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How many hoops do you have to jump through...

Topic closed. 8 replies. Last post 8 years ago by hearsetrax.

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April 16, 2009
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Posted: April 23, 2009, 12:33 pm - IP Logged

to collect your winnings? 

I guess you could call this a sequal to the cash option and taxes thread.  I've been looking this stuff up (key phrases on google) and they advise not cashing it in right away, but speaking to financial advisors, lawyers, and deciding on a lump sum or annuity.  I'm sure there's a lot of legal hoops to jump through once you get their (making an appointment, signing contracts, ect), but is it just one meeting at the lotto office or are there other trips you have to make? 

I've actually heard somewhere that you may have to wait months after the meeting at lotto HQ to get the money, and you may have to see a judge!  Is this true? 

Also, lets say I take the annuity option, when do the "years" start?  Does the first payment start shortly after I cash in or does it start a year after I cash in? 

And I should also say that I am not talking about mere thousands, I'm talking about MILLIONS like the mega millions or state lottos.  What would I HAVE to do to get those millions if I won?

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    Posted: April 23, 2009, 2:16 pm - IP Logged

    As far as I know the process takes a few hours to process your ticket.  You don't have to make an appointment to show up at lottery HQ to cash a ticket.  I wouldn't anyways because that's just time for them to alert the media!   I think most of the time it takes to process a claim such as a jackpot is from the security measures on the ticket.  Once the ticket is validated as authentic you mostly fill out forms.   I don't think it's so complicated that you absolutely require a Lawyer or CPA but the financial advisors help you with the tax requirements.   Many people feel that claiming the win under a LLP or TRUST is helpfull to shield you from taxes and from media attention.   Other than that most states do a background check to see if you owe delinquent taxes or child support..ect.   That might hold up your claim.  But from reading press releases it takes at most 2-3 weeks to actually get wired your winnings.   This is assuming you don't have a pending divorce or contested claim to the ticket...then you would have to see the judge.    This info is 2 or 3rd hand accounts from news stories I have read over the years.   I will tell you a more accurate accounting of the steps in the process when I claim my lottery jackpot..ONE DAY.   Wink

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      Posted: April 23, 2009, 2:33 pm - IP Logged

      Yikes!  I never thought about the media.  I would hope they would allow someone to remain anonymous for the jackpot.  Well, that's good.  I'm sure it would be time consuming to fill out those forms, but well worth it in the end, and at least there'd be no judicial system involved. 

      And good luck on that jackpot... Wink


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        February 18, 2008
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        Posted: April 23, 2009, 2:35 pm - IP Logged

        As far as I know the process takes a few hours to process your ticket.  You don't have to make an appointment to show up at lottery HQ to cash a ticket.  I wouldn't anyways because that's just time for them to alert the media!   I think most of the time it takes to process a claim such as a jackpot is from the security measures on the ticket.  Once the ticket is validated as authentic you mostly fill out forms.   I don't think it's so complicated that you absolutely require a Lawyer or CPA but the financial advisors help you with the tax requirements.   Many people feel that claiming the win under a LLP or TRUST is helpfull to shield you from taxes and from media attention.   Other than that most states do a background check to see if you owe delinquent taxes or child support..ect.   That might hold up your claim.  But from reading press releases it takes at most 2-3 weeks to actually get wired your winnings.   This is assuming you don't have a pending divorce or contested claim to the ticket...then you would have to see the judge.    This info is 2 or 3rd hand accounts from news stories I have read over the years.   I will tell you a more accurate accounting of the steps in the process when I claim my lottery jackpot..ONE DAY.   Wink

        As I understand it,the only reason it takes two - three weeks to get your money is because it takes Powerball and MegaMillions that long to collect the money from member states and send it on to the states that had jackpot winners.If you wait that long before making your claim there is no reason that you can't leave the lottery office with a check in your hands or the money wired to your bank account(s).It should take you that long to confer with your attorney and tax advisers,anyway.

          DC81's avatar - batman39
          MI
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          Posted: April 23, 2009, 5:42 pm - IP Logged

          Well, you're still going to have to wait on it for the background check. Even if you take it in the next day, after the ticket is verified, you're probably not going to leave there without getting at least a portion of the prize. It's just that the full amount will take a while to get to you. Honestly, it really shouldn't take too long to set up a trust or whatever option you're going with. Personally, yeah I would go the Trust route for the sake of my name not being put out there in the media via the press release that will float around the internet for years and years and years after winning available for anyone who uses a search engine to look me up, I've had people say this was silly and paranoid, until they did a search for their own name and saw what came up, it's one thing if you have a common last name and are from a large city, that can easily be passed off as someone else but if not it kind of narrows it down quite a lot.  Sure a Trust and the people named beneficiaries are public record but the media doesn't care enough to dig into that and the average person (or con artist) isn't going to bother or even know about it. Like I've said before, I'd rather it only being a few hundred people know than a few million and many people I'd likely meet in the future. If only I could prevent relatives from finding out too, but that's something that would probably get out from those who couldn't keep their mouths shut.

          Oh yeah, Michigan allows for anonymity for every game, except Mega Millions.

          You can't predict random.

            Piaceri's avatar - sarsony1
            Republic of Texas
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            Posted: April 24, 2009, 10:14 pm - IP Logged

            Why are you worried about the Judicial System? A background check is going to find pretty much everything - outstanding warrents, back child support, outstanding tickets, judgements, defaulted student loans, etc. They are mostly concerned about that these get paid before a winner gets his/her money.  It's only right, and it's fair.

            face

            singlewinnersinglewinnersinglewinner   

              TigerAngel's avatar - tiger andfairy.jpg
              california
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              October 13, 2005
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              Posted: April 24, 2009, 10:45 pm - IP Logged

              Aaah Piaceri, what a cute baby picture! LOL

              Blue Angel  "if you can hold it in your mind, you can hold it in your hand"

                Piaceri's avatar - sarsony1
                Republic of Texas
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                Posted: April 25, 2009, 2:07 pm - IP Logged

                Aaah Piaceri, what a cute baby picture! LOL

                LOL, TigerAngel, that's my little Tiger Lily, a tiny rescue kitty full of personality. Full grown at around 6 lbs, she rules the house.

                face

                singlewinnersinglewinnersinglewinner   

                  hearsetrax's avatar - 0118

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                  Posted: April 25, 2009, 3:07 pm - IP Logged

                  LOL, TigerAngel, that's my little Tiger Lily, a tiny rescue kitty full of personality. Full grown at around 6 lbs, she rules the house.

                  Roll Eyes just remember one thing,Placeri

                   

                  all cats regardless of age and or personality they need @ least 3 good belly rubs  a day or at least two noogies