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What would you do if you had the winning lottery ticket BUT.Prev TopicNext Topic
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Quote: Originally posted by hypersoniq on May 28, 2007
I would not waste time deliberating, the ticket would be signed INSTANTLY!
If I win, I will refuse the press conference (you CAN do that), only use my name on the ticket (not drag the mrs. into it), and refuse any and all press-related questions... being met by the barrel of a pair of Glocks should dissuade curiosity seekers, and the first time I would get bugged by solicitations, I will sue the state for creating the situation in the first place...
PA will wish it was more like Delaware if I ever win...
You are better off meeting the press and getting it over with.
All they are going to do is ask you what you are going to do with the money, so you give 'standard' replies: Go on a long vacation, pay off my siblings mortgages, give a bunch to charity, quit your job, etc. But what you REALLY do with it nobody has to know, so don't tell 'em.
You can sue the state all you want, let me know when you do that so I can LMAO, you will lose.
Why will you lose ?
'The state' didn't FORCE you to buy a ticket, so if you buy a ticket, you get the baggage that comes with it. You want to sue the state for creating the situation in the first place ? DON'T BUY A TICKET ! YOU are creating your situation.
The paranoia by some on this site is just simply astounding.
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No press conference means no photo... that's one layer of protection.
You don't need to WIN a lawsuit to get your message across. The state never warned players of the negative attention they would have thrust upon them either... feel free to check out www.palottery.com for such a warning...
In my opinion, releasing such info is reckless endangerment. There are enough states that allow anonymity. Should someone win and they are left alone after being identified, then great... that's the way it should be. They didn't warn people about coffee being HOT at Starbucks and someone won that lawsuit...
Not like I am likely to have that problem anyway, but it's better to have a plan then to have nothing. By next august I will be moving out of PA anyway (coincidentally, to a PB state that allows anonymity).
It's not paranoia, it's planning... you are set up to fail. First they take 25%, the reason you need to hire a tax attorney is to pay the additional 10% (more if a democratgets elected) in taxes you will owe... look how many stories you can find online about people who win getting in tax trouble. Then there is the matter of where to put the money. How to protect your assets...
My plan is fairly complete... except for the actual winning part.
Have an EXCELlent day!
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Quote: Originally posted by Viceroy on May 1, 2007
First of all, let me introduce myself,
My Name's Viceroy, I have been trying to work on this problem for about a month now.... and I'm going to post it to you, to see what you have to say, I am looking forward to hearing any comments, or suggestions, and I hope that there is someone on this board with maybe a little knowldge as to a certain part of the subject matter that I am trying to convey....
Anyway, Here goes.
Let's say for instance you bought what turned out to be the WINNING POWERBALL TICKET. You just seen the numbers flash on the TV screen, and your Numbers match......HOORAY!
But now you come across a dillema.
After reading accounts of Identity theft, and accounts of the alternative minimum tax eating away at people's lives (AMT supposed to soak the rich, drawn everyone in middle class instead), and stories of greedy family members, and wives and how horrible some peoples lives end up becoming after BIG LIFE ALTERING WINS.....(jack whittaker, for example)
....all that has turned you completely paranoid, and fearful...(not fearful enough to stop playing or god forbid tear up the Winning ticket)
So there you are, about to "follow the rules" and IN INK put YOUR NAME to the back of the ticket to start the process of claiming your win.
But you stop, right before that pen touches that paper.
You realize that putting your name to the back of that winning ticket turns that BEARER INSTRUMENT (read anonymous) into a REGISTERED INSTRUMENT (meaning linked to you)
and you start to sweat. You have to. because this is the FIRST step in a process that may make you lose control of your life and your future as you know it...;..and if you kept your mouth shut and did not scream out....ONLY YOU...know that the winning ticket is in your possesion.....
AT THIS STAGE OF THE GAME You can probably be sure that the lottery knows that SOMEONE won, but they are not sure WHO...and they do not immediately know that its YOU (unless someone at the mini-mart you purchased that ticket at blabbed, or provided security tapes to lottery officials, to go through the process of DL photo matching)
I will postulate this to you.....and I want you to keep this in mind should you ever win....
FREINDS, FAMILY MEMBERS, BUSINESS ASSOCIATES, even second cousins thrice removed who you never heard of will SOAK YOU FOR EVERY LAST POSSIBLE DIME YOU STAND TO GET, and THEY BELIVE THEY ARE ENTITLED TO THAT WINNINGS, no matter what you think, feel or or say...You are just a means to that greenback ending up in THEIR POCKET. Not yours. THink about it.
