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What steps should one take before turning a winning ticket in?

Topic closed. 22 replies. Last post 9 years ago by alex1969.

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United States
Member #59167
March 8, 2008
174 Posts
Posted: May 16, 2008, 11:33 am - IP Logged

There are hundreds of jackpot winners worldwide, over the recent year or two.  Seldom do any of them go bankrupt any more.  That used to be the story, but people are learning.  Some wait months, some claim it right away.  Obviously it makes very little difference, from a cry wolf aspect.  It all boils down to taxes and stupidity.  If you hit the $180M Mega tonight, after taxes you would have over $50M. If you wasted $10M a year, that would take 50 years to go broke.  Then again, if you plan to reward every friend you have every known, give to every relative on the planet, and donate to every charity that whines about starving children, then you can go broke in a microsecond. Consider the money your prize, and not the worlds, and you can claim it immediately and start enjoying the benefits immediately.

    lottocalgal's avatar - Lottery-043.jpg
    United States
    Member #57222
    December 23, 2007
    587 Posts
    Posted: May 16, 2008, 11:46 am - IP Logged

    You folks have had some great responses.  Now THATS the kind of stuff i like reading about.
    been just sitting hear listening (reading) all of the info. 

    I too am planning  "just in case" research even  to the pont of going to the local recorders office to find the owner of a vacant residential lot I have had my eye on for months.  Its not even for sale yet,  it just sits there.

    Thanks a bunch.

    "ACT AS IF"

      pigsNtrees's avatar - pigsNtrees
      Mallorn trees of Lothlorien
      United States
      Member #26084
      November 14, 2005
      199 Posts
      Posted: May 16, 2008, 1:17 pm - IP Logged

      If I were to win a large amount of money I think I would buy Treasury Bills for the bulk of my winnings. I'm not looking for ways to make more money but a safe place to keep it.

      I've been Googling around and found this info on Treasury Bills (T-Bills).


      Treasury Bills (T-bills) are the most marketable money market security. Their popularity is mainly due to their simplicity. Essentially, T-bills are a way for the U.S. government to raise money from the public.

      T-bills are short-term securities that mature in one year or less from their issue date. They are issued with three-month, six-month and one-year maturities. T-bills are purchased for a price that is less than their par (face) value; when they mature, the government pays the holder the full par value. Effectively, your interest is the difference between the purchase price of the security and what you get at maturity. For example, if you bought a 90-day T-bill at $9,800 and held it until maturity, you would earn $200 on your investment. This differs from coupon bonds, which pay interest semi-annually.

      The biggest reasons that T-Bills are so popular is that they are one of the few money market instruments that are affordable to the individual investors. T-bills are usually issued in denominations of $1,000, $5,000, $10,000, $25,000, $50,000, $100,000 and $1 million. Other positives are that T-bills (and all Treasuries) are considered to be the safest investments in the world because the U.S. government backs them. In fact, they are considered risk-free. Furthermore, they are exempt from state and local taxes.

      The only downside to T-bills is that you won't get a great return because Treasuries are exceptionally safe. Corporate bonds, certificates of deposit and money market funds will often give higher rates of interest. What's more, you might not get back all of your investment if you cash out before the maturity date.

      Quando Porca Volare!

      drunk hobbit

        United States
        Member #32652
        February 14, 2006
        7498 Posts
        Posted: May 16, 2008, 6:08 pm - IP Logged

        No the lottery doesn't give advise except for you to contact a financial adviser.

         The lottery doesn't want to be held liable for giving a person advise on what to do with their winnings.

        The reason I said "I'm pretty sure most state lotteries either give multi-million jackpot winners an advance or help them set up a credit line while they are waiting for the check" is because I read it, but not on an official state lottery website. If true an advance would be deducted from the winnings and not be financial advice. A jackpot winner could set up a line of credit using the winnings as collateral with an affidavit from the lottery and that is not financial advice either.

        It doesn't apply to the winners that chose to hire a team of lawyers and financial advisers before validating the ticket.

          United States
          Member #59167
          March 8, 2008
          174 Posts
          Posted: May 16, 2008, 9:36 pm - IP Logged

          No the lottery doesn't give advise except for you to contact a financial adviser.

           The lottery doesn't want to be held liable for giving a person advise on what to do with their winnings.

          If you look up the New Jersey state law on lotteries, the Lottery Director is forbidden from giving financial advise.  Texas has the same clause. 

          Google Estate Lawyer for your state.  Find one who is a "Fellow" and store that name. If you win a jackpot, you WILL be too excited to think of their name.

          Remember, you do not have a penny of a lottery jackpot, and never will have a penny of the lottery jackpot until you turn the valid ticket into the lottery office. 

          You can putz around in indecision until the cows come home, and none of the jackpot money will be yours without turning the ticket in.  If you are insecure about your intelligence, or have a history of being incapable of making solid decisions, assemble a bunch of strangers and let them tell you what they want you to do.  Otherwise, claim the winnings, and use the delay (usually 30-days) to assemble the same group of strangers and get the same advise - only without loosing financial interest on the winnings.

            tntea's avatar - Lottery-059.jpg

            United States
            Member #5344
            June 30, 2004
            23641 Posts
            Posted: May 17, 2008, 10:33 am - IP Logged

            We are going a long vacation first....   While there, we will do lots of research of what we plan to do.. But take our time.

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

              Sandra Dee's avatar - dandy
              United States
              Member #61147
              May 13, 2008
              129 Posts
              Posted: May 17, 2008, 11:22 am - IP Logged

              I'm in the nyc area so there's a mag here NY mag, that publishes the top 100 or so attorney, docs, whatever you need .. I usually go and find the top five estate, tax, trust, financial attorneys and then I simply google their names with BEWARE OR BAD OR FRAUDULENT or any of those catchphrases to make me run .. if nothing shows up, I then go to each individual site, check how long they've been doing work, credentials, schooling, face pic .. do you trust that wrinkle right there? or that mustache, I just can't have someone handle my money if they are prone to having a crumbs on their beard - the same way I  trust bowtie wearers more than tie wearers .. and then I usually call their office [you know now, being all poor and whatnot] and if their gatekeeper secy moves me through, 1 point - if they seem nice and pleasant, 2 points [I don't work with meanies] and if they can guarantee my name will never be found anywhere, they're hired! everyone has their own system, this one has served me well in life thus far. My dentist is the BEST! my optomotrist is the BEST! my gyno and regular Dr. are the BEST! and they all went through this procedure .... if all fails, go to that one person you admire and trust and wish to emulate, who do they use? then use them .. the big cheese of a company usually has done their research, so you can mooch of their people.

              and DO NOT go and cash your money for at least ONE MONTH!! the news crew and reporters have moles at lottery headquarters and they are there to CATCH YOU - it'll suck if you don't wanna be caught

              Turkey  White Bounce <-- seriously, some of these animations are on some wtf tip

                New Member
                United States
                Member #61287
                May 17, 2008
                4 Posts
                Posted: May 17, 2008, 5:18 pm - IP Logged



                I just made a thread asking this very questions about getting a great legal team.  Sandra Dee you are a genius!  Muah!  I love your post and the info seemed dead on.  I'm gonna try to find that list and thanks to everyone who gave info on this matter.  Smile