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Old 01-07-2016, 04:07 PM
  #201  
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repeat
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Old 01-07-2016, 04:14 PM
  #202  
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Joneill. He knows what's up.

Party like a rockstar!!
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Old 01-07-2016, 04:17 PM
  #203  
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I posted this before somewhere. It's pretty sound advice, but the biggest point of it is outdated because you can't hide behind blind trusts anymore.

Lottery Winners

And if you're wondering where to put all that money, since banks are only insured to $250k now, the answer is CDARS. How CDARS Works

No, I haven't planned out my eventual win in excruciating detail, why do you ask?
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Old 01-07-2016, 04:18 PM
  #204  
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Originally Posted by nfnsquared View Post
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Old 01-07-2016, 04:19 PM
  #205  
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Originally Posted by pebe View Post
Had this discussion last night and its always the same answers. What you gonna do with all the money if you win? Usual stuff, buy a house, few cars, pay debts, college funds for kids, etc.

My question is, the day you pickup that check and you're driving home, or taking the subway home, or a cab home, or whatever, what is the FIRST thing or first few things you need to do? I was thinking about it. I would be scared shit. Having this check for all this money, what do I do? DO I go to my bank and deposit it? Do I call a lawyer? A financial advisor? Who do you trust?
Why would you be scared? I have a feeling the lottery has methods of protecting people when they get a check for hundreds of millions. I highly doubt they just push you out on to the street and say "ok, bye!"

And even if they do, what's the point of stealing it? You can't cash a check with someone else's name on it. And I'm pretty sure if you walk over to the nearest place to cash the check, some questions will be asked like "why is your name not on this check?" And "how did you acquire a Check for X number of millions of dollars? You didn't win the lottery."
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Old 01-07-2016, 05:09 PM
  #206  
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The second you see all the numbers match immediately call a lawyer. You have like 30 days to claim the prize so dont worry about that. You'll have all the info/help you need before you ever see the check

Last edited by Joneill44; 01-07-2016 at 05:13 PM.
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Old 01-07-2016, 05:34 PM
  #207  
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Originally Posted by Anachostic View Post
... because you can't hide behind blind trusts anymore....
Source???

I'd certainly never go with a blind trust. I'd want control over what my money is invested in...

Last edited by nfnsquared; 01-07-2016 at 05:36 PM.
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Old 01-07-2016, 06:05 PM
  #208  
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Originally Posted by nfnsquared View Post
Source???

I'd certainly never go with a blind trust. I'd want control over what my money is invested in...
What it comes down to is claiming anonymously. There are only 6 states that allow it. (Few major lottery jackpot winners get chance to be anonymous ? USATODAY.com)

Officials in states other than Kansas, Maryland, Delaware, Michigan, North Dakota and Ohio make public the names of lottery winners, with rare exceptions. Most see the identities of winners as a matter of public record subject to open-records law while others say revealing the names adds to the lottery's credibility and encourages others to play.
Any other manner of trying to hide your identity like creating an LLC or corporation can be traced back to you in some way.

Here's an interesting read on blind trusts and lottery claiming. You define the trust and determine how the money is used. That is what you want, I'm guessing.

https://www.lotterypost.com/thread/253510

With your lawyer's help, you will include provisions to protect your interests, such as requiring that the money cannot be invested in anything, or spent on anything, but must be paid to your beneficiary (like your kid) on your death, or disbursed in its entirety into an account of your choosing in X number of days (for example), whichever comes first. You make the rules!
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Old 01-07-2016, 06:40 PM
  #209  
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I would enjoy telling old "friends" and long lost cousins to fuck off but I'm sure after a while it gets annoying
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Old 01-07-2016, 07:54 PM
  #210  
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Originally Posted by TacoBello View Post
Fuck that. All of those cars are for regular Joes.

I'd buy the Millennium Falcon and get it entirely gold plated, inside and out


Yeah see I'm really just a regular joe though....dunno how the true high rollers live.

Originally Posted by Mizouse View Post
I'll worry about what cars to buy WHEN I win it.
Dude might as well start planning now and get a head start!