Love your family, love your church, love your freinds, but NEVER EVER EVER let tham use you as a conduit to that money.
NOT TO MENTION GOVERNMENT, who take 25% off the top through a W-4G and have it all set up before you even walk through the door, because they know someone won that night (even if they are really not sure WHO) and I guarantee you that AMT that i spoke about before will try to extract EVEN MORE...
So there you are....ready to put pen to the back of the ticket, and you stop REALIZING ALL THIS....
What do you do?
Well, in the one instance of family and freinds, you have to control WHO KNOWS, and preferably WHO DOESN'T KNOW(and to control suspiscion)...Preferably you do not want ANYONE TO KNOW until that money if safely locked away in a bank account that you control, and no one else can touch it, or you to get it (hanger on's or loan shark "friends", or greedy ex-wives)
And in the case of the Government, you want to minimize the amount of taxes, and other expenditures taken out of that pile. ESPECIALLY if you wanted CASH option.
Preferably you only want them to be able to tax it TWICE ONLY (once for federal, once for state), before it goes into your hands. and if you make any money OUTSIDE OF YOUR WIN that year(wages tips etc.) you only want Government to tax what you made, and not have to risk being exposed to the AMT. or even double taxation.
Never mind money made as return on investments that you use PART OF THE PILE to generate, which you only want taxed on the gains ONLY and not the pile.
Correction of things at their end may take long and arduous process that TAKE TIME, and time is MONEY out the window. So you want to minimize or eliminate that problem before it gets a chance of rear its ugly head.
------------------------------------------------------------
SO. I have been looking at Corporation brokers as a way to solve this problem. The idea being...You buy a dummy corporation.
You have dummy corporation walk in (instead of you) and say to the Lottery officials...
"We hired someone out of state and he purchased aforementioned ticket for us. He was compensated for his time and effort and is no longer with the company.. and wishes not to be bothered. .Here is the winning ticket, let's process it, please, and here is the account we wish to send funds to."
All the while YOU are hanging back at the hotel room, in FULL CONTROL of the agents walking in in your place, What exactly they are to say to lottery officials, and any responce they could give to officials if they stant getting REALLY NOSY...(because in some powerball states, they want the NAME AND LOCATION of said person who bought the ticket, because they want to bother said person.)
And if all works out...You have a PRIVATE company you control instead of an EXPOSED individual risking privacy loss. And in the case of TAXES, that Company (that you control) gets taxed on the Ticket, and you dont. leaving you to pay for your own taxes outside of THAT WIN, all the while still controling the comapny with the account full of MOOLAH!
Aaanyway, this is an oversimplified plan of attack, to control you winnings, your way. There is a lot more involved, I guess you know what that may or may not be....NOTICE I DID NOT SAY ANYTHING ABOUT TAX AVIODANCE, I do not intend to. The Winnings SHould only be taxed ONCE. (federal and state) before it goes under your control, after that if you(rather, the company you control) make any money using any part of that pile as investment...that should be taxed too (or deducted off company tax books if it is a loss)
The other aspect or advantege of having your PILE OF DOUGH in a company you SECRETLY with REPRESENTATION, control, is that anybody snooping around your private affairs (your public credit record, for example, or your asset holdings) you appear to them as OWNING nothing....not even a new car. The idea here is that the company you SECRETLY CONTROL THROUGH PROPER REPRESENTATION, purchases, and owns (on paper) said property. Then its a matter of paperwork having that said company allowing you to use said property for "business use"
And if you want money from your pile, another aspect you could get is to hire you (as an individual) as an outside contractor, or "butler" or "housesitter" or "gardener" or "interior decorator" or "chauffer" or "procurement agent" to buy your needed goods and services, or food or to drive yourself around, proivide entertainment material, etc.
that all depends on how involved you put the paperwork, and how much you can automate so that you do not get bogged down in the paperwork....
Aaaanyway these are my ideas, and i wanted to post them here, anything you could add here is greatly appreciated. I look forward to your comments.
Viceroy.
Sorry for the long post.
For a sizeable piece of the action you give me the ticket I'll take care of the paper work and you can buy a private island somewhere, and we'll both live happily ever after. Or you could go about your lifestyle as if nothing ever happened all the while laughing all the way to the bank. And I'll buy my own private getaway where i can live happily ever after knowing that your secret is safe with me.
Big John says. You don't hit the number. The number hits you!!!!
