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Annual Payments

Houston, TX
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December 23, 2004
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Nov 24, 2010, 1:44 pm

I never understood why you would need to consult an attorney upon winning a jackpot prize. I can see a need for a financial advisor because of the large sum of money, but only for a limited time. Isn't winning the jackpot a clearcut case? I won, I have the ticket to prove it, here's my ID and bank information. Each account is FDIC insured up to $250,000. Isn't that all the winner would need to know?
Luminus

United States
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April 3, 2007
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Nov 24, 2010, 1:57 pm

Probably because people will try to sue you to get some money.

The universe does not bend to your ignorance.

Just because you believe it, doesn't make it true.
four4me

MD
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Nov 24, 2010, 1:59 pm

All depends i guess if you already have a business education and know how to form a trust or want to divide money's up between friends or family you might not need an attorney.

Some people might be going through a divorce or are estranged from their spouse necessitating an attorney to delve up the winnings.

There are any number of reasons to get an attorney especially if you have any law suits against you.

This question has been asked and answered many times do a search on lawyers/attorneys and jackpot winnings.

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.
Coin Toss

Zeta Reticuli Star System
United States
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Nov 24, 2010, 3:21 pm

Why is there a need to consult an attorney upon winning the jackpot?

So you don't find yourself really wishing you did have later on.

Those who run the lotteries love it when players look for consistency in something that's designed not to have any. So many systems, so many theories, so few jackpot winners.

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.
lottolaughs

Sunny California
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May 31, 2006
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Nov 24, 2010, 4:01 pm

You don't need to, that would be your own personal choice. People freak out when they win a lot of money and panic so you do hear stories of them rushing to attornies or other advisors. I would think that would be something to decide later on. But if you are planning on not cashing the ticket in your name but rather under a "trust" instead then you would need an attorney to do that for you. But, anywho, why all the worry about what you're going to do after you win? You have to win first! Then the attornies will be after you as a client!!!!
ttech10

Texas
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June 5, 2010
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Nov 24, 2010, 5:18 pm

As mentioned above you don't NEED to but in the case of accepting through a blind trust or LLC then you would want an attorney so they can set it up right and so they can go to the check acceptance for you.

It's not about being a legal thing, mainly only about that above. Plus the guy I'm thinking of using now (If I won) also deals with taxes so he could help with that as well.
RJOh

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mid-Ohio
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March 24, 2001
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Nov 24, 2010, 5:29 pm

Quote: Originally posted by Annual Payments on Nov 24, 2010
I never understood why you would need to consult an attorney upon winning a jackpot prize. I can see a need for a financial advisor because of the large sum of money, but only for a limited time. Isn't winning the jackpot a clearcut case? I won, I have the ticket to prove it, here's my ID and bank information. Each account is FDIC insured up to $250,000. Isn't that all the winner would need to know?

Did you read the news story about the guy in England who had to give a potion of his winnings to his ex-wife? You may have legal obligations you haven't thought about and he can tell you how to best handle them.

* you don't need to buy every combination, just the winning ones *
sully16

25

Ringleader

Michigan
United States
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October 28, 2009
128,025 Posts
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Nov 24, 2010, 5:41 pm

Gently remind the lawyer ...THEY WORK FOR YOU. HAVE A BIG LONG STORY BUT I just got home so it will wait for another time.
rdgrnr

100

The Hall Of The Mountain Kings Tennessee
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April 28, 2009
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Nov 24, 2010, 5:50 pm

Question) What do you call a thousand lawyers on the bottom of the ocean?

Answer) A good start.

Disclaimer: No lawyers have been threatened or harmed in the telling of this old, lame joke.
Stack47

Kentucky
United States
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February 14, 2006
10,301 Posts
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Nov 24, 2010, 6:37 pm

Quote: Originally posted by rdgrnr on Nov 24, 2010
Question) What do you call a thousand lawyers on the bottom of the ocean?

Answer) A good start.

Disclaimer: No lawyers have been threatened or harmed in the telling of this old, lame joke.

Question) Why don't sharks attack lawyers?

Answer) Professional courtesy.
psykomo

United States
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May 30, 2004
5,289 Posts
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Nov 24, 2010, 9:42 pm

Quote: Originally posted by RJOh on Nov 24, 2010
Did you read the news story about the guy in England who had to give a potion of his winnings to his ex-wife? You may have legal obligations you haven't thought about and he can tell you how to best handle them.

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GIRL'$$$$$$$$$$$$$$$$$$$$rrrrrrrrrrrrrrrrrrrrrrrrrrrrraaaaaaaaaaaaaaaaaaaBANG!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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U don't need a LAWYER 2 get married

(I will not ever have lawyer @ me wed'g)

PSYKOMO
Coin Toss

Zeta Reticuli Star System
United States
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January 17, 2006
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Nov 24, 2010, 10:07 pm

Quote: Originally posted by Stack47 on Nov 24, 2010
Question) Why don't sharks attack lawyers?

Answer) Professional courtesy.

In Las Vegas they tell the same joke but say coxtail waitresses instead of lawyers!

Q. What's the difference between a Vegas coxtail* waitress and a '57 Chevy?

A. Not everybody had a '57 Chevy.

* Intentional misspelling so as not to <snip>

Those who run the lotteries love it when players look for consistency in something that's designed not to have any. So many systems, so many theories, so few jackpot winners.

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.
iGlenn

United States
Member #61,230
May 16, 2008
126 Posts
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Nov 24, 2010, 11:42 pm

Quote: Originally posted by Annual Payments on Nov 24, 2010
I never understood why you would need to consult an attorney upon winning a jackpot prize. I can see a need for a financial advisor because of the large sum of money, but only for a limited time. Isn't winning the jackpot a clearcut case? I won, I have the ticket to prove it, here's my ID and bank information. Each account is FDIC insured up to $250,000. Isn't that all the winner would need to know?

1. Taxes

2. To shield your money from potential lawsuits.

3. Estate planning. Everyone will eventually die, including you and I.

Screw the financial advisors. They are just glorified sales people. I've educated myself on investments and know exactly what I'd do if I won. I already manage my own investments, it would just be on a much larger scale if I won.