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If you won either the MM/PB JP: How soon would you claim your prize?

Topic closed. 43 replies. Last post 4 years ago by jjtheprince.

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sookie's avatar - nw femalewiz.jpg

United States
Member #142686
May 17, 2013
94 Posts
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Posted: May 28, 2013, 12:38 pm - IP Logged

Other than claiming with a trust, I still haven't seen the number one reason why anyone needs a lawyer to validated their ticket. The process for claiming the winnings is legislated and there is nothing a lawyer can do to change that process. Just the fact we're talking about multi-million dollars will raise lawyers fees considerably and to compound future problems, some are suggesting speaking with financial planners before validating the ticket who will create investment strategies so they will get the maximum in commissions.

I'm with you, validate the ticket, fill out all the paperwork, answer a bunch of silly questions, get your picture taken, and then you'll have the rest of your life to decide how to spend, invest, or even blow your winnings.

I don't need a financial planner, I do that myself.  What I do need is a lawyer for the trusts and such, estate ect  I need an accountant for the total tax due before I start investing.  Lawyers will also charge by the hour to set up a trust.  You also need to interview them.  I'm also lucky in that a family member's husband is a lawyer in another state so they will know what to ask and look for.

My state allows you to be anonymous so that's where the blind trusts come in.  If i win I am telling no one.  As I said above no one's business but mine and the IRS and state.

    Avatar
    Kentucky
    United States
    Member #32652
    February 14, 2006
    7322 Posts
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    Posted: May 28, 2013, 1:24 pm - IP Logged

    I don't need a financial planner, I do that myself.  What I do need is a lawyer for the trusts and such, estate ect  I need an accountant for the total tax due before I start investing.  Lawyers will also charge by the hour to set up a trust.  You also need to interview them.  I'm also lucky in that a family member's husband is a lawyer in another state so they will know what to ask and look for.

    My state allows you to be anonymous so that's where the blind trusts come in.  If i win I am telling no one.  As I said above no one's business but mine and the IRS and state.

    Claiming using a blind trust is reason enough to justify needing a lawyer because with a blind trust you won't know how much money you have and where and how it's invested. Blind trusts are usually used by Legistlators so they won't be accused of creating legislation to benefit their financial holdings.

    The only benefit of claiming anonymous is your name won't be published, but the name and location of the store selling the ticket will be published. The people at the lottery will know your business and so will your lawyer, stock broker, tax accountant, the people at your bank, the IRS, state tax agency, your employer, co-workers, and possibly all the people at a real estate agency or any business where you make a substantial purchase.

    Anonymity does limit the number of people knowing your business, but there will still be hundreds of people that will know you won a substantial amount of money. Trusting all of them not to reveal what they know about your business might be next to impossible.

      Avatar
      London
      United Kingdom
      Member #140684
      March 24, 2013
      566 Posts
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      Posted: May 28, 2013, 2:25 pm - IP Logged

      Well, in the UK they send a person to your house to deal with the final parts etc and to verify then I guess you get the money in your bank within the week.

      2016 Won/Lost

      EuroMillions / Spent: £22 / Won £0 / Total -£22

      UK Lotto / Spent: £4 / Won: £0 / Total: -£4

      2016 Total: -£24

      Jan: -£22 Feb: £0 ~ Mar: £0 ~ April: £0 ~ May: £0 ~ June: £0 ~ July: £2

       

      EuroMillions = £2 Line / Played: x11 [old price] 

      EuroMillions = £2.50 Line / Played: x0

      UK Lotto = £2 Line / Played x2

        sookie's avatar - nw femalewiz.jpg

        United States
        Member #142686
        May 17, 2013
        94 Posts
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        Posted: May 28, 2013, 4:20 pm - IP Logged

        Claiming using a blind trust is reason enough to justify needing a lawyer because with a blind trust you won't know how much money you have and where and how it's invested. Blind trusts are usually used by Legistlators so they won't be accused of creating legislation to benefit their financial holdings.

        The only benefit of claiming anonymous is your name won't be published, but the name and location of the store selling the ticket will be published. The people at the lottery will know your business and so will your lawyer, stock broker, tax accountant, the people at your bank, the IRS, state tax agency, your employer, co-workers, and possibly all the people at a real estate agency or any business where you make a substantial purchase.

