Welcome Guest
Log In | Register )
You last visited December 3, 2016, 6:31 am
All times shown are
Eastern Time (GMT-5:00)

How long would you wait before claiming your prize?

Topic closed. 39 replies. Last post 6 years ago by bomatt.

Page 2 of 3
PrintE-mailLink
AuntiePat's avatar - animaniacs10
Just outside of Cleveland, OH
United States
Member #54079
August 3, 2007
106 Posts
Offline
Posted: January 9, 2011, 5:58 pm - IP Logged

I know that in OHIO, if you have a winning Jackpot or first tier prize ($200K +) for either PB or Mega, you must call the Oh Lottery Commission and arrange to have your ticket validated and then a ceremony check presented at some future date.  First I would stop by the bank and make arrangements for a line of credit so that once the ceremony was over I could dissappear.  Since I have been the face of the evictions from my elderly parents' rentals, I know that I would have a lot of enemies as well as a lot of people who wouldn't mind threatening harm to them to extort money from me. 

Also--One of the reasons there is a delay in any state between the verification and the awarding of the check is for the state to do a search for any outstanding lawsuits, unresolved bankruptcies, outstanding child support, legal fines, back taxes, probation/parole fees--all of which must be satisfied before any significant amount is awarded to the rightful winner and every one of which extends the time between the verification and the actual release of the money.

 

WHAT?  You think the government TRUSTS us when they ask us under oath if we have any outstanding child support or debts.  Not hadly.  Everyone gets satisfied before you do.  The guy I knew in Ohio who won the 2nd tier prize 5 years ago, had his money held up for an $11,000 debt he owed to a hospital that had gone out of business but, when they were operative, had filed for the debt and then sold it to a debt collector--guess who had to pay the debt collector the whole 9 yards--since I KNOW these companies buy these debts for pennies on the dollar--that one really hurt.

    ca-dreamin*'s avatar - Lottery-065.jpg
    Chicago
    United States
    Member #70678
    February 8, 2009
    889 Posts
    Offline
    Posted: January 9, 2011, 6:23 pm - IP Logged

    Unless someone wants to complicate their winnings by hiring a team of lawyers that probably have no experience, there is no reason to wait. It's a multi-million piece of paper, but it's worthless until the ticket is validated. I'd probably tell one person and we'll be at the lottery headquarters when it opens. It takes two or three weeks to get the check at that's plenty of time to get one's affairs in order.

    LOL I didn't say I was gonna hire them : )

    Just get me thru this so called life......

      socalgal's avatar - bobblecars3
      California
      United States
      Member #103560
      January 3, 2011
      56 Posts
      Offline
      Posted: January 9, 2011, 6:24 pm - IP Logged

      AuntiePat -

      Is that just for Ohio or is that a Federal thing?  How is someone suppose to pay their debts if their holding the money?  I understand the gov't automatically withholds taxes.  Can they withhold debts owed before you get your winnings?

        ca-dreamin*'s avatar - Lottery-065.jpg
        Chicago
        United States
        Member #70678
        February 8, 2009
        889 Posts
        Offline
        Posted: January 9, 2011, 6:31 pm - IP Logged

        Oh I like this and you'll probably win cause your good to go : )

        As soon as I worked it out with whoever I decided to contact (lawyer, advisor etc) then I'd turn in the ticket. The sooner the money's in the bank the sooner I kiss my job good bye.

        Oh boy I just re-read what I wrote. I would consult to get an idea of what I wanted to do as far as setting up trust fund or just putting it in the bank that kind of thing.......not actually putting together a team to handle the money. I was thinking about my kids and the best way to give them money without having it become a major tax nightmare.

        Just get me thru this so called life......

          ca-dreamin*'s avatar - Lottery-065.jpg
          Chicago
          United States
          Member #70678
          February 8, 2009
          889 Posts
          Offline
          Posted: January 9, 2011, 6:33 pm - IP Logged

          AuntiePat -

          Is that just for Ohio or is that a Federal thing?  How is someone suppose to pay their debts if their holding the money?  I understand the gov't automatically withholds taxes.  Can they withhold debts owed before you get your winnings?

          I think it's with all states. Ha especially if you owe the Gov. money.

          Just get me thru this so called life......

            Elizabeth03's avatar - cat anm.gif
            Nova Scotia
            Canada
            Member #9934
            December 27, 2004
            884 Posts
            Offline
            Posted: January 9, 2011, 6:39 pm - IP Logged

            I would go within a week to the lottery office, and pray the whole time that I don't get too nervous when talking with people!

              socalgal's avatar - bobblecars3
              California
              United States
              Member #103560
              January 3, 2011
              56 Posts
              Offline
              Posted: January 9, 2011, 6:58 pm - IP Logged

              Oh boy I just re-read what I wrote. I would consult to get an idea of what I wanted to do as far as setting up trust fund or just putting it in the bank that kind of thing.......not actually putting together a team to handle the money. I was thinking about my kids and the best way to give them money without having it become a major tax nightmare.

              I think I would set up a revocable trust to claim the prize.  The Calif Omnibus says - Under unique conditions, the Director may allow prize winnings to be paid to someone other than a natural person. These other entities are (a) a non-profit 501-C corporation, or (b) a revocable trust where the grantor is the winner and the trust is linked to the grantor's social security number

              I don't feel comfortable setting up a trust and having a team manage my money, especially lawyers. The thing with trusts is you don't know what's happening with your money and they're not suppose to tell you. You don't even get a say in how to invest your money. That sucks.

                Fla386's avatar - nw sorc2.jpg
                Florida
                United States
                Member #99664
                October 29, 2010
                3332 Posts
                Offline
                Posted: January 9, 2011, 7:45 pm - IP Logged

                As soon as the lottery office doors open. 

