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GiveFive

Florida - West Coast
United States
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June 10, 2010
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Jan 20, 2023, 10:07 am

I'm a big advocate of hiring a team of finance professionals if you win millions of dollars playing the lottery. But there are some reasons why that's not an easy thing to do.

IMHO it all boils down to you doing the research necessary to find honest money managers, but even then there is still a risk that you could become a victim of financial crime. Although I advocate for doing the research, I admit that I don't have any idea how to go about doing it. I've never had millions of dollars in the bank, therefore I don't know what the set of questions are that someone with a lot of money should ask a potential financial adviser. How good of a job I might do searching for an honest adviser could end up being a big problem for me. G5

Play Smart!
Raven62

25

New Jersey
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June 28, 2005
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Jan 20, 2023, 10:35 am

Quote: Originally posted by GiveFive on Jan 20, 2023
I'm a big advocate of hiring a team of finance professionals if you win millions of dollars playing the lottery. But there are some reasons why that's not an easy thing to do.

IMHO it all boils down to you doing the research necessary to find honest money managers, but even then there is still a risk that you could become a victim of financial crime. Although I advocate for doing the research, I admit that I don't have any idea how to go about doing it. I've never had millions of dollars in the bank, therefore I don't know what the set of questions are that someone with a lot of money should ask a potential financial adviser. How good of a job I might do searching for an honest adviser could end up being a big problem for me. G5

I would start with evaluating the character of the potential Financial Advisor. A good place to start would be

The Ultimate Character Traits List:

https://benjaminspall.com/character-traits/

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

Catch-22: A dilemma or difficult circumstance from which there is no escape because of mutually conflicting or dependent conditions.

Corruptissima re publica plurimae leges: When the republic is at its most corrupt the laws are most numerous.

The best way to learn is to never stop being an Experiential Student!
KY Floyd

NY
United States
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October 16, 2005
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Jan 21, 2023, 1:18 am

I'd imagine that a major reason that a lot of winners take several months before claiming the prize is that it takes them awhile to find the help they need. The corollary is why I figure the faster somebody claims the prize the more likely it is that they haven't planned properly. Sure, you can claim quickly if your cousin Eddie already knows a guy, but imagine you hired the guy cousin Eddie suggested and they turn out to be Jason Kurland.
zephbe

South Carolina
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July 15, 2009
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Jan 21, 2023, 2:41 am

If you put $145,811,615 in a bank how much interest could you earn in 6 months?

No investing -just park it there (like in a money market account) while you decide what to do with it. How much could it earn?
Artist77

United States
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January 16, 2012
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Jan 21, 2023, 10:51 am

Quote: Originally posted by GiveFive on Jan 20, 2023
I'm a big advocate of hiring a team of finance professionals if you win millions of dollars playing the lottery. But there are some reasons why that's not an easy thing to do.

IMHO it all boils down to you doing the research necessary to find honest money managers, but even then there is still a risk that you could become a victim of financial crime. Although I advocate for doing the research, I admit that I don't have any idea how to go about doing it. I've never had millions of dollars in the bank, therefore I don't know what the set of questions are that someone with a lot of money should ask a potential financial adviser. How good of a job I might do searching for an honest adviser could end up being a big problem for me. G5

I would be asking about their liability policy. Law firms have liability insurance and an overall managing partner. I would ask about the chain of command as well and ask for an organizational chart. I would want to know who supervises whom and whom they report to as well.
Stat$talker

700 light yrs West of Milky Way Galaxy's Center
United States
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September 1, 2019
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Jan 21, 2023, 11:46 am

Quote: Originally posted by zephbe on Jan 21, 2023
If you put $145,811,615 in a bank how much interest could you earn in 6 months?

No investing -just park it there (like in a money market account) while you decide what to do with it. How much could it earn?

Putting THAT much money into 1 Bank Account would be ludicrous...!! cauze if it went belly-up?,especially a small regional Bank.. ..all the Bank would LEGALLY be responsible to pay you back, iz around $250,000..(FDIC)..So, NEVAAH do that..spread THAT kinda money out into numerous financial institutionz..of no more than $250,000 ea account..investment portfolioz...

You would also save on taxes..intrest income paid from dividendz iz taxed at %15 rather than the highest tax bracket for an obvious Multi-Millionaire..

Thus, the time allow to come foward to claim yo Winningz...to git cho Profe$$ional Money Management Team together..

-Stat$talker
Lotto fanatic

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March 29, 2022
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Jan 21, 2023, 1:17 pm

Quote: Originally posted by KY Floyd on Jan 21, 2023
I'd imagine that a major reason that a lot of winners take several months before claiming the prize is that it takes them awhile to find the help they need. The corollary is why I figure the faster somebody claims the prize the more likely it is that they haven't planned properly. Sure, you can claim quickly if your cousin Eddie already knows a guy, but imagine you hired the guy cousin Eddie suggested and they turn out to be Jason Kurland.