        Anonymity does limit the number of people knowing your business, but there will still be hundreds of people that will know you won a substantial amount of money. Trusting all of them not to reveal what they know about your business might be next to impossible.

        For the blind trust I think I used the wrong term and meant Revocable Trust

        For the rest of the dicussion let's break this down:

        but the name and location of the store selling the ticket will be published

        Which isn't an issue for me since I buy my ticket in large city and I live outside it.

        The people at the lottery will know your business

        And they will not release the info if it's anonymous and don't know who you are.  believe it or not there are anonymous people out there who have won who have never been tracked down.

        and so will your lawyer,

        Confidentially agreements, lawyers who want to have clients come back to them do not discuss their clients affairs with every person they meet.

        stock broker,

        Won't be using one, not an issue.

        tax accountant, 

        Again see lawyer response

        the people at your bank,

        I am not sure where you bank but mine does not go around telling every client who comes in what the person who just left deposited and who they are, how they made their money ect.  The bank tellers wouldn't even know.

        the IRS,

        Again they will not be going out of their way to tell every person Jack or Jane Smith won the lottery on this date, for this much and they are worth $x as of this date.

        state tax agency,

        See IRS above

        your employer,

        They won't be told why I am leaving so not an issue.

        co-workers,

        Again see above

        and possibly all the people at a real estate agency or any business where you make a substantial purchase.

        See all replies above regarding confidentially if they want to stay in business they do not scream at the top of their lungs nor tell anyone who is doing what, where, how and why. Also when you go to buy a home or car or whatever it is you need there are other ways to make money and have cash besides a lottery win:

        'How can you afford this?'   'Family member left money to me and its invested well'.  End of conversation. 

        At the end of the day all these people care about is getting their commision they could care less where you get the money from as long as its legal.

        It's all hypothetically anyway until we win, but it is fun to think about.

          Avatar
          Kentucky
          United States
          Member #32652
          February 14, 2006
          7322 Posts
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          Posted: May 29, 2013, 12:24 am - IP Logged

          For the blind trust I think I used the wrong term and meant Revocable Trust

          For the rest of the dicussion let's break this down:

          but the name and location of the store selling the ticket will be published

          Which isn't an issue for me since I buy my ticket in large city and I live outside it.

          The people at the lottery will know your business

          And they will not release the info if it's anonymous and don't know who you are.  believe it or not there are anonymous people out there who have won who have never been tracked down.

          and so will your lawyer,

          Confidentially agreements, lawyers who want to have clients come back to them do not discuss their clients affairs with every person they meet.

          stock broker,

          Won't be using one, not an issue.

          tax accountant, 

          Again see lawyer response

          the people at your bank,

          I am not sure where you bank but mine does not go around telling every client who comes in what the person who just left deposited and who they are, how they made their money ect.  The bank tellers wouldn't even know.

          the IRS,

          Again they will not be going out of their way to tell every person Jack or Jane Smith won the lottery on this date, for this much and they are worth $x as of this date.

          state tax agency,

          See IRS above

          your employer,

          They won't be told why I am leaving so not an issue.

          co-workers,

          Again see above

          and possibly all the people at a real estate agency or any business where you make a substantial purchase.

          See all replies above regarding confidentially if they want to stay in business they do not scream at the top of their lungs nor tell anyone who is doing what, where, how and why. Also when you go to buy a home or car or whatever it is you need there are other ways to make money and have cash besides a lottery win:

          'How can you afford this?'   'Family member left money to me and its invested well'.  End of conversation. 

          At the end of the day all these people care about is getting their commision they could care less where you get the money from as long as its legal.

          It's all hypothetically anyway until we win, but it is fun to think about.

          Really great response though my point was, to be truly anonymous after a huge jackpot win like the recent PB winner, the player probably blended into any crowd before the win.

          Like buying tickets in a large city at several different locations so the clerk checking the video of the transaction wouldn't recognize you. Or not being a regular customer at a bank on first name bases with a teller. The bank record of your deposit is confidential, but any teller will notice the balance and if they knew someone in the area won the jackpot, they might wonder out loud if it was you.

