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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 ]  
Guru101's avatar - rw6jhh
Indiana
United States
Member #48725
January 7, 2007
1958 Posts
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Posted: January 22, 2007, 11:36 pm - IP Logged

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's avatar - villiarna
    Wandering Aimlessly
    United States
    Member #25360
    November 5, 2005
    4461 Posts
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    Posted: January 23, 2007, 1:19 am - IP Logged

    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's avatar - ron paul_gold_standard.jpg
      Tennessee
      United States
      Member #24912
      October 29, 2005
      94 Posts
      Offline
      Posted: January 23, 2007, 10:02 am - IP Logged

      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

      Sun Smiley

        Coin Toss's avatar - shape barbed.jpg
        Zeta Reticuli Star System
        United States
        Member #30470
        January 17, 2006
        10392 Posts
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        Posted: January 23, 2007, 10:32 am - IP Logged

        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.

        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.

          Avatar
          California
          United States
          Member #46824
          October 1, 2006
          270 Posts
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          Posted: January 23, 2007, 11:09 am - IP Logged

          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's avatar - ron paul_gold_standard.jpg
            Tennessee
            United States
            Member #24912
            October 29, 2005
            94 Posts
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            Posted: January 23, 2007, 12:08 pm - IP Logged

            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  Smile

              Avatar
              Coastal Georgia
              United States
              Member #2653
              October 30, 2003
              1866 Posts
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              Posted: January 23, 2007, 12:22 pm - IP Logged

              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  Smile

              " 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's avatar - cold
                NC
                United States
                Member #11741
                February 23, 2005
                1233 Posts
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                Posted: January 23, 2007, 12:52 pm - IP Logged

                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's avatar - shape barbed.jpg
                  Zeta Reticuli Star System
                  United States
                  Member #30470
                  January 17, 2006
                  10392 Posts
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                  Posted: January 23, 2007, 2:03 pm - IP Logged

                  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.

                  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.

                    amsoly41's avatar - ron paul_gold_standard.jpg
                    Tennessee
                    United States
                    Member #24912
                    October 29, 2005
                    94 Posts
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                    Posted: January 23, 2007, 2:56 pm - IP Logged

                    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.

                    Wink

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

                      dingo's avatar - lottery of-birth.jpg
                      San Jose, California
                      United States
                      Member #42003
                      June 26, 2006
                      206 Posts
                      Offline
                      Posted: January 24, 2007, 12:21 pm - IP Logged

                      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

                      BedGood luck to the winners.

                        psykomo's avatar - animal shark.jpg

                        United States
                        Member #4877
                        May 30, 2004
                        5146 Posts
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                        Posted: January 24, 2007, 4:19 pm - IP Logged

                        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

                        AFTER..........LOSING.........!!!!!!!!!

                        $100.00.................................$$$$$$$$$$$.......................WITH MM

                        QUICK-TRIX' sssssssssssssss$$$$$$$$$$$.......................MABY!!!!!

                        PSYKOMO................................NEED$$$$$$......................................

                        PRIEST....."first".....!!!!

                        tax lawyer...................(next)......................LIFETIME?????????????

                        LOL

                        PSYKOMO   Hit With StickGuitarGuitarPartyParty

                          justxploring's avatar - villiarna
                          Wandering Aimlessly
                          United States
                          Member #25360
                          November 5, 2005
                          4461 Posts
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                          Posted: January 24, 2007, 4:35 pm - IP Logged

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

                            Avatar
                            md
                            United States
                            Member #14047
                            April 20, 2005
                            580 Posts
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                            Posted: January 24, 2007, 7:29 pm - IP Logged

                            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

                              Avatar
                              iowa
                              United States
                              Member #32899
                              February 16, 2006
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                              Posted: January 24, 2007, 10:51 pm - IP Logged

                              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.