Originally Posted by nfnsquared View Post
yeah dude seriously, what a waste of space/oxygen.....


Originally Posted by pebe View Post
Had this discussion last night and its always the same answers. What you gonna do with all the money if you win? Usual stuff, buy a house, few cars, pay debts, college funds for kids, etc.

My question is, the day you pickup that check and you're driving home, or taking the subway home, or a cab home, or whatever, what is the FIRST thing or first few things you need to do? I was thinking about it. I would be scared shit. Having this check for all this money, what do I do? DO I go to my bank and deposit it? Do I call a lawyer? A financial advisor? Who do you trust?
Dude you gotta set all that up BEFORE you go collect the winnings.

Also immediately sign ticket and put it in bank safety deposit box.

Call up tax lawyers and clearly lay out tax liabilities....then need to setup a trust or something similar to carefully setup how money will be handled...then need to read and if you want hire pros to invest the money and see where to put them (can't just dump them in a savings account down at your First National Bank, lol)
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Old 01-07-2016, 08:00 PM
  #211  
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current jackpot is 700million... wow never seen that before.....
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Old 01-07-2016, 08:04 PM
  #212  
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Originally Posted by YeuEmMaiMai View Post
current jackpot is 700million... wow never seen that before.....
Yup they updated this morning.

With very strong ticket sales I think it will hit 900 million by saturday night!

They may update again tonight or if not tomorrow for sure.
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Old 01-07-2016, 08:09 PM
  #213  
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Originally Posted by Joneill44 View Post
The second you see all the numbers match immediately call a lawyer. You have like 30 days to claim the prize so dont worry about that. You'll have all the info/help you need before you ever see the check
And accountant... You'll want an accountant and lawyer working together to help you keep the 50-60% remaining after paying federal taxes.

I'd probably put a million each into separate corporate accounts for each member of the immediate family as security for the rest of their lives (without telling them-- they'll be notified upon my death), then let my wife figure out which charities she would want to support and structure the finances correspondingly.

That's after I clog up the driveway with a Ford GT, a Tesla and a new Miata.

Oh, and my wife bought tickets yesterday for the Saturday drawing.
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Old 01-07-2016, 08:34 PM
  #214  
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Originally Posted by nist7 View Post


Yeah see I'm really just a regular joe though....dunno how the true high rollers live.



Dude might as well start planning now and get a head start!




yeah dude seriously, what a waste of space/oxygen.....




Dude you gotta set all that up BEFORE you go collect the winnings.

Also immediately sign ticket and put it in bank safety deposit box.

Call up tax lawyers and clearly lay out tax liabilities....then need to setup a trust or something similar to carefully setup how money will be handled...then need to read and if you want hire pros to invest the money and see where to put them (can't just dump them in a savings account down at your First National Bank, lol)
unless they changed it, you have from 90 days to 1 year (depending upon state) to claim your prize. And yes you COULD deposit into your regular banking account but I would go the trust fund route imho
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Old 01-07-2016, 08:51 PM
  #215  
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I figure I'll live let's say another 70 years, I'd just YOLO and spend 5 million a year (not sure the cash option)

Fuck leaving anything behind, Uncle Sam is just gonna tax that again.
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Old 01-07-2016, 08:54 PM
  #216  
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In missouri here we have 180 days to claim the prize. So plenty of time to read up on things, meet with team of lawyer and accountants to setup things before getting the huge jackpot.

Immediate spending the day after money clears into my immediate spending account: pay off my school loans.

Then S2000 to start upgrading driving skills...then the family hauler/commuter P85D w/Ludicrous mode, then slowly venture up in power...
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Old 01-08-2016, 06:59 AM
  #217  
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Yeah my ticket said I have 180 days to claim. And I agree. I'm consulting with lawyers, CPA's, money managers to figure this out. I'm assuming the banks will hold the checks since they will be substantial. I wish they would just wire.
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Old 01-08-2016, 07:11 AM
  #218  
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I would buy a gun and point to the whoever tries to come into my house.
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Old 01-08-2016, 07:42 AM
  #219  
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Hire a security detail
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Old 01-08-2016, 07:46 AM
  #220  
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Originally Posted by TacoBello View Post
Why would you be scared? I have a feeling the lottery has methods of protecting people when they get a check for hundreds of millions. I highly doubt they just push you out on to the street and say "ok, bye!"

