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Attention, Future Lottery Winners.

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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Nov-30-12 01:20 AM
Original message
Attention, Future Lottery Winners.
Edited on Fri Nov-30-12 01:31 AM by No Elephants
Apparently, there are many ways lottery winners end up wishing they never won. And some very, very big winners have ended up in bankruptcy court, worse off financially (and emotionally) than they were before they won.


The lottery advises that, before you claim your winnings, you put a team in place, consisting of at, a minimum, a lawyer, an accountant and a financial advisor. (TODAY did a spot on a guy who won $200 million who put that team in place, even though he himself is a lawyer.)

Needless to say, you don't want a financial advisor who works on commission because his or her advice will not be objective. On the other hand, finding good financial advisors who do not work on commission is no easy thing. I imagine you want one who seems prosperous, yet frugal. You sure don't want one who has been spending beyond his or her means.

I would even recommend trying to find professionals who have had prior experience with lottery winners, or at least sudden wealth. You don't want to pay someone by the hour who is almost as clueless about this situation as you are.

I would also consider a bodyguard, at least until your lottery winner fame dies down some. One big winner's brother tried to kill him. (I don't know why. Maybe he was his only living relative? And another lottery winning guy was killed. Some woman is being tried for his murder.)

Speaking of which, you'll want to make a will, too, especially if you have no close living relatives. You probably won't want all that money going to your state. Then again, maybe you do? Speaking of which, you may want to set up a foundation for your charitable giving.

While you are getting a will drown up, you should consider a pre nuptial agreement, or, if you are married, a post nuptial agreement. One lottery winner's wife divorced him right after he won, getting half his winnings in the divorce. So, Oh, and check enforceability in your state. Some of them are not worth the paper they are written on, literally.

Now, the interest on, say, $500 million, even for a week, is nothing to sneeze at. However, the FDIC does not insure but a relatively small fraction of that. So, if you plan to park the money while you put a team together, you could get badly burned by bank failure, unless you divide up your deposits among many, many, FDIC insured institutions.

I am sure there is lots more to do before you spend the first dollar on yourself.


Aren't you glad now that you didn't win this one?

No? Neither am I!


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Enthusiast Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Nov-30-12 06:38 AM
Response to Original message
1. Cute, No Elephants.
Edited on Fri Nov-30-12 06:38 AM by Enthusiast
Jane Valez-Mitchell on HLN had a piece on the lottery murder you mentioned. That is one ugly case. The poor lottery winner worked hard all his life and by all accounts was generous with his winnings. But that wasn't enough for the greedy fucks that killed the goose that laid the golden egg. I appologize for linking to ABC because I don't do fascism, but here it is. http://abcnews.go.com/US/suspect-dee-dee-moore-cries-co...
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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Nov-30-12 07:17 AM
Response to Reply #1
3. What a awful story.
TODAY also mentioned a case in which the winner's landlady got half his winnings, but I have no idea how that happened.
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formercia Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Nov-30-12 07:16 AM
Response to Original message
2. Good points
even then, it's an iffy situation. I think of all the professional athletes and others in the same financial situation that found their money was gone when they needed it.

True wealth is a Home, Health and a loving Family.
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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Nov-30-12 09:01 AM
Response to Reply #2
4. Awww.
You're right.

I had lost contact with a friend. By the time we were in touch again, she had married.

I asked if she'd been happy.

She replied, "Happy is very up and down. We're content. I think that's better than happy."

I think she may have been right as well.
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formercia Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Nov-30-12 07:06 PM
Response to Reply #4
5. "Home, Health and a loving Family."
There were times when I had none of these, which makes them even more precious to me.
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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-01-12 02:05 AM
Response to Reply #5
6. Blessings.
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Divine Discontent Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-02-12 03:44 AM
Response to Original message
7. I'll keep this sage advice in mind when I become accidentally wealthy. :)-
thanks, NE!

:hi:
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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-03-12 03:46 AM
Response to Reply #7
8. Advice nothing. Keep my paypal account in mind.
j/k

If anyone deserves to win the lottery, it's you.

Anyway, I closed my paypal account after paypal shut off wiki.
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