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Claiming A lottery Jackpot Intelligently

Topic closed. 7 replies. Last post 5 years ago by iGlenn.

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United States
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September 4, 2011
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Posted: September 4, 2011, 12:40 pm - IP Logged

I, like most of you, enjoy thinking about what I would do if I won a large lottery jackpot. I think about such things as claiming, privacy, taxes, investment, etc..

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    New Member

    United States
    Member #116100
    September 4, 2011
    15 Posts
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    Posted: September 4, 2011, 1:18 pm - IP Logged

    I would like to ask 5 questions of you all to gain various perspectives. I have my own ideas, but first I would like to read what you all think.

     

    1. How would you claim the prize? (individually, Trust, etc.)

    2. How would you maintain your privacy?

    3. What type of account would you use to wire transfer a multi million dollar prize?

    4. Which creative tax strategies would you utilize to minimize your taxes?

    5. How would you invest to make your money work it's hardest without assuming unreasonable risk?

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      Republic of Texas
      United States
      Member #57557
      January 9, 2008
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      Posted: September 4, 2011, 2:54 pm - IP Logged

      I would like to ask 5 questions of you all to gain various perspectives. I have my own ideas, but first I would like to read what you all think.

       

      1. How would you claim the prize? (individually, Trust, etc.)

      2. How would you maintain your privacy?

      3. What type of account would you use to wire transfer a multi million dollar prize?

      4. Which creative tax strategies would you utilize to minimize your taxes?

      5. How would you invest to make your money work it's hardest without assuming unreasonable risk?

      Good questions.


      1. How would you claim the prize? (individually, Trust, etc.)

      Claim as a Family Limited Partnership, unless my advisors suggest differently.

      2. How would you maintain your privacy?

      Texas has limited publicity, plus I'd have my atty claim as representative.

      3. What type of account would you use to wire transfer a multi million dollar prize?

      That would be up to my advisors. I don't know enough to make that decision, but probably a MMA in order to disburse into the various investments.

      4. Which creative tax strategies would you utilize to minimize your taxes?

      Whatever my tax/estate atty suggests, verified by my CPA. This kind of goes along with #1.

      5. How would you invest to make your money work it's hardest without assuming unreasonable risk?

      I would probably invest long term in some stable stocks and bonds, ones that had maybe less growth, but with a good history of dividends. Also, since I am still fairly young and my children are young adults, I'd invest in some local rental units like small apartments complexes around college campuses and upscale townhouses in master planned communities. Then I'd set up a management company to manage them. This would keep the younger generation busy and not 'idle trust fund kids'.

      face

      singlewinnersinglewinnersinglewinner   

        sully16's avatar - sharan
        Ringleader
        Michigan
        United States
        Member #81740
        October 28, 2009
        41988 Posts
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        Posted: September 4, 2011, 11:37 pm - IP Logged

        I would like to ask 5 questions of you all to gain various perspectives. I have my own ideas, but first I would like to read what you all think.

         

        1. How would you claim the prize? (individually, Trust, etc.)

        2. How would you maintain your privacy?

        3. What type of account would you use to wire transfer a multi million dollar prize?

        4. Which creative tax strategies would you utilize to minimize your taxes?

        5. How would you invest to make your money work it's hardest without assuming unreasonable risk?

        1. That depends on the game, mega or powerball you need to come forward, I would wear a hat and sun glasses and a lottery post t-shirt.

        2.Big fence and lots of weapons.

        3. Thats would depend on what my accountant recommends .

        4. spend as much as I could as fast as I could.

        5.Invest in land.

         HyperBe Happy.

          joshuacloak's avatar - Money Swim-uncle-scrooge-mcduck-35997717-677-518.jpg

          United States
          Member #32537
          February 12, 2006
          698 Posts
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          Posted: September 5, 2011, 1:53 am - IP Logged

          1#

          Trust, hiding behind lawyer, aka lawyer claims, is public face

          i noticed people have trust's behind trusts

          aka i seen my self a trust claim, and have a education trust and a medical trust , as some of the "trust beneficiarys"

          aka its simple, create a trust, have the lawyer as truste,  the "beneficiary" can be other trust,  you now have a epic firewall

          frist trust pays all the taxes, ifs a large jackpot its 35% max cap  in usa atm. sends rest to 2nd trust, where your the beneficiary , and your name only appears on 2nd trust, ROFL. that no one  outside has access to,

           

          no one getting 2nd trust info, as the beneficiary's on 2nd trust, are 100% idiot proof safe, only your bankers, irs who talks to bankers, and your laywer will know. at they be only ones with trust papers, and no one getting them with lawyer on defence mode so to speak. as it would take court order to find out

           

          so your 100% safe via trust within a trust route.  or just doa  blind trust, but i perfer many walls ,or gates ways, as  anyone ever trying to find you out is in for a epic fail.

          #2,  besides the points in #1,  Don't tell anyone besides your laywer, speical not your family, if they dont live with you, srcew them.   if you must, send a paper via your laywer, going a unnamed nice rich person is giving away hes money, this is not a scam, send us no money, just promise us in writing you Never speak of getting X money form unnamed person as a gift, and and we give you check for x amount once we get your promise.

