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Wed Nov 28, 2012, 07:18 PM

So you won the lottery What Next?

Getting Your Ducks In a Row


Step 1. Check and Recheck to make sure your not wrong...Then, LOCK up the ticket. Put it in a lock box, or somewhere that you feel is completely safe and secure from loss, theft or accidental disposal...

Step 2. Tell NO ONE, not even family yet...

Step 3. If you do NOT have a Legal Notarized Will that is your first step. Write a simple outline with notes on a notepad or your computer so that you have the basics for your new Financial Team (listed in steps 4 and 5) to flesh out in Legalese who gets what with information on percentages, names, addresses, amounts Ect... This way your Will is knocked out of the way and your new wealth won't end up going to the Government rather than where you want it to go.

Step 4. If you know any millionaires personally or professionally contact them, do not inform them that you have won the lottery (say a modest inheritance instead) just ask them if they know any TAX Lawyers Locally if possible, with a track record of working with wealthy Clients or Corporations. Interview Tax Lawyers and get them to sign Non-disclosure Agreements so that they are legally bound not to call their buddies and hand you off to a Newbie or to disclose to any third parties that you are a Lottery Winner...This first HIRE is your most important one...a qualified TAX Lawyer with a track record of keeping wealthy people wealthy...and their mouth shut...

More: http://drewrichards2000.newsvine.com/_news/2011/03/25/6346705-so-you-won-the-lottery-what-next

28 replies, 2177 views

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Arrow 28 replies Author Time Post
Reply So you won the lottery What Next? (Original post)
Drew Richards Nov 2012 OP
RebelOne Nov 2012 #1
zbdent Nov 2012 #15
peacebird Nov 2012 #2
hrmjustin Nov 2012 #3
Drew Richards Nov 2012 #6
hrmjustin Nov 2012 #10
Bucky Nov 2012 #4
Drew Richards Nov 2012 #20
Drew Richards Nov 2012 #22
graham4anything Nov 2012 #5
Drew Richards Nov 2012 #8
Ruby the Liberal Nov 2012 #16
The Velveteen Ocelot Nov 2012 #26
glowing Nov 2012 #7
TwilightGardener Nov 2012 #9
Agschmid Nov 2012 #11
TwilightGardener Nov 2012 #12
Agschmid Nov 2012 #13
Drew Richards Nov 2012 #14
TwilightGardener Nov 2012 #17
Agschmid Nov 2012 #18
Drew Richards Nov 2012 #21
Ruby the Liberal Nov 2012 #19
NightWatcher Nov 2012 #23
JackRiddler Nov 2012 #25
MattBaggins Nov 2012 #24
Separation Nov 2012 #27
Drew Richards Nov 2012 #28

Response to Drew Richards (Original post)

Wed Nov 28, 2012, 07:23 PM

1. Great advice for anyone lucky enough to win.

But it will not be me.

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Response to RebelOne (Reply #1)

Wed Nov 28, 2012, 08:36 PM

15. well certainly not if you didn't purchase a ticket ...

I understand that it's more likely that you'll be struck by lightning, twice, than hitting any of the lotteries ...

but you increase your chances of being struck by lightning by standing out in a field with a long metal pole during a lightning storm ...

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Response to Drew Richards (Original post)

Wed Nov 28, 2012, 07:24 PM

2. now to win the lottery...... ; )

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Response to Drew Richards (Original post)

Wed Nov 28, 2012, 07:27 PM

3. How do you not get a heart attack if you win?

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Response to hrmjustin (Reply #3)

Wed Nov 28, 2012, 07:30 PM

6. Valium?

Good question, I probably would keel over dead.

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Response to Drew Richards (Reply #6)

Wed Nov 28, 2012, 07:39 PM

10. I might need a diaper.

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Response to Drew Richards (Original post)

Wed Nov 28, 2012, 07:29 PM

4. I'd hire a bunch of English majors to stalk you on the Web for Grammar Naziing you.

Yes, you personally.

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Response to Bucky (Reply #4)

Wed Nov 28, 2012, 09:05 PM

20. Gulp

shudder

your kung fu is strong.

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Response to Drew Richards (Reply #20)

Wed Nov 28, 2012, 09:24 PM

22. Ok ok I know the run-on sentence at the end was killing you...

with the gnashing of teeth and the feel of brain freeze.

I touched it up a bit, but I never claimed to be "gud wid de engrish wangrag" so dere.

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Response to Drew Richards (Original post)

Wed Nov 28, 2012, 07:29 PM

5. and think of having family members as part winners from the start-you will save much in taxes

 

If you are planning on giving the kids/etc. a big share later, do it now.

Instead of one winner, say four winners each with a 25% share. The technicality will save if not millions hundreds of thousands in taxes per person and make each of them have their own plan now, not later(for those with older family of course.) Younger kids you will want to put it in trust for when they are older(the older the better).

So someone can get a little piece that would have just gone to the government

and remember, more people have rotten stories to tell after winning big. Don't become something you are not, that is the most important.
Nobody needs all that money.

and be careful health wise, don't get so hyper you get a heart attack. It's only money
and money can't buy you love

and I think if someone asks for some of it? Don't give that person. Give to the person least likely to ask.(Remember that person in a favorite restaurant, or a supermarket cashier, or some person where you live who deserves a little break)

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Response to graham4anything (Reply #5)

Wed Nov 28, 2012, 07:33 PM

8. Yep I can think of quite a few that deserve a helping hand

and just think how good you will feel.

