaged or destroyed, depending on the circumstances.) If you are concerned about the safety, or replacement, of items you have put in a safe deposit box, you may wish to consider purchasing fire and theft insurance. Separate insurance for these perils may be available; consult your insurance agent. Usually such insurance is part of a homeowner's or tenant's insurance policy for a residence and its contents. Again, consult your insurance agent for more information.
In the event of a bank failure, in most cases an acquiring institution would take over the failed bank's offices, including locations with safe deposit boxes. If no acquirer can be found the FDIC would send boxholders instructions for removing the contents of their boxes.
amsoly41

Tennessee
United States
Member #24,911
October 29, 2005
94 Posts
Offline

Jan 23, 2007, 10:02 am

Thank you CA LotteryGuy and justxploring

You have been a great help.

Thanks to TODD for this great website

It is very informative.

So if a winner of a large Lottery prize wants to remain anonymous

One should only play in a state that allows you to remain anonymous (KS, MD, ND, DE, SC, LA, NH, OH, OK, PA)

If that is feasible where one lives.

Because forming a blind trust will not gain you anything in some states.

I guess I will be driving to the SC border more often.

I would rather trade the no state taxes for the anonymity
Coin Toss

Zeta Reticuli Star System
United States
Member #30,469
January 17, 2006
11,788 Posts
Offline

Jan 23, 2007, 10:32 am

amsoly41
This is from the Powerball website FAQ page:
CAN I REMAIN ANONYMOUS WHEN I HIT THE JACKPOT?

All but three states (DE, KS, ND) have laws that require the lottery to release the name and city of residence to anyone who asks. One state (SC) will keep your name secret if you request it, but if someone files a Freedom of Information Act request, you may have to file a plea with the judge to deny it. Photos and press conferences are always up to you. Most of the time, it is advisable to get it over with the press so that you don't have one or more reporters following you around to get that "exclusive" interview. A few more lotteries may work with you on setting up a trust or other partnership. You or your representative should contact the lottery for the details after you win.

http://www.powerball.com/pb_contact.asp

I can certainly see someone filing such a request just for spite or just out of flat out "nosy neighbor" syndrome. (By the all but three states above I think they mean of Powerball states)

On another thread about remaining anonymous, Justxploring pointed out that if someone won a court case over this, they would become famous for having won their right to reamoin anonymous!

Those who run the lotteries love it when players look for consistency in something that's designed not to have any. So many systems, so many theories, so few jackpot winners.

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.
CA LotteryGuy

California
United States
Member #46,823
October 1, 2006
270 Posts
Offline

Jan 23, 2007, 11:09 am

Quote: Originally posted by justxploring on Jan 23, 2007
Sorry everyone that I keep posting on this thread, but I just read this comment, and Guru again has a good point. How would you prove you had the winning lottery ticket in it? What if there was a fire? I would sleep with it, wear it, never let it out of my sight until it was validated. This is copied from the FDIC web site
Safe Deposit Boxes
The contents of a safe deposit box are not insured by the FDIC. (Make sure you read the contract you signed with the bank when you rented the safe deposit box in the event that some type of insurance is provided; some banks may make a very limited payment if the box or contents are damaged or destroyed, depending on the circumstances.) If you are concerned about the safety, or replacement, of items you have put in a safe deposit box, you may wish to consider purchasing fire and theft insurance. Separate insurance for these perils may be available; consult your insurance agent. Usually such insurance is part of a homeowner's or tenant's insurance policy for a residence and its contents. Again, consult your insurance agent for more information.
In the event of a bank failure, in most cases an acquiring institution would take over the failed bank's offices, including locations with safe deposit boxes. If no acquirer can be found the FDIC would send boxholders instructions for removing the contents of their boxes.

justxploring and Guru 101....so I guess the question is should one put their winning ticket in what is considered a very safe and secure place (safety deposit box) or keep it yourself?
There is risk in both options Should you put the ticket in a safety deposit box with a major bank (this would answer the bank failure problem and the vault most likely is fire proof), let no one know you have the ticket and get your plans set you should be in good shape. This course of action versus keeping the ticket on your self 24/7 where you could lose or misplace it.
One big part of the decision process is how long before you go the lottery to claim your prize. If a short time, (1-2 days) hang on to it. If you are going to get all your plans put in place first then you may want to go the safety deposit route. Well, I guess this is one of those decisions that one will have to make when they wake up and realize they have won the big one!!
amsoly41

Tennessee
United States
Member #24,911
October 29, 2005
94 Posts
Offline

Jan 23, 2007, 12:08 pm

Coin Toss

Well on PB Winners page I found under

2004 Winners

Anonymous

South Carolina June 26, 2004 Cash $34,231,030.83

Does anyone know whom the person or persons are?

