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Which scenario would you prefer??

Topic closed. 23 replies. Last post 9 years ago by DC81.

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TexasDreams's avatar - Trek ROMSYM2.gif
Houston, Texas
United States
Member #56457
November 19, 2007
55 Posts
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Posted: March 28, 2008, 11:24 am - IP Logged

#2, because the beneficiary has control over who is the trustee in any trust. The liability protection a blind trust or any trust, compounded by adding a spendthrift clause makes the assets totally invulnerable to lawsuits or any other judgments, just remember that Jack Whittaker person, I personally feel had he used some sort a good thinking Jack would have better protection, I mean Jack was sued by a pole dancer for sexual harassment, and lost! Also, most trust's have there own tax identification number and files its own tax return therefore, any monies it earns does not go on your returns, so even if you are sued, its not discoverable. You can read Asset Protection 101 from Trump University, it gives a lot  of advice on asset protection for any amount.

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."

    OldSchoolPa's avatar - Lottery-057.jpg
    Gurnee, Illinois
    United States
    Member #49731
    February 12, 2007
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    Posted: March 28, 2008, 1:14 pm - IP Logged

    TexasDreams, I agree with your signature quote...which is why I like the current market conditions!

    Get MONEY!!! Winning a JACKPOT lottery is all the HOPE and CHANGE I desire!!!  NOW give me MONEY!US Flag

    The guy who won the presidency in 2008 really won the lottery...he is now millions richer, travels in first class style, and even has a staff that would be the envy of the richest Powerball winner (she has a staff of 2). Every night he goes to sleep, he probably plays the close of Dave Chappelle's Show: I'm rich beyatch!

      Avatar
      Kentucky
      United States
      Member #32652
      February 14, 2006
      7322 Posts
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      Posted: March 28, 2008, 4:53 pm - IP Logged

      Here's a method of play that would guarantee you winning either the MM or PB jackpots....buy 177 million tickets!!!  Cover all possible number combinations.  Otherwise, just buy a dollar or 10 dollars worth of QPs and hope for the best.

      A group did something like that in Virginia a few years ago when the $27 million jackpot amount exceeded the 7 million possibilities in their 6/44 Lotto game.  The group only had enough time to buy 5 million combinations but got lucky and had the winning combo covered. Even if the lotteries hadn't changed the rules to prevent a group from tying up terminals, the idea that somebody could obtain the 88 million play slips in Ohio (where they could form a trust and remain anonymous) and have enough time to play them all is silly.

      I don't know if it was after 10th or 20th topic I've seen about remaining anonymous and which states allows it when I wondered what is the point. Are California Mega Millions players really flocking to Ohio and Maryland to buy their tickets just so the can remain anonymous?

      Other than saying they preferred that the state where they play and live in allowed anonymity, is it really necessary to discuss same subject over and over again when it only affects less than 10 out of millions of players each year?

        justxploring's avatar - villiarna
        Wandering Aimlessly
        United States
        Member #25360
        November 5, 2005
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        Posted: March 28, 2008, 5:24 pm - IP Logged

        The scenario I prefer is

        WINNING

         

        anonymous, not anonymous, Lotto, Powerball, Mega, annual payments, lump sum.  We all talk about how, when & which way...but I just want to win a jackpot and then worry about the rest. 

        (However, my answer is #1)  Smiley

          tntea's avatar - Lottery-059.jpg

          United States
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          June 30, 2004
          23641 Posts
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          Posted: March 28, 2008, 10:53 pm - IP Logged

          I pick 1.. Why give to the lawyer?

               OLD/Vtrac   Lottery Bible         Double Warnings      Thumbs Up TN F34/F44

            guesser's avatar - Lottery-017.jpg

            United States
            Member #41383
            June 16, 2006
            1969 Posts
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            Posted: March 29, 2008, 1:50 am - IP Logged

            #1. Winning the jackpot in an anonymous state where you can claim the ticket yourself (such as DE, ND, KS, MD, SC) 

            OR

             

            #2.  Winning the jackpot in an anonymous state where you need an attorney to claim the prize for you (such as LA, NH, OH, OK). 

             

            After all, you would be anonymous both ways, but don't forget that although no one at the lottery headquarters will see you if your attorney claimed the prize, the attorney would have control over the prize and you wouldn't have discretion over the assets since it would be a "blind trust".  Which would you prefer and why?

            I will say I don't care, I'd love to be able to say I will cross that road when I get to it....

            And I still don't understand the obsession of being 'secret' - I know two PB winners, and NEITHER of them are bugged by anybody.

            You win the lottery, and just keep on doing what you are doing (albeit retired now), you will be fine.

            But if you win the lottery and decide to make a spectacle of yourself, that's when you got problems.

              LottoAce's avatar - WWI Flying_Ace.gif
              N.C.
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              October 28, 2007
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              Posted: March 29, 2008, 9:51 am - IP Logged

              I will say I don't care, I'd love to be able to say I will cross that road when I get to it....

              And I still don't understand the obsession of being 'secret' - I know two PB winners, and NEITHER of them are bugged by anybody.

              You win the lottery, and just keep on doing what you are doing (albeit retired now), you will be fine.

              But if you win the lottery and decide to make a spectacle of yourself, that's when you got problems.

              Well, Stated,

              I have noted from experience that most of the lottery winners draw way too much attention to themselfs...

              like the guy in UK who won 6 million and became some what of a media freak.. (he's now broke)

              or the 33 million winner who went crazy, went broke, and then stated, "winning the lottery was the worst thing that ever happened to me"...then committed suicide.

              or the West Va man who won 366 million dollar jackpot, after a 6 year frenzy of lawsuits, and stripclub parties, and bad investments, now is filing for bankruptcy.

              the list goes on....

              as long as you don't make a spectacle of yourself, invest wisely, and live within your means, then you shouldn't have any problems.

              "know your limitations, but excede your expectations"

                dphillips's avatar - littleuns
                Albuquerque, New Mexico
                United States
                Member #5128
                June 18, 2004
                377 Posts
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                Posted: March 29, 2008, 4:18 pm - IP Logged

                rundown99, I would prefer #1 because I want to be in charge of claiming my prize -- and not have an attorney to set up a "blind trust."

                See Ya!-- Bye, bye!  When you win, may you glow as brightly as theSun Smiley

                  DC81's avatar - batman39
                  MI
                  United States
                  Member #54830
                  August 31, 2007
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                  Posted: March 29, 2008, 5:41 pm - IP Logged

                  I'd need to know what all the laws are in Michigan before making a decision, but seeing as I'd be moving out of this state ASAP, the sooner I would get the money the better. I could always take care of the other things once I get to my destination... Which with my luck would probably lead to my having an accident and death while on the way. 

                   

                  It'd be nice if Michigan just allowed a flat out anonymity option. 

                   

                   

                   

                   

                  EDIT: Wait... They do! Unless what I'm looking at is out of date or doesn't count when it comes to Mega Millions, at least they withhold your name which might be good enough even for a small town, unless the store checks their cameras.... I've read several times here that Michigan didn't have an anonymity option at all, hmm...

                  You can't predict random.