I'm not Big John, I'm Four4me, Big John's a friend. -
Quote: Originally posted by Viceroy on May 1, 2007
First of all, let me introduce myself,
My Name's Viceroy, I have been trying to work on this problem for about a month now.... and I'm going to post it to you, to see what you have to say, I am looking forward to hearing any comments, or suggestions, and I hope that there is someone on this board with maybe a little knowldge as to a certain part of the subject matter that I am trying to convey....
Anyway, Here goes.
Let's say for instance you bought what turned out to be the WINNING POWERBALL TICKET. You just seen the numbers flash on the TV screen, and your Numbers match......HOORAY!
But now you come across a dillema.
After reading accounts of Identity theft, and accounts of the alternative minimum tax eating away at people's lives (AMT supposed to soak the rich, drawn everyone in middle class instead), and stories of greedy family members, and wives and how horrible some peoples lives end up becoming after BIG LIFE ALTERING WINS.....(jack whittaker, for example)
....all that has turned you completely paranoid, and fearful...(not fearful enough to stop playing or god forbid tear up the Winning ticket)
So there you are, about to "follow the rules" and IN INK put YOUR NAME to the back of the ticket to start the process of claiming your win.
But you stop, right before that pen touches that paper.
You realize that putting your name to the back of that winning ticket turns that BEARER INSTRUMENT (read anonymous) into a REGISTERED INSTRUMENT (meaning linked to you)
and you start to sweat. You have to. because this is the FIRST step in a process that may make you lose control of your life and your future as you know it...;..and if you kept your mouth shut and did not scream out....ONLY YOU...know that the winning ticket is in your possesion.....
AT THIS STAGE OF THE GAME You can probably be sure that the lottery knows that SOMEONE won, but they are not sure WHO...and they do not immediately know that its YOU (unless someone at the mini-mart you purchased that ticket at blabbed, or provided security tapes to lottery officials, to go through the process of DL photo matching)
I will postulate this to you.....and I want you to keep this in mind should you ever win....
FREINDS, FAMILY MEMBERS, BUSINESS ASSOCIATES, even second cousins thrice removed who you never heard of will SOAK YOU FOR EVERY LAST POSSIBLE DIME YOU STAND TO GET, and THEY BELIVE THEY ARE ENTITLED TO THAT WINNINGS, no matter what you think, feel or or say...You are just a means to that greenback ending up in THEIR POCKET. Not yours. THink about it.
Love your family, love your church, love your freinds, but NEVER EVER EVER let tham use you as a conduit to that money.
NOT TO MENTION GOVERNMENT, who take 25% off the top through a W-4G and have it all set up before you even walk through the door, because they know someone won that night (even if they are really not sure WHO) and I guarantee you that AMT that i spoke about before will try to extract EVEN MORE...
So there you are....ready to put pen to the back of the ticket, and you stop REALIZING ALL THIS....
What do you do?
Well, in the one instance of family and freinds, you have to control WHO KNOWS, and preferably WHO DOESN'T KNOW(and to control suspiscion)...Preferably you do not want ANYONE TO KNOW until that money if safely locked away in a bank account that you control, and no one else can touch it, or you to get it (hanger on's or loan shark "friends", or greedy ex-wives)
And in the case of the Government, you want to minimize the amount of taxes, and other expenditures taken out of that pile. ESPECIALLY if you wanted CASH option.
Preferably you only want them to be able to tax it TWICE ONLY (once for federal, once for state), before it goes into your hands. and if you make any money OUTSIDE OF YOUR WIN that year(wages tips etc.) you only want Government to tax what you made, and not have to risk being exposed to the AMT. or even double taxation.
Never mind money made as return on investments that you use PART OF THE PILE to generate, which you only want taxed on the gains ONLY and not the pile.
Correction of things at their end may take long and arduous process that TAKE TIME, and time is MONEY out the window. So you want to minimize or eliminate that problem before it gets a chance of rear its ugly head.
------------------------------------------------------------
SO. I have been looking at Corporation brokers as a way to solve this problem. The idea being...You buy a dummy corporation.
You have dummy corporation walk in (instead of you) and say to the Lottery officials...
"We hired someone out of state and he purchased aforementioned ticket for us. He was compensated for his time and effort and is no longer with the company.. and wishes not to be bothered. .Here is the winning ticket, let's process it, please, and here is the account we wish to send funds to."