          Quiting a job could be less problematic depending how long you were employed and if you didn't interact much with the other employees, they might not notice you're no longer there. The same is true with neighbors because if they didn't know you before, they wouldn't notice you moved and wouldn't wonder why.

          "Also when you go to buy a home or car or whatever it is you need there are other ways to make money and have cash besides a lottery win:"

          Very true unless those substantial purchases are made near where an almost record jackpot was won. Moving a few hundred miles would help with staying anonymous if you don't have any family or friends where you lived. There is a huge difference if a close friend or a family member asks "how can you afford this?".

          Your answers are very impressive but don't really apply to a player who regularly buys their tickets in the same store near their home, been employed at the same business for several years, knows many of the other employees, lives in a neighborhood where everyone knows everyone else's business, and wants remain in the same area where their family and friends live.

          "It's all hypothetically anyway until we win, but it is fun to think about."

           I Agree!

            Avatar
            Chicago
            United States
            Member #90131
            April 22, 2010
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            Posted: May 29, 2013, 4:58 am - IP Logged

            Wait until the next big hurricane to deflect the publicity.

            Jerry B

              rdgrnr's avatar - walt
              Way back up in them dadgum hills, son!
              United States
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              Posted: May 29, 2013, 10:54 am - IP Logged

              Wait until the next big hurricane to deflect the publicity.

              Oddly enough, hurricane activity has been way down ever since Al Gore said it was going to be epidemic every year from now on a few years ago.

                Jill34786's avatar - Lottery-006.jpg
                Windermere, FL/Franklin, TN
                United States
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                March 1, 2007
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                Posted: May 29, 2013, 11:46 am - IP Logged

                Oddly enough, hurricane activity has been way down ever since Al Gore said it was going to be epidemic every year from now on a few years ago.

                I Agree! With hurricane activity being way down the global warming contingent jumped all over the recent tornadoes to further push their agenda.

                  marcie's avatar - Lottery-060.jpg
                  Ohio
                  United States
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                  February 21, 2007
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                  Posted: May 29, 2013, 11:51 am - IP Logged

                  At least 2 weeks to a month.....

                  http://www.lotterypost.com/thread/233413    Sun Smiley Popular numbers

                  12345

                  67890

                  Use Mirror #'s Use prs. with your  Key* numbers the most Vivid thing in your dream go up or down on #'s.  Flip  6=9 `9=6  Bullseyes  0 or 1 for Pick 4 and the P. 5  Play the other part of doubles.  Do the Whole nine yards for a P. 4* P. 5*  or 0 thur 9  for P. 4  P. 5 from my dreams or hunches good Luck.. Write your Dreams down Play for 3 days.  Good Luck All.

                    rdgrnr's avatar - walt
                    Way back up in them dadgum hills, son!
                    United States
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                    Posted: May 29, 2013, 10:03 pm - IP Logged

                    I Agree! With hurricane activity being way down the global warming contingent jumped all over the recent tornadoes to further push their agenda.

                    Yeah, no more talk about hurricanes.

                    Or Polar Bears, lol.

                      dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
                      Oklahoma
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                      Posted: May 29, 2013, 10:25 pm - IP Logged

                      Oddly enough, hurricane activity has been way down ever since Al Gore said it was going to be epidemic every year from now on a few years ago.

                      But he invented the Internet Wink

                      I Love Pink & Green 1908

                        helpmewin's avatar - dandy
                        u$a
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                        Posted: May 30, 2013, 2:34 am - IP Logged

                        First business day of the week following your win,  months later or close to expiration?

                        * People who say it cannot be done should not interrupt those who are doing it.
                               George Bernard Shaw.

                        #3 Dance

                          whiteballz's avatar - Lottery-015.jpg
                          Nutley, New Jersey
                          United States
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                          Posted: May 30, 2013, 7:19 am - IP Logged

                          But he invented the Internet Wink

                          Jester Laugh

                          .


                            United States
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                            February 13, 2011
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                            Posted: May 30, 2013, 10:08 am - IP Logged

                            Right away if it's a smaller JP like $100,000,000 or less because those don't even make headlines anymore.

                             

                            If it's over $100 mil. I'd probably hold off for about 3 to 4 months.