rhymenocerous wrote:
If I won, I'd be most afraid of something happening to either me or the ticket before I could cash it in. I don't think I could handle that kind of pressure. Is there any harm in just dumping the full cash prize into a treasury money market account right away? Everyone always talks about setting up fancy trusts or charitable foundations to deal with taxes, but does anyone know if those things can be done after you accept the money? I'm just curious.
Most experts seem to suggest doing a few things right away if you find you have the winning ticket to a big lottery prize. First don't tell anyone you won other than your wife or husband. Second photograph your ticket front and back and upload the pics to your computer and then email copies to yourself. Xeroxing both sides of the ticket is also an option. Then sign the ticket and put it in a bank safe deposit box. Next hire a lawyer with experience in handling taxes and estate planning. In some states you may be able to set up a trust to claim the ticket and avoid giving out your name to the press. You should do all of this before redeeming your ticket.
From what I have been able to glean once you present the winning ticket and you are confirmed as the winner it takes a few weeks for the money to show up in your bank account. Once it does show up I would absolutely encourage transferring it as quickly as possible into some kind of near cash investment until you figure out how you want to divide it up. SHV or maybe even BIL come to mind. Don't go off writing any big checks though without consulting your tax lawyer and or accountant. Giving large sums of money to just about anyone has significant tax implications.
Trumpism is not a philosophy or a movement. It's a cult.
rhymenocerous wrote:
If I won, I'd be most afraid of something happening to either me or the ticket before I could cash it in. I don't think I could handle that kind of pressure. Is there any harm in just dumping the full cash prize into a treasury money market account right away? Everyone always talks about setting up fancy trusts or charitable foundations to deal with taxes, but does anyone know if those things can be done after you accept the money? I'm just curious.
Most experts seem to suggest doing a few things right away if you find you have the winning ticket to a big lottery prize. First don't tell anyone you won other than your wife or husband. Second photograph your ticket front and back and upload the pics to your computer and then email copies to yourself. Xeroxing both sides of the ticket is also an option. Then sign the ticket and put it in a bank safe deposit box. Next hire a lawyer with experience in handling taxes and estate planning. In some states you may be able to set up a trust to claim the ticket and avoid giving out your name to the press. You should do all of this before redeeming your ticket.
From what I have been able to glean once you present the winning ticket and you are confirmed as the winner it takes a few weeks for the money to show up in your bank account. Once it does show up I would absolutely encourage transferring it as quickly as possible into some kind of near cash investment until you figure out how you want to divide it up. SHV or maybe even BIL come to mind. Don't go off writing any big checks though without consulting your tax lawyer and or accountant. Giving large sums of money to just about anyone has significant tax implications.
So you're saying that it wouldn't be a good idea to immediately go into the studio and start recording your first hip hop album, "G Lotto Style"?
Q: “Do you have funny shaped balloons?”
A: “Not unless round is funny.”
rhymenocerous wrote:
If I won, I'd be most afraid of something happening to either me or the ticket before I could cash it in. I don't think I could handle that kind of pressure. Is there any harm in just dumping the full cash prize into a treasury money market account right away? Everyone always talks about setting up fancy trusts or charitable foundations to deal with taxes, but does anyone know if those things can be done after you accept the money? I'm just curious.
Most experts seem to suggest doing a few things right away if you find you have the winning ticket to a big lottery prize. First don't tell anyone you won other than your wife or husband. Second photograph your ticket front and back and upload the pics to your computer and then email copies to yourself. Xeroxing both sides of the ticket is also an option. Then sign the ticket and put it in a bank safe deposit box. Next hire a lawyer with experience in handling taxes and estate planning. In some states you may be able to set up a trust to claim the ticket and avoid giving out your name to the press. You should do all of this before redeeming your ticket.
From what I have been able to glean once you present the winning ticket and you are confirmed as the winner it takes a few weeks for the money to show up in your bank account. Once it does show up I would absolutely encourage transferring it as quickly as possible into some kind of near cash investment until you figure out how you want to divide it up. SHV or maybe even BIL come to mind. Don't go off writing any big checks though without consulting your tax lawyer and or accountant. Giving large sums of money to just about anyone has significant tax implications.
So you're saying that it wouldn't be a good idea to immediately go into the studio and start recording your first hip hop album, "G Lotto Style"?
About as good an idea as updating your Facebook page to announce you are now in the market for a private island.
Trumpism is not a philosophy or a movement. It's a cult.
rhymenocerous wrote:
If I won, I'd be most afraid of something happening to either me or the ticket before I could cash it in. I don't think I could handle that kind of pressure. Is there any harm in just dumping the full cash prize into a treasury money market account right away? Everyone always talks about setting up fancy trusts or charitable foundations to deal with taxes, but does anyone know if those things can be done after you accept the money? I'm just curious.
Most experts seem to suggest doing a few things right away if you find you have the winning ticket to a big lottery prize. First don't tell anyone you won other than your wife or husband. Second photograph your ticket front and back and upload the pics to your computer and then email copies to yourself. Xeroxing both sides of the ticket is also an option. Then sign the ticket and put it in a bank safe deposit box. Next hire a lawyer with experience in handling taxes and estate planning. In some states you may be able to set up a trust to claim the ticket and avoid giving out your name to the press. You should do all of this before redeeming your ticket.
From what I have been able to glean once you present the winning ticket and you are confirmed as the winner it takes a few weeks for the money to show up in your bank account. Once it does show up I would absolutely encourage transferring it as quickly as possible into some kind of near cash investment until you figure out how you want to divide it up. SHV or maybe even BIL come to mind. Don't go off writing any big checks though without consulting your tax lawyer and or accountant. Giving large sums of money to just about anyone has significant tax implications.
Some great tips there. I think the trust is most important. Remember the last Powerball winner? I believe the guy lives here in Connecticut, and although they claimed it was a ticket "pool" at a hedge fund/investment trust, I'm more likely to believe that the real winner is hidden behind the trust, and simply said "if you want to manage my assets, this is the story you're going to tell the press." My guess is that any fund would be happy to have a few hundred million to manage.
Of course, I don't like the idea of giving my money to a hedge fund to charge points on. I'd probably try to do it myself. Getting a good law firm and accounts you can trust would be key. It seems like there are probably a different tier of lawyers and accountants that deal with "the 1%" on a regular basis and know a lot more about protecting large assets than your standard H&R block tax accountant.
"I came here for financial advice, but I've ended up with a bunch of shave soaps and apparently am about to start eating sardines. Not that I'm complaining, of course." -ZedThou
Looks like it is now up to $640 M (cash $462 M). Reminds me of the famous book "Extraordinary Popular Delusions and the Madness of Crowds ." I'm having fun with my $1.00 investment though.
Trumpism is not a philosophy or a movement. It's a cult.
I participated because I couldn't cope with the idea of being the only person left in my office if the rest of them won and quit.
The Horror, MT! $5.00 is a small price to pay for that outcome.
LOL My mom who otherwise never played the lottery used to do the same thing at work. She whined about it but admitted that she was afraid of being the odd one out if the office pool hit the big one.
Trumpism is not a philosophy or a movement. It's a cult.
$5.00 is a small price to pay for that outcome.