And even if they do, what's the point of stealing it? You can't cash a check with someone else's name on it. And I'm pretty sure if you walk over to the nearest place to cash the check, some questions will be asked like "why is your name not on this check?" And "how did you acquire a Check for X number of millions of dollars? You didn't win the lottery."


Not worried about being physically robbed of the check. I think this is where many people go wrong and lose all their money really quickly. Just don't know where to start. It's all nice and good to think about having the cash to spend and whatever, but unless you can really plan it and trust someone to help you plan it out, you'll be broke in 5-10 years
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Old 01-08-2016, 08:13 AM
  #221  
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I have a plan. See post 201
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Old 01-08-2016, 09:21 AM
  #222  
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Originally Posted by Joneill44 View Post
I have a plan. See post 201


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Old 01-08-2016, 09:38 AM
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move the money to Swiss bank, buy property on some island in the Mediterranean and just chill out!!!
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Old 01-08-2016, 09:40 AM
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Updated forbes article is a good read

Forbes Welcome
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Old 01-08-2016, 09:45 AM
  #225  
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Originally Posted by TacoBello View Post
Why would you be scared? I have a feeling the lottery has methods of protecting people when they get a check for hundreds of millions. I highly doubt they just push you out on to the street and say "ok, bye!"

And even if they do, what's the point of stealing it? You can't cash a check with someone else's name on it. And I'm pretty sure if you walk over to the nearest place to cash the check, some questions will be asked like "why is your name not on this check?" And "how did you acquire a Check for X number of millions of dollars? You didn't win the lottery."
I came across this post on reddit and thought it was quite interesting/insightful:

Congratulations! You just won millions of dollars in the lottery!

That's great.

Now you're fucked.

No really.

You are.

You're fucked.

If you just want to skip the biographical tales of woe of some of the math-tax protagonists, skip on down to the next comment, to see what to do in the event you win the lottery.

You see, it's something of an open secret that winners of obnoxiously large jackpots tend to end up badly with alarming regularity. Not the $1 million dollar winners. But anyone in the nine-figure range is at high risk. Eight-figures? Pretty likely to be screwed. Seven-figures? Yep. Painful. Perhaps this is a consequence of the sample. The demographics of lottery players might be exactly the wrong people to win large sums of money. Or perhaps money is the root of all evil. Either way, you are going to have to be careful.

Don't believe me? Consider this:
Large jackpot winners face double digit multiples of probability versus the general population to be the victim of:
  • Homicide (something like 20x more likely)
  • Drug overdose
  • Bankruptcy (how's that for irony?)
  • Kidnapping

And triple digit multiples of probability versus the general population rate to be:
  • Convicted of drunk driving
  • The victim of Homicide (at the hands of a family member) 120x more likely in this case, ain't love grand?
  • A defendant in a civil lawsuit
  • A defendant in felony criminal proceedings


Believe it or not, your biggest enemy if you suddenly become possessed of large sums of money is... you. At least you will have the consolation of meeting your fate by your own hand. But if you can't manage it on your own, don't worry. There are any number of willing participants ready to help you start your vicious downward spiral for you. Mind you, many of these will be "friends," "friendly neighbors," or "family." Often, they won't even have evil intentions. But, as I'm sure you know, that makes little difference in the end. Most aren't evil. Most aren't malicious. Some are. None are good for you.


Jack Whittaker, a Johnny Cash attired, West Virginia native, is the poster boy for the dangers of a lump sum award. In 2002 Mr. Whittaker (55 years old at the time) won what was, also at the time, the largest single award jackpot in U.S. history. $315 million. At the time, he planned to live as if nothing had changed, or so he said. He was remarkably modest and decent before the jackpot, and his ship sure came in, right?

