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winning millions on jackpots,state lottery responsibility

Topic closed. 12 replies. Last post 10 years ago by TexasDreams.

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should state lotteries have programs to prepare jackpot winners for their new life?

yes they should have classes or seminars [ 17 ]  [39.53%]
no its not the state lottery place to do it [ 25 ]  [58.14%]
not sure [ 1 ]  [2.33%]
Total Valid Votes [ 43 ]  
Discarded Votes [ 0 ]  
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Thread Starter
Tennessee
United States
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October 15, 2004
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Posted: December 1, 2007, 6:56 am - IP Logged

should state lotteries have programs or seminars to prepare jackpot winners for their new life so they can properly prepare and not make mistakes or be taken advantage of?  to make sure they can deal with the scores of people who ask for money,how to deal with people wanting them to invest,how to make sure they don't go broke quickly,etc.

    spy153's avatar - maren

    United States
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    Posted: December 1, 2007, 7:02 am - IP Logged

    Yes, I think they should have them.  But I think they should only be offered, not pushed.  And I would expect a small fee for the services. 

    voir-vous dans mes reves!Cool

      four4me's avatar - gate1
      MD
      United States
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      June 18, 2003
      8557 Posts
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      Posted: December 1, 2007, 10:54 am - IP Logged

      Should you win the lottery you will most likely speak with lottery officials they may offer you suggestions on which avenues to approach regarding securing you windfall. Seek and attorney, investment counselor etc. However it's not their responsibility to guide you in any way. Actually if they did then you could sue them if you followed their advise and then for whatever reason failed at your attempt.

      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.
        ThatScaryChick's avatar - x1MqPuM
        Idaho
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        Posted: December 1, 2007, 2:41 pm - IP Logged

        I don't know if it should be a requirement, but I think it would be nice if the lottery officials would offer suggestions or maybe a booklet filled with things that help winners out or maybe even a short type of "class" to help those who win big, deal with their money.   

          justxploring's avatar - villiarna
          Wandering Aimlessly
          United States
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          Posted: December 1, 2007, 5:23 pm - IP Logged

          No.  Although people have brought it up before, I think the whole concept is ridiculous.  "Here's your money, so now it is necessary to attend classes on what to do with it."  I do believe that they should have programs (which they do, but they're not very effective) to help those who gamble too much on the lottery.  However, if you count the number of people who actually win large jackpots in one state, the number is small.   I mean, how many people have won PB or MM in any one state?  Anyway, it's up to the individual if he/she wants to contact a financial advisor or even discuss his own personal investments with anyone else.

          By the way, the funding has to come from someplace. Enough of my money goes to the lottery without offering someone who now has millions free advice.  Actually, turn it around and give free counseling to those who get upset when they don't win or offer classes on pick-3 strategies.  LOL

          ScaryChick's idea of a booklet is good.  Even a DVD might be an idea, like one of those dramatized movies they make for students.  They could show 2 families, 1 that invested wisely and was prudent and another that went wild and bought a lot of fancy stuff and how their lives changed.

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            Amarillo/Austin
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            Posted: December 1, 2007, 5:49 pm - IP Logged

            Perhaps there is a business opportunity for a qualified individual to offer classes to those who aspire to be lottery millionaires.  You need the education before you win . . . not afterwards.  The educator would have a lot more students if the hopeful players took classes before they won.  Maybe a company could be formed offering all types of services for a moderate monthly fee.  Much like pre-paid legal insurance.

            There are things you can do before you enter the lottery office that would weigh significantly on your future.  This includes forming a trust, handling publicity, dealing with relatives and other freeloaders, tax considerations and other issues that slap lottery winners in the face.

            For instance, how would you arrange your affairs so a future wife couldn't take you to the cleaners in a divorce.  A lot of women will marry a newly-wealthy man for his money, wait a few years and take half of his winnings or seek a big alimony settlement. 

            My favorite lawyer once said, "trust no one, not even me."  Unfortunately, he has been dead for two years. 