All the while YOU are hanging back at the hotel room, in FULL CONTROL of the agents walking in in your place, What exactly they are to say to lottery officials, and any responce they could give to officials if they stant getting REALLY NOSY...(because in some powerball states, they want the NAME AND LOCATION of said person who bought the ticket, because they want to bother said person.)
And if all works out...You have a PRIVATE company you control instead of an EXPOSED individual risking privacy loss. And in the case of TAXES, that Company (that you control) gets taxed on the Ticket, and you dont. leaving you to pay for your own taxes outside of THAT WIN, all the while still controling the comapny with the account full of MOOLAH!
Aaanyway, this is an oversimplified plan of attack, to control you winnings, your way. There is a lot more involved, I guess you know what that may or may not be....NOTICE I DID NOT SAY ANYTHING ABOUT TAX AVIODANCE, I do not intend to. The Winnings SHould only be taxed ONCE. (federal and state) before it goes under your control, after that if you(rather, the company you control) make any money using any part of that pile as investment...that should be taxed too (or deducted off company tax books if it is a loss)
The other aspect or advantege of having your PILE OF DOUGH in a company you SECRETLY with REPRESENTATION, control, is that anybody snooping around your private affairs (your public credit record, for example, or your asset holdings) you appear to them as OWNING nothing....not even a new car. The idea here is that the company you SECRETLY CONTROL THROUGH PROPER REPRESENTATION, purchases, and owns (on paper) said property. Then its a matter of paperwork having that said company allowing you to use said property for "business use"
And if you want money from your pile, another aspect you could get is to hire you (as an individual) as an outside contractor, or "butler" or "housesitter" or "gardener" or "interior decorator" or "chauffer" or "procurement agent" to buy your needed goods and services, or food or to drive yourself around, proivide entertainment material, etc.
that all depends on how involved you put the paperwork, and how much you can automate so that you do not get bogged down in the paperwork....
Aaaanyway these are my ideas, and i wanted to post them here, anything you could add here is greatly appreciated. I look forward to your comments.
Viceroy.
Sorry for the long post.
Viceroy,
In response to your post. Common sense prevails here. In the state of Oregon the release of your full name and the place were you bought the winning ticket is released to the public. You will be initially taxed 25% federally and 8% for the state of Oregon on Megabucks or Powerball prizes in excess of $600. But that is not your final tax obligation to the departments of revenue for your state and federal government. I am sure a tax adviser or tax attorney could help you with this. In the state of Oregon you can not form trusts to claim lottery prizes nor can you claim a lottery prize under the condition of anonymity. Once again common sense prevails here.
Fear. If I was afraid of the financial power that lottery winnings would bring me I would not buy tickets. I buy tickets because I risk my $1 on the chance that my life will be altered forever from that point on. It is and only you the winner of those winnings that decides if it will become a burden in your life or a blessing. That is what money can do to any one. It can help you to live a better life or it can aide to destroy your life. A little common sense helps along the way.-weshar75
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What a long introductory post!
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No.
What I am saying here, is that you hire a Out-of-state Front Company. The front company goes in, and says to the officials,
1. We claim this ticket in the name of XYZ corp, of Outta state, LLC
2. XYZ corp is the winner, and sole owner of said ticket.
(All the while, You control secretly XYZ corp.)
3. We (being the company) purchased said ticket at this establishment, through a TEMP individual that we asked not to reveal his name to us, to insulate said TEMP from US
4. We hired a temp to walk in and purchase this ticket (with our money),
The TEMP does not know what the numbers were that we purchased( It was in an envelop, with instructions to the cashier to process the contents of the envelop(the playslip and the bet money)), and intructins told the cashier to seal the tickets back in the same envelop before handing it back to the temp. The temp then walked out of establishment, and handed envelop to us,
we compensated said temp for his services(what, like $5 cash , just for walking in and waiting for the cashier to process...), and then released him from our services, and TEMP has no idea what was in the envelop we handed him to give to the cashier (other than yes it was a lottery betslip to process, but has no idea what numbers was on the ticket.)
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Aaaanyway THAT's what you could possibly tell th FRONT company(that you secretly control) to say to officials when they walk in to claim it All above board, but it keeps you from dealing with the spotlight.
that's an idea. but i know you folks might shoot it down, but then again, it could be a level of abstraction separating YOU from unwanted publicity.
And yeah, I know lottery officials could use that idea, too, and cheat the system. But the idea is trying to keep your name(and all that entails) from unwanted people's eyes, all the while collecting what is rightfully your win, and paying your fair share of taxes, in the process.