           

          i can not stress, dont request any bank account info, dont request anything ,.  but a promise they wont speak of getting Money.     and just  don't make them think its s scam, hell put  1000 bucks in letter you send to them so they know your for real, if they don't promise to stfu and say someone sent 1000 bucks, play dumb

           

          their you go,  you can give your  money but not your name that way, dont tell a soul, whatever you do, dont tell anyone but who has to know"aka the people who you live with"

          also invent lies, aka am rich investment banker type, i play the stock market, etc when you move to a really rich area or whatever

          just make sure the story is you "earned" your money by smart choices, aka people think lottery winners didnt earn their money so their free to ask and bug you for it, its sadly a reality for a lot of people think that way. i dont but some do.


          #3,  lawyer working bank can set up first bank account that gets direct paymant form the lottery,  and only way to take money out of that one, i make it so you have to be in the bank and sign a paper saying yes am sure i want it x wired to other Normal bank accounts, where companys can charge me for stuff i buy, etc etc, the first one just to hold the money and the tax money to irs,  other 2nd bank accounts for ever day use,  buying homes, cars, whatever

          i also set up a money market account for stock market buying"stocks" etc

           

          #4, if you win a large jackpot, say 50m plus in cash ,  your going to pay 35% to irs, if you take cash,  that tax year, onless you donate it all away

           

           

          however, all future income invested, can be made a lot LOT less then  35% that brings us into #5

          #5,      if you read online, you think the rich pay only say around 20% and not 35% max tax rate

          thats cease their diff incomes taxed at diff levels, the best and lest taxed is    dividends , max rate 15%,  so  if your a ceo getting paid 10m a year, you have a tax rate of 35%

          however if your a owner of said company, and just get dividend income, you could make 100m a year, yet only pay 15%, its why you see stupid study's on web, going super rich dont pay 35%, they pay in to 20% range

          cease their taking 15% dividends vs ceo direct pay and getting you avg rates

           

          in short, its better to be a owner ,aka hold shares of a company, and get dividends form it, aka the profits given to you ever Q of year. form a profitable company.

           

           

          in short, do your own research, buy dividend stocks  that are greatest compared to rest on market you can find, and enjoy all future money being lest taxed.  welcome to how the Rich people make money  by being owners  of companys, and not employees

           

          aka , not who to buy, but  think of just relaxing and getting income form company ever 3 months based of the # of shares you own , such great dividend companys

          microsoft, comcast,   intel,  . Verizon, Exxon Mobi, ,. AT&T, McDonald's

          thats how rich get paid lol

            Coin Toss's avatar - shape barbed.jpg
            Zeta Reticuli Star System
            United States
            Member #30470
            January 17, 2006
            10390 Posts
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            Posted: September 5, 2011, 2:42 am - IP Logged

            I would like to ask 5 questions of you all to gain various perspectives. I have my own ideas, but first I would like to read what you all think.

             

            1. How would you claim the prize? (individually, Trust, etc.)

            2. How would you maintain your privacy?

            3. What type of account would you use to wire transfer a multi million dollar prize?

            4. Which creative tax strategies would you utilize to minimize your taxes?

            5. How would you invest to make your money work it's hardest without assuming unreasonable risk?

            1. Jackpot Winners Protection Program

            2. Jackpot Winners Protection Program

            Such a thing doesn't exist. I used to joke about it but it sounds like a better idea all the time.

            Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

            Lep

            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.

              Raven62's avatar - binary
              New Jersey
              United States
              Member #17843
              June 28, 2005
              51064 Posts
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              Posted: September 5, 2011, 9:46 am - IP Logged

              I would like to ask 5 questions of you all to gain various perspectives. I have my own ideas, but first I would like to read what you all think.

               

              1. How would you claim the prize? (individually, Trust, etc.)

              2. How would you maintain your privacy?

              3. What type of account would you use to wire transfer a multi million dollar prize?

              4. Which creative tax strategies would you utilize to minimize your taxes?

              5. How would you invest to make your money work it's hardest without assuming unreasonable risk?

              #1: Win the Jackpot!

              #2: If You Haven't Done #1: No Need to Continue!

              A mind once stretched by a new idea never returns to its original dimensions!

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                United States
                Member #61232
                May 16, 2008
                126 Posts
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                Posted: September 5, 2011, 4:55 pm - IP Logged

                I would like to ask 5 questions of you all to gain various perspectives. I have my own ideas, but first I would like to read what you all think.

                 

                1. How would you claim the prize? (individually, Trust, etc.)

                2. How would you maintain your privacy?

                3. What type of account would you use to wire transfer a multi million dollar prize?

                4. Which creative tax strategies would you utilize to minimize your taxes?

                5. How would you invest to make your money work it's hardest without assuming unreasonable risk?

                1.  I only buy my tickets in a state that allows anonymity, and I'd probably claim it as an individual, but when the opportunity arrises I'll be consulting my tax attorney and accountant to discuss my options.

                 

                2.  Same way I do now.  Many think I already won the lottery or I'm in debt up to my eyeballs based on my lifestyle, but the reality is I've done pretty well with my investments.  I just don't discuss personal financial matters with friends or family.

                 

                3.  If I claim it individually I'll just have them wire it into my existing brokerage account at Fidelity or Schwab.  I know many people think this is like giving money to Bernie Madoff, but thats only if you hire an advisor  My accounts are self directed, and they have SIPC and other insurance policies to cover their account holders if an employee commits fraud against their customers.

                 

                4.  I'll consult my tax attorney and accountant to discuss my options.

                 

                5.  Stocks, bonds, and real estate.  Much like I do now, only I'd do it on a much larger scale if I won.