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Attorneys and financial advisers...

Topic closed. 17 replies. Last post 9 months ago by OldSchoolPa.

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How much would you win before paying for professional advice?

$50,000 ? [ 2 ]  [3.77%]
$100,000 ? [ 2 ]  [3.77%]
$500,000 ? [ 7 ]  [13.21%]
$1,000,000 ? [ 9 ]  [16.98%]
10,000,000 ? [ 22 ]  [41.51%]
100,000,000 or more? [ 11 ]  [20.75%]
Total Valid Votes [ 53 ]  
Discarded Votes [ 6 ]  
LiveInGreenBay's avatar - driver
Green Bay
United States
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Posted: February 10, 2016, 5:25 pm - IP Logged

I wouldn't hire professionals for anything under ten million.  After fed and state taxes taken right off the bat, that would leave me with about six million plus change.  If I couldn't handle that....I don't deserve to win.

Never give up.  Banana

    music*'s avatar - nw bookeep.jpg
    Happy California
    United States
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    August 2, 2014
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    Posted: February 10, 2016, 5:39 pm - IP Logged

     I will ask a Trust & Estate Attorney to draw up a Living Revocable Trust for me. Then I will ask for referrals. A Certified Financial Planner to plan my future investments. Possibly a publicist like Brad Duke used. Then either a psychologist, psychiatrist or therapist. Plus more help.

    Banana

     I've been rich and I've been poor. Believe me, rich is better. 

     Attributed to Joe E. Lewis and others

      Coin Toss's avatar - shape barbed.jpg
      Zeta Reticuli Star System
      United States
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      January 17, 2006
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      Posted: February 10, 2016, 6:01 pm - IP Logged

      Golly LiveInGreenBay, isn't this thread a contradiction to the OP and your others posts in this thread:

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

      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.

        rcbbuckeye's avatar - Lottery-043.jpg
        Texas
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        October 23, 2007
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        Posted: February 10, 2016, 6:22 pm - IP Logged

        Golly LiveInGreenBay, isn't this thread a contradiction to the OP and your others posts in this thread:

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

        Took the words right out of my mind. LOL.

        CAN'T WIN IF YOU'RE NOT IN

        A DOLLAR AND A DREAM (OR $2)

          Romancandle's avatar - moon
          Upacreek
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          Posted: February 10, 2016, 7:53 pm - IP Logged

          Took the words right out of my mind. LOL.

          I Agree!

          -RC

            sully16's avatar - sharan
            Ringleader
            Michigan
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            Posted: February 10, 2016, 8:03 pm - IP Logged

            These threads are boggling my mind, You should look for sound advise as soon as you start working.

            Number one, for every dollar you make  you put 10 cents away in savings.

            Number two, you don't live beyond your means.

            Number three, learn about investing.

            Number four, don't be satisfied with one source of income. Make your money work for you.

            Did you exchange a walk on part in the war ?

            For a lead role in a cage?

             

                                                        From Pink Floyd's " Wish you were here"

              LiveInGreenBay's avatar - driver
              Green Bay
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              Posted: February 11, 2016, 4:25 am - IP Logged

              Golly LiveInGreenBay, isn't this thread a contradiction to the OP and your others posts in this thread:

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

              I changed my mind.  LOL!

              Never give up.  Banana

                savagegoose's avatar - ProfilePho
                adelaide sa
                Australia
                Member #37136
                April 11, 2006
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                Posted: February 11, 2016, 10:37 am - IP Logged

                i put $500k , here that could pay $15k a year. while enough, I would still like to turn that into $30k a year. I dont think i can do that with my own knowledge on investing and tax minimizing. With $100k, i could take $3k a year. i dont think i would even need tax advice at all.

                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

                  music*'s avatar - nw bookeep.jpg
                  Happy California
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                  Posted: February 17, 2016, 11:44 am - IP Logged

                   I will also buy insurance to cover the Estate taxes that my heirs will pay to the IRS.

                   Plus a tax professional. Tax Attorney. CPA. Accountant. 

                   

                  Argue

                   I've been rich and I've been poor. Believe me, rich is better. 

                   Attributed to Joe E. Lewis and others

                    TheMeatman2005's avatar - lightening
                    Brooklyn, NY
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                    October 29, 2015
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                    Posted: February 17, 2016, 6:16 pm - IP Logged

                    I wouldn't hire professionals for anything under ten million.  After fed and state taxes taken right off the bat, that would leave me with about six million plus change.  If I couldn't handle that....I don't deserve to win.

                    I think we all have a basic idea what to do first if we win...pay off all outstanding debt. Then, depending on what's left, would determine the need for legal and / or financial advice.

                    The Meatman

                    “The quickest way to double your money is to fold it in half and put it in your back pocket.” Will Rogers

                    Winning happens in a flash, Like A Bolt Of Lightning!  Patriot

                      Avatar
                      NY
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                      Posted: February 17, 2016, 10:17 pm - IP Logged

                       I will also buy insurance to cover the Estate taxes that my heirs will pay to the IRS.

                       Plus a tax professional. Tax Attorney. CPA. Accountant. 

                       

                      Argue

                      Great idea. Let's suppose that the estate taxes are $2 million dollars. What do you suppose it would cost for an insurance policy that will pay the $2 million in taxes?

                        TheGameGrl's avatar - character catafly.jpg
                        A long and winding road
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                        Posted: February 18, 2016, 7:54 pm - IP Logged

                        Some estate planning is necessary for folks no matter whether they won thru a lottery or have varying assets that will weave thru probate. Best to seek an estate planner for such determinations and options. ira's, bonds, and real estate can stall settlements.

                        I just have to win enough to even afford a lawyer!

                        ~~Is it true, Is it kind,Is it necessary. ~~~

                        christmas holly jolly numbers: 255,303,6911, 474,477 silver:47,gold:79.

                          music*'s avatar - nw bookeep.jpg
                          Happy California
                          United States
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                          Posted: February 29, 2016, 9:18 am - IP Logged

                          Great idea. Let's suppose that the estate taxes are $2 million dollars. What do you suppose it would cost for an insurance policy that will pay the $2 million in taxes?

                           DY Floyd, I am not an insurance agent but a phone call to yours when you need it will be your answer.

                           I will only buy Term Life Insurance. 

                          Sad Cheers

                           I've been rich and I've been poor. Believe me, rich is better. 

                           Attributed to Joe E. Lewis and others

                            TheMeatman2005's avatar - lightening
                            Brooklyn, NY
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                            Posted: February 29, 2016, 10:00 am - IP Logged

                            If I'm not mistaken, term life insurance can only be purchased up to a certain age and after that you are un-insurable.

                            The Meatman

                            “The quickest way to double your money is to fold it in half and put it in your back pocket.” Will Rogers

                            Winning happens in a flash, Like A Bolt Of Lightning!  Patriot

                              RedStang's avatar - tallman zps6gf4inoc.jpg
                              NY
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                              Posted: February 29, 2016, 5:23 pm - IP Logged

                              Don't forget a Tax Professional. They can save you a ton of money. Who would think you can write off a swimming pool and supplies for certain medical conditions.