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After a big multi-million win how long would you wait to come forward?

Topic closed. 63 replies. Last post 9 years ago by applejack78.

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If you won a big multi-million lottery how long would you wait to come forward?

wait? why wait? I'd collect ASAP [ 27 ]  [23.48%]
After I told all my family... [ 2 ]  [1.74%]
Oh...about a week [ 8 ]  [6.96%]
After all the commotion and press died down [ 15 ]  [13.04%]
After I consulted a good tax attorney & lawyer [ 55 ]  [47.83%]
Honestly I never thought about it [ 8 ]  [6.96%]
Total Valid Votes [ 115 ]  
Discarded Votes [ 2 ]  
mylollipop's avatar - Trek STLOGO6.png

United States
Member #24380
October 21, 2005
623 Posts
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Posted: August 25, 2007, 2:12 am - IP Logged

This week, I will claim the smallest jackpot immediately.  The big one can wait.

    AuntiePat's avatar - animaniacs10
    Just outside of Cleveland, OH
    United States
    Member #54079
    August 3, 2007
    106 Posts
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    Posted: August 25, 2007, 5:09 pm - IP Logged

    I have been trying to figure out whats the big deal with all the talk of these lawyers and financial planners, unless one of them can show me how to duck some of those taxes then they cant tell me too much of nothing, at least not for the fees they will charge. I would think they would be a bit jealous that I am about to claim more money than they are worth and Im going to let them tell me what to do for a fee. I'd rather consult a CPA. As far as investing no investment is guaranteed. I like my chances in the Real Estate game. Everyone needs a place to stay and as long as people keep having kids there will always be a need

    I am quite sure that David Edwards thought he knew more than Financial Planners--which is why he' s  living somewhere in a VA Hospital bed and most, if not all, of his winnings are gone--however he DID make several drug dealers and  car dealers and faux antique dealers and treatment centers very comfortable. 

    In the 80's there was a Lottery Winner (back in the day when $7M was a phenomenally large JP) who was in People Mag saying that his goal after recarpeting his house was to take college courses that would enable him to make the right decisions about his windfall--this was a youngish guy in his 30's or 40's.  I often wonder about him and whether it worked for him.

      Down's avatar - Sphere animated2.gif
      Riverside, Ca
      United States
      Member #21722
      September 14, 2005
      173 Posts
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      Posted: August 31, 2007, 9:28 pm - IP Logged

      If i ever won i would do one on two things, wait to claim the money till the next big jackpot was hit, or claim it ASAP and disapear for a year or so.

        Avatar
        New Member
        Lakeville
        United States
        Member #54868
        September 1, 2007
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        Posted: September 1, 2007, 11:04 am - IP Logged

          Hi All I would collect my winnings...I just wouldn't go public...I'd give secretly to those I want to bless...

         I've always said If I won big...I'd go to  the supermarkets and look at people who you know only have so much for food for there family or themsleves and tell them to buy whatever they want cause I'm paying.... it's a nice dream...

          Avatar
          New Member

          United States
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          December 16, 2005
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          Posted: September 2, 2007, 12:46 am - IP Logged

          I am a person who would freak out that my numbers won. I would HAVE TO KEEP MY MOUTH SHUT REALLY TIGHT.

          I have to think VERY VERY CAREFULLY about signing the back of the ticket. It changes that BEARER INSTRUMENT to a REIGSTERED-TO-YOU Instrument, and there goes any hope of anonymity, and any pleas to the state to keep your name out of the paper or the public docuemnts (that could be searched, later on down the road by OTHER PEOPLE) is really just laughed at behind your back.

          The first thing to think about is, who in your immediate vicinity will find out, and can you trust them.... Me...I cant trust anybody.....

          You could form a trust to have appointed officers walk in, instead of you, and claim that ticket. but THAT still would not give you the comfort of anonymity, because the state wants to know who the beneficiary will be, (NAME and SEX and LOCATION)

          SO...you could go to NV and get a Shelf (dummy) corporation as child to a trust created under credit, and then have that corp put another child shelf corp go and claim that ticket.

          but what happens when they walk in an plunk down that ticket (registered-to-the corp-that you through anonymous proxy intemediateis, control with an iron grip) What will the state say then....then after that what do you want you company to say.....

