Posted on 10/23/2018 11:49:00 AM PDT by lowbridge
If I were to win I would take the lump sum, tithe with liberal donations to churches and the Salvation Army, invest with someone reputable and plan a vacation.
I would give anyone, friend or family, who had visited me in the six months before I won a million dollars each. Those who hadn’t visited would get nothing.
But since I don’t play I won’t have to worry about it.
I thought about leaving my ticket unsigned, until I get my name changed. It wouldn’t be much to get it changed and then change it back a few years down the road.
Unfortunately, many states don’t allow LLC’s to claim prizes. If that’s the case you should move to someplace where nobody knows you.
If you have kids and a wife you’re going to have to get tutoring and go underground
Possibly catastrophicly bad advice. In some states if you sign the ticket you cannot remain anonymous. Also, if you want to collect the winnings in a trust for tax purposes if you signed it with a name other than the trust that might not work either. Be careful with it.
All elementary since I already have the winning ticket but for the next time you'll know.
I have very simple wants - a one-story house and a dog... or 2. :-)
DO NOT DATE THE SIGNATURE UNTIL YOU HAVE TALKED WITH AN ATTORNEY TO ARRANGE TRUST OR SIMILAR MECHANISM!
This is the first time I have used all caps. Yes. I am intentionally shouting.
Get a good attorney, accountant, and investment manager, and make sure the three don’t know each other.
What?
Unless you are 35 or 40 years old....
First thing I’ll do it sign and get representation, change my address and number and get it over with quickly...
Then it’s off to Tony Montana’s for a week of snow and bunnies...
Unless you purchase the ticket in SC or OH. They are the only 2 states that allow the winner to remain anonymous. Anywhere else, signing the ticket is damn good advice.
That's my understanding and may not be 100% correct.
Change your phone numbers, and your email addresses.
Almost 20 years ago my next door neighbor won not too long after he moved into the neighborhood. He won a 3 million jackpot. He chose the lump sum option which meant he got about 960 thousand and change after taxes. He was pissed because he thought lump sum option meant they would give him the entire 3 million bucks up front, in full.
After he won, other neighbors thought for sure he would move back to his old neighborhood (he left it because it was too expensive to live in). Instead, he stayed. And he put the money to good use. He renovated and expanded his house (a small single level 2 bedroom house). He put a new roof and siding on his house. He expanded the size of his kitchen, he added an extra room and bathroom in the basement. And he put an inground swimming pool in his backyard. Plus he invested in his own plumbing business (he used to work for others as a plumber) which seems to be successful.
I do not know what, if any problems he had with the usual leeches looking at him for a handout. But he seems to be doing fine. I imagine whatever he spent out of that 960 thousand on himself in improving his house and property and starting his own business, over the past 20 years he has most likely earned it all back and then some. Lucky guy.
Yep, take as much money as you can upfront. A lot can happen in 25 years.
I recently read the best way to handle it would be to set up an iron-clad trustfund, before claiming the winnings - then sign the ticket in the name of the trust - IDK?
I find it perfectly un-stressful to fantasize about how to spend $600 million or so. Now if it were real, and if I failed to find a way to claim the prize behind a wall of anonymity then yes, THAT would become stressful.
It really depends on trnsferability upon death, plus the legal requirement for the state to pay, no matter what.
Lottery Ticket #1
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