Wrong.


Mr. Whittaker became the subject of a number of personal challenges, escalating into personal tragedies, complicated by a number of legal troubles.
Whittaker wasn't a typical lottery winner either. His net worth at the time of his winnings was in excess of $15 million, owing to his ownership of a successful contracting firm in West Virginia. His claim to want to live "as if nothing had changed" actually seemed plausible. He should have been well equipped for wealth. He was already quite wealthy, after all. By all accounts he was somewhat modest, low profile, generous and good natured. He should have coasted off into the sunset. Yeah. Not exactly.


Whittaker took the all-cash option, $170 million, instead of the annuity option, and took possession of $114 million in cash after $56 million in taxes. After that, things went south.


Whittaker quickly became the subject of a number of financial stalkers, who would lurk at his regular breakfast hideout and accost him with suggestions for how to spend his money. They were unemployed. No, an interview tomorrow morning wasn't good enough. They needed cash NOW. Perhaps they had a sure-fire business plan. Their daughter had cancer. A niece needed dialysis. Needless to say, Whittaker stopped going to his breakfast haunt. Eventually, they began ringing his doorbell. Sometimes in the early morning. Before long he was paying off-duty deputies to protect his family. He was accused of being heartless. Cold. Stingy.


Letters poured in. Children with cancer. Diabetes. MS. You name it. He hired three people to sort the mail. A detective to filter out the false claims and the con men (and women) was retained.


Brenda, the clerk who had sold Whittaker the ticket, was a victim of collateral damage. Whittaker had written her a check for $44,000 and bought her house, but she was by no means a millionaire. Rumors that the state routinely paid the clerk who had sold the ticket 10% of the jackpot winnings hounded her. She was followed home from work. Threatened. Assaulted.


Whittaker's car was twice broken into, by trusted acquaintances who watched him leave large amounts of cash in it. $500,000 and $200,000 were stolen in two separate instances. The thieves spiked Whittaker's drink with prescription drugs in the first instance. The second incident was the handiwork of his granddaughter's friends, who had been probing the girl for details on Whittaker's cash for weeks.


Even Whittaker's good-faith generosity was questioned. When he offered $10,000 to improve the city's water park so that it was more handicap accessible, locals complained that he spent more money at the strip club. (Amusingly this was true).

Whittaker invested quite a bit in his own businesses, tripled the number of people his businesses employed (making him one of the larger employers in the area) and eventually had given away $14 million to charity through a foundation he set up for the purpose. This is, of course, what you are "supposed" to do. Set up a foundation. Be careful about your charity giving. It made no difference in the end.

To top it all off, Whittaker had been accused of ruining a number of marriages. His money made other men look inferior, they said, wherever he went in the small West Virginia town he called home. Resentment grew quickly. And festered. Whittaker paid four settlements related to this sort of claim. Yes, you read that right. Four.

His family and their immediate circle were quickly the victims of odds-defying numbers of overdoses, emergency room visits and even fatalities. His granddaughter, the eighteen year old "Brandi" (who Whittaker had been giving a $2100.00 per week allowance) was found dead after having been missing for several weeks. Her death was, apparently, from a drug overdose, but Whittaker suspected foul play. Her body had been wrapped in a tarp and hidden behind a rusted-out van. Her seventeen year old boyfriend had expired three months earlier in Whittaker's vacation house, also from an overdose. Some of his friends had robbed the house after his overdose, stepping over his body to make their escape and then returning for more before stepping over his body again to leave. His parents sued for wrongful death claiming that Whittaker's loose purse strings contributed to their son's death. Amazingly, juries are prone to award damages in cases such as these. Whittaker settled. Again.


Even before the deaths, the local and state police had taken a special interest in Whittaker after his new-found fame. He was arrested for minor and less minor offenses many times after his winnings, despite having had a nearly spotless record before the award. Whittaker's high profile couldn't have helped him much in this regard.