I think I will take my chances in SC
DoubleDown

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

Jan 23, 2007, 12:22 pm

Quote: Originally posted by amsoly41 on Jan 23, 2007
Coin Toss

Well on PB Winners page I found under

2004 Winners

Anonymous

South Carolina           June 26, 2004           Cash           $34,231,030.83

Does anyone know whom the person or persons are?

I think I will take my chances in SC

" Does anyone know whom the person or persons are "

Nope .

They claimed anonymously and stayed that way. At least so far.....

Good for them !!!!

DD
Kidzmom

NC
United States
Member #11,741
February 23, 2005
1,234 Posts
Offline

Jan 23, 2007, 12:52 pm

Tax Attorney would be my first contact. I would only seek advice, I will not sign a thing because they too can be crooks! I will leave the accountants alone, I will not end up like Jack Whitaker!!.

K.
Coin Toss

Zeta Reticuli Star System
United States
Member #30,469
January 17, 2006
11,788 Posts
Offline

Jan 23, 2007, 2:03 pm

amsoly41
Oh, good for those people in South Carolina. I'm not at all saying staying anonymous can't be done, I'm just saying know the potential "traps".

Those who run the lotteries love it when players look for consistency in something that's designed not to have any. So many systems, so many theories, so few jackpot winners.

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.
amsoly41

Tennessee
United States
Member #24,911
October 29, 2005
94 Posts
Offline

Jan 23, 2007, 2:56 pm

Quote: Originally posted by Coin Toss on Jan 23, 2007
amsoly41
Oh, good for those people in South Carolina. I'm not at all saying staying anonymous can't be done, I'm just saying know the potential "traps".

Good Point.

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

San Jose, California
United States
Member #42,002
June 26, 2006
206 Posts
Offline

Jan 24, 2007, 12:21 pm

If you could plan ahead, then it's not a windfall fortune.
Why do you need a tax lawyer but not a genral lawyer to do paper work?

How many people think that they will hit the Powerball jackpot tonight?
Probably, millions of folk will have tickets under their pillows and pray to God before they go to sleep. That include me. Amen
Good luck to the winners.
psykomo

United States
Member #4,877
May 30, 2004
5,289 Posts
Offline

Jan 24, 2007, 4:19 pm

Quote: Originally posted by psykomo on Jan 15, 2007
PSYKOMO.............voted............
........"PRIEST".........
even...."JACK BLACK" agrees with ME!!
....bumped into @ a crap table in Vegas.....
He ain't broke...........................yetttt !!!!!!!

AFTER..........LOSING.........!!!!!!!!!
$100.00.................................$$$$$$$$$$$.......................WITH MM
QUICK-TRIX' sssssssssssssss$$$$$$$$$$$.......................MABY!!!!!
PSYKOMO................................NEED$$$$$$......................................
PRIEST....."first".....!!!!
tax lawyer...................(next)......................LIFETIME?????????????
LOL
PSYKOMO
justxploring

Wandering Aimlessly
United States
Member #25,359
November 5, 2005
4,461 Posts
Offline

Jan 24, 2007, 4:35 pm

Everyone here is always talking about remaining anonymous. So maybe Plastic Surgeon should be added to the list.
delS

md
United States
Member #14,047
April 20, 2005
627 Posts
Offline

Jan 24, 2007, 7:29 pm

Quote: Originally posted by justxploring on Jan 24, 2007
Everyone here is always talking about remaining anonymous. So maybe Plastic Surgeon should be added to the list.

This is so funny! Plastic surgeon!!!!! I'll add that the next time
mangeydog

iowa
United States
Member #32,898
February 16, 2006
46 Posts
Offline

Jan 24, 2007, 10:51 pm

I am all for remaining anonymous, but if you win a big jackpot I think you are better off just giving the cursory interview to the media and being done with it. The intrigue factor just goes up if someone wins $250 million+ and tries to remain anonymous. You don't necessarily have to go on the Today show or anything, but the harder you try to hide the more they will come after you. And, yes, a plastic surgeon would be on my list of contactees. I have broken my nose four times, and while it looks just fine, I can't breathe through the left nostril very well. Truly annoying come allergy time.