            Orangeman

              konane's avatar - wallace
              Atlanta, GA
              United States
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              Posted: December 1, 2007, 6:04 pm - IP Logged

              Seems if lotteries offered any type advice then there would be an implied responsibility/liability if that advice didn't work. 

              That's why they suggest you seek whatever counsel you choose so if you're wrong then you have only yourself to blame.

              Good luck to everyone!

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                Thread Starter
                Tennessee
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                Posted: December 3, 2007, 7:51 am - IP Logged

                i think this was a good poll.interesting to see what the masses think....

                  Coin Toss's avatar - shape barbed.jpg
                  Zeta Reticuli Star System
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                  Posted: December 3, 2007, 10:48 am - IP Logged

                  The Missouri Lottery website has a pretty informative guide about what to do if you hit a jackpot. 

                  It even suggests getting out of town for awhile.  

                  orangeman

                  "Perhaps there is a business opportunity for a qualified individual to offer classes to those who aspire to be lottery millionaires.  You need the education before you win . . . not afterwards.   "

                  Human nature being human nature, people would probably say, "I'll pay tyou after I win", and we know assuming a lotto win is ridiculous.

                  Maybe there is a need in the lines of a "Winner Protection Program" - I've joked about this before, but if a winner could have someone else represent them at a press conference (I think this happened in Oklahoma - or they avoided a press conference) and then fade away, it would really benefit them.  

                  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.

                    Coin Toss's avatar - shape barbed.jpg
                    Zeta Reticuli Star System
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                    Posted: December 3, 2007, 12:34 pm - IP Logged

                    From the Missouri Loyttery website (home page, Games drop down menu, When You Win, If You Win A Jackpot)

                     If You Win a Jackpot

                     

                    Do all of your numbers match those drawn? Sit down and take a few deep breaths — your life may never be the same again. However, before you shout your good news from the rooftop or quit your job, do some serious thinking and go through the following 10 steps:

