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So if the jackpot prize is small...

Topic closed. 3 replies. Last post 8 years ago by DC81.

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Entertaiment Capital
United States
Member #37800
April 19, 2006
302 Posts
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Posted: May 5, 2009, 10:47 pm - IP Logged

 Do you think it it's OK to go to the lottery office and claim the prize myself? I know that media doesn't give that much attention to small jackpot amounts. Say I won $17,000,000 and receive $6,000,000 cash value. I think the press conference is an OPTION so I can ask them not to do one and ask for no camera, right?

 You know, I don't think setting up an LLC for a FEW millions is a bit of an overkill. And I almost always use my English alias. (and I almost never use my real given name) Setting up an LLC will cost money and I really can't trust a lawyer to claim the jackpot. (It might sounds ironic,  but I'd have a lawyer to claim it if the amount is huge. )

 Yeah, I know. But I came to think about this because of the news about the elderly winner.

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    Espanola NM
    United States
    Member #72722
    March 25, 2009
    133 Posts
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    Posted: May 6, 2009, 12:27 am - IP Logged

     Do you think it it's OK to go to the lottery office and claim the prize myself? I know that media doesn't give that much attention to small jackpot amounts. Say I won $17,000,000 and receive $6,000,000 cash value. I think the press conference is an OPTION so I can ask them not to do one and ask for no camera, right?

     You know, I don't think setting up an LLC for a FEW millions is a bit of an overkill. And I almost always use my English alias. (and I almost never use my real given name) Setting up an LLC will cost money and I really can't trust a lawyer to claim the jackpot. (It might sounds ironic,  but I'd have a lawyer to claim it if the amount is huge. )

     Yeah, I know. But I came to think about this because of the news about the elderly winner.

    If you only have a small jackpot.....you may be smart in avoiding the press conference.  Small jackpots are rarely front-page news or top stories.  Keep in mind though your name is public domain.  So if a curious person wants to find you....eventually they could.

    There are some who like to get the press conference over with though...especially for large jackpots.  With a small presser..... that way reporters/media won't bug you later for interviews.   Be smart and schedule it on a slow Friday afternoon where the news day is usually slow.

    Also hiring professionals such as a lawyer or finance advisors all depends on how well educated you are regarding tax law and investments.    Even though lawyers tend to be greedy and expensive.  If a lawyer can save you money on your tax bill......enough that the difference/savings is more than a lawyer bill......then it is in your best interests to hire them.

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      Entertaiment Capital
      United States
      Member #37800
      April 19, 2006
      302 Posts
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      Posted: May 6, 2009, 1:24 am - IP Logged

       Well, it's fun to imagine the winning situation, isn't it? For me, it is...sort of.

       I know that I need a good CPA and a lawyer to handle taxes. But I am not sure about investing. For a relatively small amout I kinda know where to put the money. But I am not opening my own business no matter what.

       People say the housing market will hit the bottom in 2011. So people would argue that it's not a good idea to buy houses right now. I dunno. I don't wanna touch the principal and want passive incomes. No risky investments.

        DC81's avatar - batman39
        MI
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        August 31, 2007
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        Posted: May 6, 2009, 5:59 am - IP Logged

        As I've said in many topics before, the biggest factor at least IMO in forming an LLC or Trust is keeping your name out of the press release, it doesn't matter how big the jackpot is or how much media will pay attention, once the press release is out there it will be picked up and it'll pretty much be floating around the internet forever. There's also tax and other advantages with doing either. With that said however, I don't know if I'd go through all the hoops to bother with setting one up for the reason of keeping my ID from the press if it was something smaller, having won several million dollars is still going to be an attention getter but it's the "big ones" that are tens of millions that I believe really bring out the nuts. Basically though since I usually don't start playing until it reaches a certain after taxes amount, I'd still go the route of having a Trust or LLC (based in Nevada if I can) formed.

        You can't predict random.