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Response to graham4anything (Reply #5)

Wed Nov 28, 2012, 08:45 PM

16. Great advice!

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Response to graham4anything (Reply #5)

Wed Nov 28, 2012, 09:53 PM

26. But watch out for the gift tax. It can be pretty steep.

You can give up to $13,000 per year to someone who is not your spouse without the gift tax kicking in. Better to set up a trust. You can give away up to $5 million during your lifetime, but if you do that, the amount you give away while you are alive is counted against the estate tax exemption, which is currently $5 million but could revert back to $1 million in 2013. Also, many states have inheritance and gift taxes with different limits than the federal tax. Don't do anything without talking to an accountant or a tax lawyer.

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Response to Drew Richards (Original post)

Wed Nov 28, 2012, 07:32 PM

7. Yep... You don't cash it in right away. Protect it

somewhere safe and don't tell a single soul... Especially family or friends. Find the tax lawyer and settle out where money will go to or where it will sit.

Then tell your boss to go to Hell!!!

And be generous to those less fortunate, but not stupid as to giving it all away to dumb assed toys. I would get a larger home for my family (since we r outgrowing our small home), have a baby (with trying whatever fertility treatments I could now afford), and I think I would try to set up a real estate sort of company... Use money investments to also invest in housing communities for homeless families/ maybe in a condo type style would probably be the cheaper way to go (and so many seem available in FL and cheap). I couldn't just sit on tons of money and say screw y'all. But it would be nice to have security.

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Response to Drew Richards (Original post)

Wed Nov 28, 2012, 07:35 PM

9. I feel that I will never need this advice, somehow...

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Response to TwilightGardener (Reply #9)

Wed Nov 28, 2012, 07:42 PM

11. Did you buy one?

I got three.... maybe... wishfully I will need one of those tax lawyers.

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Response to Agschmid (Reply #11)

Wed Nov 28, 2012, 07:43 PM

12. I told my husband to pick up a ticket. I don't know if

he remembered, though.

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Response to TwilightGardener (Reply #12)

Wed Nov 28, 2012, 07:48 PM

13. Well if he forgot and yes us men do that sometimes...

You can buy one up until 9:45pm!

Go for it!

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Response to Agschmid (Reply #13)

Wed Nov 28, 2012, 07:56 PM

14. A chance at $250+ million after tax...go spend two dollars and at least enjoy the what ifs...

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Response to Agschmid (Reply #13)

Wed Nov 28, 2012, 08:46 PM

17. He remembered!

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Response to TwilightGardener (Reply #17)

Wed Nov 28, 2012, 08:48 PM

18. Well good luck then!

And maybe if either of us wins... we can you know share say $5,000

Just kidding, no really *I am kidding, we are under no legal obligation to share any winnings (figured I do some leagalise to get us off the hook).

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Response to TwilightGardener (Reply #17)

Wed Nov 28, 2012, 09:10 PM

21. You deserve it!

Now start thinking of that ideal place to relax for the rest of your life and the joy your could bring to others...

MMMM warm and fuzzy already.

Good Luck!

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Response to Drew Richards (Original post)

Wed Nov 28, 2012, 08:50 PM

19. I admit - I bought $5 in tickets.

Was embarassed because the cashier asked me if I wanted to do a "something and something" and I didn't know what he was talking about, so just said "sure!".

So I have 2 tickets, one marked $2 and one marked $3.

Matters not - I never win stuff, but its always fun to play once in a while and have a day of "what if" daydreams.

Wishing us all luck!

Oh - and on the article, I found this fascinating:

By no means am I saying don't have a blast with the money you have allocated to splurging on...what I am telling you is that 72% of suddenly wealthy people end up getting picked up for DUI within the FIRST YEAR and from 61%, there was an accident with Serious Injuries...and/or also they get ripped off while under the influence or pressure from Family and Friends to make unsound investments until they find they have financially expended ALL of their ready Capital in the First Year!!! And if you did not do some sound investing before splurging you will end up like the 82% of All Big Lottery Winners...Bankrupt and in Debt.


Not surprising, but fascinating. I can believe it, too.

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Response to Drew Richards (Original post)

Wed Nov 28, 2012, 09:33 PM

23. also known as: How to suck the fun out of winning the lotto

It's like listening to my brother talk about the LLC and trusts he'd set up to distribute gifts to the family.

Me, I'd be like Elvis..Here's a car for you and one for you....

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Response to NightWatcher (Reply #23)

Wed Nov 28, 2012, 09:40 PM

25. Do keep me in mind then, brother.

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Response to Drew Richards (Original post)

Wed Nov 28, 2012, 09:39 PM

24. So when I win tonight can i just call you?

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Response to Drew Richards (Original post)

Wed Nov 28, 2012, 10:04 PM

27. You forgot a very important step!

Sign the lottery ticket immediately! Many people have been swindled out of their lottery winnings because they didn't sign their ticket and it was stolen. Only after a lengthy process do people get their money, if there is any left.

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Response to Separation (Reply #27)

Wed Nov 28, 2012, 11:55 PM

28. Actually I specifically avoided saying sign immediately for good reason

In most states you cannot claim the prize anonymously, but you can sign it as a corporation officer. Every states rules are different and that is why I have consulting a lawyer near the top.

I do understand the fear and desire to sign it right away, I just dont want my name public knowledge.

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