                       1Take your time on important decisions.This is the most important thing to remember. During a huge life change, it is crucial that you remain calm, take your time and don't make rash decisions like quitting your job or moving to another state. You will have a lot of decisions to make and you want to be sure they are the best decisions.
                    • The great news is you probably have more options and choices than ever before! And according to 97 percent of our past jackpot winners, the experience has been a very positive one.
                    • For more information about claiming your prize or the process, call the Missouri Lottery headquarters at (573) 751-4050.
                      2Sign your ticket and keep it secure.Before you do anything else, sign the back of your ticket and put it in a safe place. Your ticket is your only claim for the prize. We recommend a locked box or a safety deposit box.  Mum's the word.Tell the fewest people possible. Good news spreads fast, and you may have news media coming to your door or people calling before you have a chance to place your claim or put your ticket in a safe place.  4Get sound advice.Get professional tax and/or legal advice to help you decide the best way for you to claim your prize. When you Contact Us to claim your prize, you will have to do two things: A. Decide how you will claim your prize.No matter which payment plan you choose, the Lottery will withhold 25 percent federal and 4 percent state taxes on your prize payment. You may owe additional taxes depending upon your other income, etc.B. Decide how you will receive your jackpot money.If you win the Lotto jackpot, you can choose to receive the full amount in 25 annual payments minus taxes, or you can receive approximately one-half the advertised prize amount in one lump payment minus taxes. The lump-sum cash payment is about half of the advertised prize amount since you immediately get the money the Lottery would have invested during the next 25 years.If you win the Powerball jackpot, you can choose to receive the full amount in 30 graduated annuity payments throughout 29 years minus taxes, or you also can receive approximately one-half the advertised prize amount in one lump payment minus taxes. Again, the lump-sum cash payment is about half of the advertised prize amount since you immediately get the money the Lottery would have invested during the next 30 years.Note: You have exactly 60 days from the drawing date to choose the cash option. If you haven't made a decision by that time, the prize will automatically be paid out in 25 annual payments (Lotto) or 30 annual payments (Powerball).  5Visit a Missouri Lottery office.You will be greeted at the Lottery office by one of our customer service representatives and given instructions. If you haven't done so already, you will fill out a Missouri Lottery claim form and IRS Form W-9 — Request for Taxpayer Identification Number and Certification since your prize is over $600. If you have any questions about your claim or your prize, this is the time to ask Missouri Lottery personnel.  6Do you want to hold a news conference?At the Lottery office, a member of the Lottery's communications staff will ask you questions about your win, such as how many tickets you bought, when you found out that you won and what you plan to do with your prize money. This information will be used for a news release.
                    • You will also be asked, but are not required, to participate in a news conference, most likely at the store where you purchased your winning ticket. News conferences can also be held at a Lottery office. This provides the media with a single photo opportunity and a chance for them to ask you a few questions without having each of them contact you at home or at work.
                      • A. You want to do a news conference. — News conferences normally only last about 15 minutes and are held within a couple of days after your ticket validates. Your ticket is not considered validated until it passes confidential validation requirements at the Lottery's office in Jefferson City, normally within a couple of days after you place your claim. Keep in mind that your news conference should be a lot of fun, like weddings and other happy ceremonies.
                      • B. You don't want to do a news conference. — It's your decision whether or not to participate in a news conference. However, your name and hometown are considered public information, and they will be released to the media. Not only is this information public by law, publishing it is necessary to ensure the integrity of the Lottery's games. If players were never provided with actual names, they may not believe the games are real or fair. If you choose not to do a news conference, the media may still attempt to contact you at home or your place of employment.
                      7Relax.Once your ticket is in safe hands you can relax for a while. The Lotto prize process takes approximately 10 days to complete. The Powerball process, since 31 lotteries are involved, takes approximately 14 working days to complete. Within the next few weeks, you will be adding thousands or maybe millions of dollars to your bank or investment account. At this point, it's okay to do some serious dreaming. A new house? A special car? College for the kids or grandkids? A trip to Tahiti?  8When the big day finally arrives.The last thing you will need to do is take an hour out of your schedule to meet with the Missouri Lottery's chief accountant, who will deliver your check. He or she will want to meet with you either at your home or another private place to go over the payment or payment schedule, and discuss the taxes that have been withheld.  9Some other things to consider.You may want to change your telephone number, or get an answering machine and caller ID so you can screen your calls. After people hear that you've won, you may receive calls from friends who want to congratulate you or sales people who have heard about your good fortune. Remember to give any new telephone numbers to the Missouri Lottery, so staff members can contact you about any tax or law changes, upcoming Millionaires Reunions, etc.  Depending on the amount of your jackpot, you may want to stay away from your home for a few days. If you've won a significant amount that has drawn national attention, the media may try to track you down at home for the story. Amounts of $50 million or less probably won't cause a great deal of media frenzy.  10Learn from other winners.

                    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
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                      Posted: December 3, 2007, 12:54 pm - IP Logged

                      Great advice from a state lottery site!  So many people here have said "I don't care who knows" but even the lottery is advising people to get a new phone number and keep it a secret.  People will treat you differently once they know you won all that money. 

                        chasingadream's avatar - Archangel 01.jpg

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                        Posted: December 4, 2007, 10:51 am - IP Logged

                        I Agree!

                        Oogle  waiting patiently for my jackpot

                          TexasDreams's avatar - Trek ROMSYM2.gif
                          Houston, Texas
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                          Posted: December 9, 2007, 1:11 am - IP Logged

                          should state lotteries have programs or seminars to prepare jackpot winners for their new life so they can properly prepare and not make mistakes or be taken advantage of?  to make sure they can deal with the scores of people who ask for money,how to deal with people wanting them to invest,how to make sure they don't go broke quickly,etc.

                          I don't necessarily think the lotto boards should have a class or seminar but giving a book like "Infinite Financial Freedom: What to do Before and After you win the Lottery" by Rob  Sanford or "Lottery Winners Guide: When it happens to you" by Shayne Jones, would be a big promo to give new winners.  I have look at both books and they give winners sound advice on what to do if and when you win the lotto.

                          A few years ago, billionaire Warren Buffett advised  "Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy only when others are fearful."