          Even in great fortune, and windfall, you always must think a few moves ahead, just like a defensive driver looking out as he drives, for any calamity that might befall him down the road....

          Sure get yourself a tax and legal attorney....but consult them obliquely.....

            justxploring's avatar - villiarna
            Wandering Aimlessly
            United States
            Member #25360
            November 5, 2005
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            Posted: September 2, 2007, 1:18 am - IP Logged

            I have been trying to figure out whats the big deal with all the talk of these lawyers and financial planners, unless one of them can show me how to duck some of those taxes then they cant tell me too much of nothing, at least not for the fees they will charge. I would think they would be a bit jealous that I am about to claim more money than they are worth and Im going to let them tell me what to do for a fee. I'd rather consult a CPA. As far as investing no investment is guaranteed. I like my chances in the Real Estate game. Everyone needs a place to stay and as long as people keep having kids there will always be a need

            Very smart decision.  I worked for a large corporation for over 20 years. When my office was shut and I moved to FL, I continued to keep my 401K in a fixed income fund.  A few years later I rolled it over into mutual funds at the advice of a financial planner who was with one of those well respected investment firms.  I lost a lot of money - more than half.  I then called another well known financial company and lost another 30%.  All jokes aside, I think I had a nervous breakdown.  I still get periods of depression if I dwell on it.  In 2002 I took several courses and got some state licenses so I was able to attend numerous financial planning courses.  Since then I've made back around 70% but I still have less than I had in 1999 because I took the advice of financial planners.  In other words, I made better choices than they did.  (One was with Paine Weber and the other was with Edward Jones.)

            So I agree with you 100%.  I am not telling this story to complain, since I'm much better off than many people who lost everything.  However, since I've been a member for a long time, I figure it's possible someone reading this will "listen" and think twice before making a bad mistake.

              computerhead723's avatar - lightbulb
              Buffalo
              United States
              Member #54397
              August 17, 2007
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              Posted: September 2, 2007, 1:34 am - IP Logged

              I'd wait about 5 or 6 years, just to make sure I had the best lawyers on my side.

              some  states  only  give  you  a  year  to  collect  the  money ;

              the  reason  some  people  don't  come  forward  is  they  know  millions  will  be  watching  them  and  asking  questions ....and  mabey  there  is  no  one  left  in  their  lives  that  they  care  about;

              people  need  a  reason  to  No Pity! live .......

                tnlotto1's avatar - logo
                nashville
                United States
                Member #49896
                February 18, 2007
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                Posted: September 2, 2007, 2:10 am - IP Logged

                some  states  only  give  you  a  year  to  collect  the  money ;

                the  reason  some  people  don't  come  forward  is  they  know  millions  will  be  watching  them  and  asking  questions ....and  mabey  there  is  no  one  left  in  their  lives  that  they  care  about;

                people  need  a  reason  to  No Pity! live .......

                you are right computerhead723 some states make it 6 months to a year. its good to have something positive to look forward to so you will have a reason to keep on living.

                  spy153's avatar - maren

                  United States
                  Member #28409
                  December 15, 2005
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                  Posted: September 4, 2007, 9:48 am - IP Logged

                  I voted why wait?  As many times as I have laid out my plans, I don't feel the need to wait.  I want to get on with the enjoyment of the money.  It  isn't the money I want.  It's the stuff it buys that I want.  Naughty  It's the never having to worry about paying your bills on time thing that excites me.  The trip to Hawaii for all my family.  (I want to take both my parents and my hubby's, along with our brothers' and sisters' families.)  That would be a blast..Thinking of...

                  voir-vous dans mes reves!Cool

                    DC81's avatar - batman39
                    MI
                    United States
                    Member #54830
                    August 31, 2007
                    985 Posts
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                    Posted: September 4, 2007, 3:54 pm - IP Logged

                    If it were a huge amount, say I was the sole winner of the 330 million dollar/194.4M (what ever it was) Mega Millions'd I'd take  the cash option and collect ASAP, place it in a large, well respected (HA) bank under a savings account with whomever would give me the best deal, especially when it comes to interest.  Then after getting the hell out of my current location and moving elsewhere. I would then take the next step when it comes to planning, but that'd mainly just involve working on whatever tax burden I would have left after the initial taxes are taken out. I would probably wait until next year before I'd be doing a lot of spending.

