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Why do jackpot winners feel the need for an attorney or financial adviser?

Topic closed. 36 replies. Last post 10 months ago by KY Floyd.

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Kentucky
United States
Member #32652
February 14, 2006
7310 Posts
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Posted: February 8, 2016, 10:23 pm - IP Logged

If I ever won a major jackpot why would I need the advice of a high-priced attorney or "financial adviser"?  Common sense tells me to save my money.  I'd distribute the money through several banks and live off the interest.  As for the attorney and financial adviser...Who's going to watch over the watchers?  I don't trust them.  In Wisconsin recently an attorney was accused of fraud...She stole millions from clients.  Way too many greedy people out there now days.  Just my two cents.

I've wondered that too unless the prize winner is using a trust fund. All lotteries have rules lawyers would have to argue against in court which means the prize winner could wait months to collect. Maybe people want to see a financial adviser before validating their ticket is to get directions to lottery headquarters.

Once the money is in the account, lawyers and financial adviser can be very helpful.

    savagegoose's avatar - ProfilePho
    adelaide sa
    Australia
    Member #37136
    April 11, 2006
    3300 Posts
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    Posted: February 9, 2016, 7:25 am - IP Logged

    This piece of a lottery winner by the name of David Lee Edward who won $27 million after taxes..

     

    'I want this money to last, for me, for my future wife, for my daughter and future generations.'

    Shortly after his win, he hired a financial adviser and a lawyer to look after his assets.

    'If he followed my advice, he'd be pulling in about $85,000 a month for the rest of his life,' financial planner James Gibbs told the Broward-Palm Beach New Times in 2007.

    Instead, Gibbs says, Edwards sold off the stocks and bonds that Gibbs invested on his behalf.

     

    On Tuesday, his daughter, Tiffani Lee Edwards, said that her father had left her with nothing - not even a life insurance policy.

    'There is NO MONEY anywhere!!!!' she wrote on Facebook.

    Enough said.



    Excellent point made there noise-gate. 
    and othere, he had a plan just not the self discipline to stick with it.

    2014 = -1016; 2015= -1409; 2016 JAN = -106; FEB= -81; MAR= -131; APR= - 87: MAY= -91; JUN= -39; JUL=-134; AUG= -124; SEP = -123; OCT= -84  NOV=- 73 TOT= -3498

    keno historic = -2291 ; 2015= -603; 2016= JAN=-32, FEB= +12 , MAR= -86, APR = -77. MAY= -48, JUN= -29, JUL=-71; AUG = -52; SEPT= -43; OCT = +56 NOV = -33 TOT= -3297

      Romancandle's avatar - moon
      Upacreek
      United States
      Member #136306
      December 8, 2012
      428 Posts
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      Posted: February 9, 2016, 10:23 am - IP Logged

      yeah... no need to hire financial experts or attorneys... just post your legal and investment strategy questions here at the LP !

       LOL

      -RC

        cbr$'s avatar - maren
        Cordova,Al.
        United States
        Member #104482
        January 15, 2011
        4910 Posts
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        Posted: February 9, 2016, 1:19 pm - IP Logged

        I'll  hire a attorney just to look over any contacts & to explain all the small print in them. I hire a financial adviser tell them up front what I'm really interested in & listen to some of their suggestion. FDIC pays $ 250,000 per account. You figure out before hand interest your going to get on your accounts to it never excess the limit. Why? The government only pays  up to $250,000, per. a account.If some thing happen in this bank let say one of your account is showing $259,000. The government will only pay you back the $250,000. you loss $9,000. That why you get more then one account in any bank spread it around to many banks never excess the limit. Therefore the government got no freebie. Work at lease 3 days a year so you can take advantage of putting the max amount into your IRA ROTH for you $ your wife it no- taxes on the Roth. Now let say you want to give some money to give some money to your children & grand-children. You have all ready been taxed ones on this money why let them tax the money twice, double dipping. Give the money on Birthdays , Christmas...etc. Here the interesting part make the checks out in a way think lottery . Example a $500. win in the lottery you get no W2-G form. Away put the money $1.00 below what has to be declare & taxed.

          LiveInGreenBay's avatar - driver
          Green Bay
          United States
          Member #169391
          October 15, 2015
          1245 Posts
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          Posted: February 9, 2016, 4:05 pm - IP Logged

          yeah... no need to hire financial experts or attorneys... just post your legal and investment strategy questions here at the LP !

           LOL

          Yea and which are you?  A blood sucking lawyer or financial ""expert"" who can't find a real job?

          Never give up.  Banana

            Coin Toss's avatar - shape barbed.jpg
            Zeta Reticuli Star System
            United States
            Member #30470
            January 17, 2006
            10351 Posts
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            Posted: February 9, 2016, 7:58 pm - IP Logged

            LiveInGreenBay,

            Far better to pit a little effort into finding a decent attorney and financial adviser than to deal 'unprotected' with masses of bloodsucking relatives, acquaintances, current and former co-workers, con men and women, scam artists, terrorists who want a cut of your winnings or all of them, etc....

            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.

              Avatar
              NY
              United States
              Member #23835
              October 16, 2005
              3474 Posts
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              Posted: February 9, 2016, 10:09 pm - IP Logged

              Yea and which are you?  A blood sucking lawyer or financial ""expert"" who can't find a real job?

              Since you're already s financial expert who's capable of managing millions of dollars, why isn't that what you do for a living?