I clicked on this thread to mention that Jason Kurland was a Lottery Lawyer and a lot of Lottery Winners have him their Millions to protect their money for them and he stole their money. So, even professional Financial Pros can't be trusted. Lottery Winners are better off putting their Millions in Bonds and Trust Funds. There is also another type of Savings that I can't remember the name of. It starts with a C I believe, and it's meant to prevent you from touching your money until a certain time, like 5 years later, and if you do decide to touch that money, you get hit with a huge penalty for withdrawing the money early.
Artist77

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Jan 21, 2023, 1:28 pm

LF does not seem to know you need an attorney to set up a trust.

While I am not blaming the clients Kurland cheated, some of them certainly made it easy for him to do it. As a major JP winner, you need to stay actively engaged in overseeing your investments and verify anything you are told. Assigning anyone sole and exclusive oversight over your money (and excluding yourself) is laziness and stupidity at best.
Stat$talker

700 light yrs West of Milky Way Galaxy's Center
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September 1, 2019
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Jan 21, 2023, 5:43 pm

Quote: Originally posted by Artist77 on Jan 21, 2023
LF does not seem to know you need an attorney to set up a trust.

While I am not blaming the clients Kurland cheated, some of them certainly made it easy for him to do it. As a major JP winner, you need to stay actively engaged in overseeing your investments and verify anything you are told. Assigning anyone sole and exclusive oversight over your money (and excluding yourself) is laziness and stupidity at best.
ddude003

Missouri
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August 9, 2020
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Jan 21, 2023, 7:49 pm

A living trust is an easy way to plan for the management and distribution of your assets, and you don't need an attorney to do it...

And you don't really need a "money manager" or the orthodox financial community... Do some due diligence...
Artist77

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Jan 21, 2023, 8:03 pm

Quote: Originally posted by ddude003 on Jan 21, 2023
A living trust is an easy way to plan for the management and distribution of your assets, and you don't need an attorney to do it...

And you don't really need a "money manager" or the orthodox financial community... Do some due diligence...

Not true. Some states require an attorney prepare it and include certain provisions in it to be legal under state law. There are even rules on how it is to be signed. And I have one and had an expert trust attorney prepare it. A lot of people now use living revocable trusts vs wills.
zephbe

South Carolina
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Jan 21, 2023, 8:16 pm

Quote: Originally posted by Stat$talker on Jan 21, 2023
Putting THAT much money into 1 Bank Account would be ludicrous...!! cauze if it went belly-up?,especially a small regional Bank.. ..all the Bank would LEGALLY be responsible to pay you back, iz around $250,000..(FDIC)..So, NEVAAH do that..spread THAT kinda money out into numerous financial institutionz..of no more than $250,000 ea account..investment portfolioz...

You would also save on taxes..intrest income paid from dividendz iz taxed at %15 rather than the highest tax bracket for an obvious Multi-Millionaire..

Thus, the time allow to come foward to claim yo Winningz...to git cho Profe$$ional Money Management Team together..

-Stat$talker

I was trying to think of a way to earn money while getting the team together. Spreading it around isn't worth the hassle.

I would take the annuity and get professionals to help manage it.
ddude003

Missouri
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August 9, 2020
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Jan 21, 2023, 9:43 pm

Quote: Originally posted by Artist77 on Jan 21, 2023
Not true. Some states require an attorney prepare it and include certain provisions in it to be legal under state law. There are even rules on how it is to be signed. And I have one and had an expert trust attorney prepare it. A lot of people now use living revocable trusts vs wills.

I would like to know the states and the provisions... Got sauce? TV dinners... Hope the sauce is not to blue...

Really, there is no need for "professionals", attorneys or otherwise... Anyone can represent themselves unless they are clueless, which may are...

Next you are going to say no one can represent themselves in a court of law...
Stat$talker

700 light yrs West of Milky Way Galaxy's Center
United States
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September 1, 2019
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Jan 22, 2023, 1:01 am

Quote: Originally posted by zephbe on Jan 21, 2023
I was trying to think of a way to earn money while getting the team together. Spreading it around isn't worth the hassle.

I would take the annuity and get professionals to help manage it.

"I was trying to think of a way to earn money while getting the team together."

After winning a major Jackpot?...THAT'Z whut you'd pay Money Management Professionalz to do...

Nevaah place all yo eggz in 1 basket..then hire Artist77 , ta Watch'em ALL..
Artist77

United States
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January 16, 2012
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Jan 22, 2023, 7:05 am

Quote: Originally posted by Stat$talker on Jan 22, 2023
"I was trying to think of a way to earn money while getting the team together."

After winning a major Jackpot?...THAT'Z whut you'd pay Money Management Professionalz to do...

Nevaah place all yo eggz in 1 basket..then hire Artist77 , ta Watch'em ALL..

Noooo. Lol. I have enough work on my plate. I am not one of the very rare members on LP, who try to use LP to sell products or services.

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