                    You can't predict random.

                      SoBe Yourself's avatar - lizard3
                      New Member
                      Baltimore
                      United States
                      Member #54999
                      September 5, 2007
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                      Posted: September 5, 2007, 10:07 pm - IP Logged

                      I would have to agree whole heartedly. My big fear is the pree release. I don't want anyone to realize that it was me who won. I've read too many horror stories about people who won the big jackpot. So if very few people if any knew, than I could quietly disappear.

                        Litebets27's avatar - power
                        Maryland
                        United States
                        Member #10465
                        January 14, 2005
                        6065 Posts
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                        Posted: September 5, 2007, 10:16 pm - IP Logged

                        I would have to agree whole heartedly. My big fear is the pree release. I don't want anyone to realize that it was me who won. I've read too many horror stories about people who won the big jackpot. So if very few people if any knew, than I could quietly disappear.

                        From one Baltimorean to another, welcome to the site SoBe Yourself. Good luck and have fun.

                        I would probably hit the Lottery Headquarters within the week, but I would claim my prize anonymously.

                        litebets

                        Feeling,  PRICELESS!!!Banana

                        Come on Jackpot!!!

                          DC81's avatar - batman39
                          MI
                          United States
                          Member #54830
                          August 31, 2007
                          985 Posts
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                          Posted: September 6, 2007, 2:58 am - IP Logged

                          Shame there's no anonymity protection here in Michigan but even still I would try asking for my identity suppressed by writing, calling and whatever else to the media and to the lottery office and no interviews. Unfortunately I know that realistically wouldn't work though it would make for some interesting news if something did happen afterwards. I might just have to change my name.... After moving out of the state and somewhere where I wouldn't be found unless I wanted to be.... Yeah that wouldn't last long unless I moved to Antarctica....

                          You can't predict random.

                            SoBe Yourself's avatar - lizard3
                            New Member
                            Baltimore
                            United States
                            Member #54999
                            September 5, 2007
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                            Posted: September 6, 2007, 9:26 am - IP Logged

                            Shame there's no anonymity protection here in Michigan but even still I would try asking for my identity suppressed by writing, calling and whatever else to the media and to the lottery office and no interviews. Unfortunately I know that realistically wouldn't work though it would make for some interesting news if something did happen afterwards. I might just have to change my name.... After moving out of the state and somewhere where I wouldn't be found unless I wanted to be.... Yeah that wouldn't last long unless I moved to Antarctica....

                            I was in Delaware for the 4th of July. I saw a billboard there that says the Delaware lottery offers "anonymity protection." Good to know because I really don't want the general public to know of my winnings.

                             And yes, I'm well aware that Delaware is pretty far away from Michigan.

                              AuntiePat's avatar - animaniacs10
                              Just outside of Cleveland, OH
                              United States
                              Member #54079
                              August 3, 2007
                              106 Posts
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                              Posted: September 18, 2007, 4:03 pm - IP Logged

                              Shame there's no anonymity protection here in Michigan but even still I would try asking for my identity suppressed by writing, calling and whatever else to the media and to the lottery office and no interviews. Unfortunately I know that realistically wouldn't work though it would make for some interesting news if something did happen afterwards. I might just have to change my name.... After moving out of the state and somewhere where I wouldn't be found unless I wanted to be.... Yeah that wouldn't last long unless I moved to Antarctica....

                              Well--since OH allows anonymity and is just across the border from MI--I guess that I would, if in your shoes, quickly establish residence in OH and claim the tkt anonymously or through a trust. 

                              Just a thought.