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If you won Saturday's Powerball jackpot

Topic closed. 9 replies. Last post 13 years ago by rundown99.

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Would you form a trust to claim the prize?

Yes. I would want to remain anonymous. [ 13 ]  [72.22%]
No. I'll take my chances at post-jackpot fame. [ 5 ]  [27.78%]
Total Valid Votes [ 18 ]  
Discarded Votes [ 4 ]  
rundown99's avatar - cigar

United States
Member #567
August 14, 2002
485 Posts
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Posted: October 10, 2003, 8:08 am - IP Logged

The Powerball winner of the December 11, 1999 drawing had formed a trust to claim the prize.  As it turned out, the winner had not quit his or her job and did not want any publicity.  The winner of the February 22, 2003 drawing had sent a lawyer to claim the lump sum grand prize on behalf of a client named "Cello Investments, LLC."  It would take a while to form a trust, but it has happened before, so it could be done again.  Would you form a trust?  Why or why not?

Smart lottery winners form trust to claim their winnings.  They send an attorney to the lottery headquarters to claim the prize in trust, so that ONLY the name of the trust is revealed.  And they tell NO ONE, especially relatives.

If you ever win a lottery and you are single, the only person you should ever marry is someone who was truly in love with you BEFORE you won the jackpot!

    hypersoniq's avatar - 8ball
    Pennsylvania
    United States
    Member #1340
    April 6, 2003
    2450 Posts
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    Posted: October 10, 2003, 6:12 pm - IP Logged

    Trust, definitely.

    I would however NOT return to work (once I had ACCESS to the cash), in hopes that someone who NEEDS the job could have it.

    Playing more than one ticket per game is betting against yourself.

      rundown99's avatar - cigar

      United States
      Member #567
      August 14, 2002
      485 Posts
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      Posted: October 11, 2003, 11:02 am - IP Logged

      I read this book by Rob Sanford entitled Infinite Financial Freedom whereas if you are not self-employed, take a leave of absence from your job and expect not to return.  You don't have to worry about quitting your pre-jackpot job, the job will quit you.

      Smart lottery winners form trust to claim their winnings.  They send an attorney to the lottery headquarters to claim the prize in trust, so that ONLY the name of the trust is revealed.  And they tell NO ONE, especially relatives.

      If you ever win a lottery and you are single, the only person you should ever marry is someone who was truly in love with you BEFORE you won the jackpot!

        Avatar
        Wisconsin
        United States
        Member #1610
        June 3, 2003
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        Posted: October 11, 2003, 12:16 pm - IP Logged

        i don't think i'd form a trust but i would remain as low-key as possible.  i couldn't achieve total anonymity using this approach - but i'd get an unpublished phone number and tell as few people as possible - before and after claiming the prize. i'd definitely want to drive to the lotto office and validate the ticket on my own - just for the experience.

        ... the lottery never fails to surprise!
          mken35's avatar - starwars06

          United States
          Member #1809
          July 7, 2003
          84 Posts
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          Posted: October 11, 2003, 6:16 pm - IP Logged

               

            hypersoniq's avatar - 8ball
            Pennsylvania
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            April 6, 2003
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            Posted: October 11, 2003, 6:48 pm - IP Logged

            Once your name/hometown is associated with a huge jackpot, all the money in the world isn't going to buy back your peace and quiet afforded by anonymity.Fifth cousins (thrice removed) will be less likely to hit you up for startup capital for their great new business opportuniy... if you skip the trust and then someone catches you in a frivelous lawsuit (also now more likely, may as well buy shirts with target symbols on them), now they KNOW about all the marbles and will "settle" for a small fortune... keeping it quiet drastically improves the odds that your children won't be bringing home any gold-diggers (might just marry for love... imagine...).



            I wouldn't feel right thrusting my family into the spotlight (and all the negative implications that go with it) just because I decided to play a game. We wouldn't even tell the children if we won until AFTER the check was in the bank(s) and we could immediately access it (to get us out of town, if necessary).



            Playing more than one ticket per game is betting against yourself.

              rundown99's avatar - cigar

              United States
              Member #567
              August 14, 2002
              485 Posts
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              Posted: October 17, 2003, 8:54 am - IP Logged

              The last time a Powerball grand prize was claimed was in New Hampshire about a month ago.  A father and daughter from New Hampshire and a family in Massachusettts claimed the prize.  The father and daughter from N.H. went public, but the family from Massachusetts claimed its share in trust (they sent their lawyer to claim the share on their behalf).  The trust can ensure anonymity, but there are different types of trust.  Of course, setting up the trust is the ONLY solution to remain anonymous in states other than Delaware.  But someone saying that he/she will form a trust if he/she wins is FAR different from actually doing it if he/she wins.  Setting up a trust requires reading ALL THAT information on trust law just to decide which form of trust is right for you,  spending all that time trying to set one up, NOT TELLING ANYONE THAT YOU WON PRIOR TO CLAIMING THE PRIZE, staying low under the public radar, and possibly the most difficult, keeping your job for weeks after you win just so people don't suspect that you won.

              Smart lottery winners form trust to claim their winnings.  They send an attorney to the lottery headquarters to claim the prize in trust, so that ONLY the name of the trust is revealed.  And they tell NO ONE, especially relatives.

              If you ever win a lottery and you are single, the only person you should ever marry is someone who was truly in love with you BEFORE you won the jackpot!

                hypersoniq's avatar - 8ball
                Pennsylvania
                United States
                Member #1340
                April 6, 2003
                2450 Posts
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                Posted: October 17, 2003, 10:04 am - IP Logged

                My preferred trurt type would be the intra-vivos personal property trust

                Playing more than one ticket per game is betting against yourself.

                  fja's avatar - gnome1

                  United States
                  Member #91
                  January 19, 2002
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                  Posted: October 18, 2003, 6:00 am - IP Logged

                  Its hard to say what I would do.  I've never experienced the big win, and as much as I plan to stay as low key as possible, my reaction might be totaly different to what I plan.  However a Trust is probably the best way to go.

                  "Everybody has to believe in something...I believe I'll have another beer!"   = W.C.Fields                      

                    rundown99's avatar - cigar

                    United States
                    Member #567
                    August 14, 2002
                    485 Posts
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                    Posted: October 18, 2003, 6:48 am - IP Logged
                    Quote: O

                    Smart lottery winners form trust to claim their winnings.  They send an attorney to the lottery headquarters to claim the prize in trust, so that ONLY the name of the trust is revealed.  And they tell NO ONE, especially relatives.

                    If you ever win a lottery and you are single, the only person you should ever marry is someone who was truly in love with you BEFORE you won the jackpot!