In 18 months Whittaker had been cited for over 250 violations ranging from broken tail lights on every one of his five new cars, to improper display of renewal stickers. A lawsuit charging various police organizations with harassment went nowhere and Whittaker was hit with court costs instead.
Whittaker's wife filed for divorce, and in the process froze a number of his assets and the accounts of his operating companies. Caesars in Atlantic City sued him for $1.5 million to cover bounced checks, caused by the asset freeze.

Today Whittaker is badly in debt, and bankruptcy looms large in his future.
But, hey, that's just one example, right?

Wrong.

Nearly one third of multi-million dollar jackpot winners eventually declare bankruptcy. Some end up worse. To give you just a taste of the possibilities, consider the fates of:

Billie Bob Harrell, Jr.: $31 million. Texas, 1997. As of 1999: Committed suicide in the wake of incessant requests for money from friends and family. ďWinning the lottery is the worst thing that ever happened to me.Ě

William ‚Bud‚Ě Post: $16.2 million. Pennsylvania. 1988. In 1989: Brother hires a contract murderer to kill him and his sixth wife. Landlady sued for portion of the jackpot. Convicted of assault for firing a gun at a debt collector. Declared bankruptcy. Dead in 2006.

Evelyn Adams: $5.4 million (won TWICE 1985, 1986). As of 2001: Poor and living in a trailer gave away and gambled most of her fortune.

Suzanne Mullins: $4.2 million. Virginia. 1993. As of 2004: No assets left.

Shefik Tallmadge: $6.7 million. Arizona. 1988. As of 2005: Declared bankruptcy.

Thomas Strong: $3 million. Texas. 1993. As of 2006: Died in a shoot-out with police.

Victoria Zell: $11 million. 2001. Minnesota. As of 2006: Broke. Serving seven year sentence for vehicular manslaughter.

Karen Cohen: $1 million. Illinois. 1984. As of 2000: Filed for bankruptcy. As of 2006: Sentenced to 22 months for lying to federal bankruptcy court.

Jeffrey Dampier: $20 million. Illinois. 1996. As of 2006: Kidnapped and murdered by own sister-in-law.

Ed Gildein: $8.8 million. Texas. 1993. As of 2003: Dead. Wife saddled with his debts. As of 2005: Wife sued by her own daughter who claimed that she was taking money from a trust fund and squandering cash in Las Vegas.

Willie Hurt: $3.1 million. Michigan. 1989. As of 1991: Addicted to cocaine. Divorced. Broke. Indicted for murder.

Michael Klingebiel: $2 million. As of 1998 sued by own mother claiming he failed to share the jackpot with her.

Janite Lee: $18 million. 1993. Missouri. As of 2001: Filed for bankruptcy with $700 in assets.
https://www.reddit.com/r/AskReddit/c...hat_do/chba4bf

Now I don't agree that you'll be totally screwed like all the above (there are probably PLENTY of winners who don't make it to the news and are living quite well and happy as larks) but still good to take lessons from what has gone wrong and having a healthy dose of fear/skepticism probably is useful.
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Old 01-08-2016, 09:58 AM
  #226  
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If you won the jackpot, just start up your own bank to put the money in.
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Old 01-08-2016, 10:00 AM
  #227  
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Does anyone know if I buy a ticket in NH (no state income tax) but live in MA (with state income tax) do I have to claim it in MA?

Also if I buy the ticket in NH, find out I win, purchase house in NH before turning in the ticket is that legal?
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Old 01-08-2016, 10:03 AM
  #228  
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I believe you have to claim. I know when you file your taxes it says something about lottery winnings outside your state.
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Old 01-08-2016, 10:07 AM
  #229  
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Originally Posted by myron View Post
move the money to Swiss bank, buy property on some island in the Mediterranean and just chill out!!!
^this...

move to another country where no one knows that you won the lottery so you don't get the solicitations from the beginning... you have to do everything possible to keep in mind that the more people that know you have all this money you can't spend in a lifetime, the more headaches you will have...

hire a good attorney, accountant, financial broker and doctor... have the money working for itself while you pay yourself a salary and live off that salary... go live somewhere and enjoy your life.

easier said than done...