                 

                Why wait? I'd shop for a lawyer after the fact.

                I Agree!

                .

                  AuntiePat's avatar - animaniacs10
                  Just outside of Cleveland, OH
                  United States
                  Member #54079
                  August 3, 2007
                  106 Posts
                  Offline
                  Posted: January 10, 2011, 10:26 am - IP Logged

                  AuntiePat -

                  Is that just for Ohio or is that a Federal thing?  How is someone suppose to pay their debts if their holding the money?  I understand the gov't automatically withholds taxes.  Can they withhold debts owed before you get your winnings?

                  First--I believe it is for all states.

                   

                  Second--if you take a copy of the ticket that has been validated by the lottery commission--most banks will allow you to borrow against the ticket--or they will open you a line of credit--remember that most states have the regulation that disbursement of winnings  is made through automatic wire transfer to a bank--so when the lottery releases your money--they release it to a bank--presumably the one to which you are opening the line of credit--so that your debt (from the line of credit) is paid first after which you have your remaining money. 

                   

                  Third--let the state pay for any debts that have gone through the legal system--that prevents the debt recipient from trying to get more--just don't count on being able to settle that bankruptcy for $.40 on the $1.00.

                   

                  A couple of years ago Lottery Post ran the story of a rather colorful guy named Bunky from MD who won a huge amount of money--1 of 4 winners of those Mega 300 million plus jackpots--the morning after the win he was driving a new SUV and had already made plans to assist a shop/cafe for witch/warlord believers--this was all done before receiving his money, but I believe he took the tkt to a bank/credit union and opened up a line of credit.

                    Avatar
                    New Member

                    United States
                    Member #103833
                    January 5, 2011
                    4 Posts
                    Offline
                    Posted: January 10, 2011, 9:42 pm - IP Logged

                    I would claim my winnings within a week. Given the nature of my job it may take me as many as 3 days to get home, however most times I am no more than a day and a half from home, you just never know. Somemtimes there are weather related travel issues, sometimes there is a short wait between recievers and shippers.

                    Depending on the amount won... For instance $100K to $100M I would inform my manager that I would need the next week off from work for personal business. This would not raise any eyebrows being it is typical for people in my line of work to need to be offf for business. Thats the good part of this kind of job, you can pretty much make your own hours and work days.

                    If the amount was in that range I would make the appointment to be  recieved at the lotto office, make my claim and go back to work. I figure anything in that range would need to sit for at least a year to start drawing a nice interest payment.

                    If the amount won was over $100m I would just quit my job period. Besides I know my boss wouldnt blame me. She knows I play and I am quite sure if I quit, she would know pretty much whats up.

                    When the day comes being I play in many states, I pray that the state in which I win in is a ANON allowable state. Then I would be able to remain under the radar. If not... Then I will check into a nice motel somewhere and hide out until my funds are deposited.

                    I already have my laundry list of what to do as far as my lawyer to set up my funds, update my will etc. I also have a dream sheet with a list of things I would like to do with my winnings. So I think I am pretty prepared in the event that I do hit it big. It may never happen but its fun to dream and have a plan of action to set into motion.

                      Avatar
                      CA
                      United States
                      Member #84266
                      December 26, 2009
                      410 Posts
                      Offline
                      Posted: January 12, 2011, 2:11 am - IP Logged

                      I'd wait maybe a day or two so I can get a CMA setup.

                        stripesnsolids's avatar - box
                        GA
                        United States
                        Member #97845
                        September 25, 2010
                        40 Posts
                        Offline
                        Posted: January 12, 2011, 5:44 pm - IP Logged

                        A week at most.

                          ttech10's avatar - blobdude
                          Texas
                          United States
                          Member #92330
                          June 5, 2010
                          887 Posts
                          Offline
                          Posted: January 14, 2011, 5:49 am - IP Logged

                          Sometime between one and two weeks. Any earlier and it wouldn't really matter since it still takes 2+ weeks for them to get the money ready to be transferred over. In that time I would go about getting a trust setup. I'm not sure if it's a shorter wait for state lottery game wins (such as Lotto Texas), but if it is then I would go about it as quickly as possible.

                            BaristaExpress's avatar - BaristaExpressMX zpsfb0d8b5d.png
                            Magnolia, Delaware
                            United States
                            Member #18795
                            July 20, 2005
                            789 Posts
                            Offline
                            Posted: January 14, 2011, 8:31 am - IP Logged

                            Next day most likely, since I can remain anonymous in Delaware, and 2 weeks is plenty of time to talk it over with my financial people.

                            I Agree!  Yes, two weeks is more than enough time to be talking to the lawyer and financial people before the money is electronically deposited to my trust account and 3 other family trust accounts!

                            No blind trust accounts will be used!

                            Keep dreaming the impossible dream, it just may come true! Thumbs Up

                              psykomo's avatar - animal shark.jpg

                              United States
                              Member #4877
                              May 30, 2004
                              5114 Posts
                              Offline
                              Posted: January 15, 2011, 11:36 pm - IP Logged

                              Hi all!  I was just curious what everyone thinks.  For me, I would probably wait 1 month before coming forward.  I'll just act like it's any other day.

                              In the news, people in Idaho are getting anxious because the winner hasn't come forward yet.  I think it's great.  Make everybody wait.  Big Smile

                              great>>>>>>>>>>>>>>>POST>>>>>>>>>>>>>^^^^^^^^^^^^^^^^^^^^^^^^^************

                              ????????????????????????POST>>>>>>>>>>>>wiitttttttttcccccccccccchhhhhhhhh>>>>>wHEN>U>CAN??

                              Jack-in-the-Box