Last edited by KaMLuNg; 01-08-2016 at 10:11 AM.
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Old 01-08-2016, 10:11 AM
  #230  
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Originally Posted by Joneill44 View Post
Does anyone know if I buy a ticket in NH (no state income tax) but live in MA (with state income tax) do I have to claim it in MA?

Also if I buy the ticket in NH, find out I win, purchase house in NH before turning in the ticket is that legal?
Which is why a lawyer is needed in these schemes.

Originally Posted by KaMLuNg View Post
^this...

move to another country where no one knows that you won the lottery so you don't get the solicitations from the beginning... you have to do everything possible to keep in mind that the more people that know you have all this money you can't spend in a lifetime, the more headaches you will have...

hire a good attorney, accountant, financial broker and doctor... have the money working for itself while you pay yourself a salary and live off that salary... so live somewhere and enjoy your life.

easier said than done...
Yeah....waaaay easier said than done I suspect.

Of course we don't hear about the great jackpot winners who are living the dream in the news....mainly we hear the screw ups so that can skew the view towards lotto winners
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Old 01-08-2016, 10:21 AM
  #231  
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Old 01-08-2016, 10:36 AM
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I would deny camera time.

You know how the news usually shows the person on TV. Fug that, I don't want no pictures any of that.
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Old 01-08-2016, 10:38 AM
  #233  
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Far richer men are saddled with the same above problems. Only difference is the form of acquiring money. I'm sure a percentage of non-lottery winning millionaires+ lose it all or worse as well.
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Old 01-08-2016, 10:40 AM
  #234  
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Originally Posted by Flipster23 View Post
I would deny camera time.

You know how the news usually shows the person on TV. Fug that, I don't want no pictures any of that.
If I win, I plan on wearing a Kevin Bacon mask in all press conferences.
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Old 01-08-2016, 10:40 AM
  #235  
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^Kevin Bacon might sue you then since he knows you're rich
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Old 01-08-2016, 10:57 AM
  #236  
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Originally Posted by Flipster23 View Post
I would deny camera time.

You know how the news usually shows the person on TV. Fug that, I don't want no pictures any of that.
Yeah definitely should deny any big press conference.

SOme states still require public disclosure of a name... but I think if you form a LLC/trust you can claim it under the name of the LLC and direct calls/media to your attorney.

No way I'd want to do those HUGE shots of me holding a giant check with a goofy ass grin on my face....

Originally Posted by Doom878 View Post
Far richer men are saddled with the same above problems. Only difference is the form of acquiring money. I'm sure a percentage of non-lottery winning millionaires+ lose it all or worse as well.
True....lot of problems are not going to be solved by tons of money...and can exacerbate.

Cause lot of lotto winners have poor/crappy/ life and money management skills so that why lot of them end up broke after just few years
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Old 01-08-2016, 11:03 AM
  #237  
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Originally Posted by Doom878 View Post
^Kevin Bacon might sue you then since he knows you're rich
Good point. Perhaps just a bacon mask.
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Old 01-08-2016, 11:16 AM
  #238  
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Those lotto fail stories that you read about, what was their background before hand?

I figure someone's education, wealth, how they were brought up etc etc would play a big role on wether one lasts as a lotto winner versus blowing it all on Hookers and blow
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Old 01-08-2016, 11:24 AM
  #239  
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Powerball jackpot at $800 mil
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Old 01-08-2016, 11:29 AM
  #240  
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My mom loves the block she lives on, knows all her neighbors, even went to elementary school as a kid with some of her neighbors. She said if she won lotto, she would stay in her house on that block. I said you absolutely cannot, you'd have to move. People would be ringing your bell and waiting for you outside all day everyday asking for money. She changed her mind and said she'd rather not win.

Those stories are sad, I don't think its as easy as people think. Do you have a lawyer and accountant right now that you could trust? If not, where do you go? Google lawyers in your area? I don't know about some of you, but I don't have an attorney on retainer or even know an attorney, never needed one. To entrust someone to guide me on what to do with potential millions of dollars is super scary to me.
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