Avast there! I resemble that remark ...
Posted on 10/23/2018 11:49:00 AM PDT by lowbridge
The head of the Mega Millions on Monday revealed the very first thing the potential winner of the game’s historic $1.6 billion jackpot should do: Sign the ticket and keep a low profile.
The simple yet sage advice came from Gordon Medenica, the game’s lead director and director of the Maryland lottery.
“Sign the ticket! Because keep in mind that little slip of paper is a billion-dollar bill — imagine that,” he said on NBC’s “Today.” “So you want to secure it and also be calm. Don’t be running to the ‘Today’ show the next day.”
Medenica also advised, “Get some good advice, get a good financial adviser, good lawyer, tax accountant, all that. Get your affairs in order. You’ve got between six months and 12 months to come and claim the ticket.”
(Excerpt) Read more at nypost.com ...
I forgot. Not only could the company not exist (along with your money), the state the entity is domiciled OR DOES BUSINESS, may stifle the company so much that you don't get your money through legislative fiat.
Trust me, the government at local, state, and federal levels DO NOT WANT YOU TO HAVE THAT MONEY.
Take the lump some. Do good things with it!
You would have to get a lawyer to claim it for you? I thought some states you did not have to make your name public. I should have such problems.
Until it’s signed, it’s not yours. Even if signed, the ticket must have a clear chain of ownership that’s acceptable under the rules.
A few states allow ‘anonymous’ winners, but that’s a joke. Your identity will become known, 100%. Face it.
And there’s no super-secret strategy to avoid the initial taxes unless the winner is already extremely wealthy.
Step up when ready and get the PR out of the way, and then disappear as best you can, at least for a few years. Face that your life will never again be what it was.
The ticket is a bearer instrument, meaning that whoever has possession of the unsigned ticket owns it.
It’s terrible advice NOT to sign it, or execute a plan to secure it otherwise. My earlier advice is to sign it in the presence of a notary and have him document it.
Aren’t some or all of the payouts taken over 30 years annuities? Are annuities insured?
I signed my lottery ticket " DCBRYAN1, TTEE of the DCBRYAN1 REVOCABLE TRUST, DCBRYAN1 AND MRSDCBRYAN1, co-TTEES UAD 02/07/2009"
gotta write SMALL, though.
And yes, that is my legal signature for the trust.
How much did you win.
"Maryland lottery officials say the rules have allowed anonymity for as long as they can remember. Delaware, Kansas, North Dakota, Ohio and South Carolina are the other states specifically allowing lottery winners to remain anonymous"
Maryland's big lottery winners want the money, not the renown
Some others allow trusts to claim winnings.
“There’s an attorney saying to retain an attorney, set up an LLC then a blind trust, fill out the name of the blind trust with address being your attorney’s office, and have the attorney claim the winnings on behalf of your blind trust.”
I understand this option is dependent on what state you win the jackpot in. Some allow this method, some allow total anonymity without the legal mumbo-jumbo while others require public disclosure that can be done at a specified time interval from the actual claiming of the prize. In my state, the attorney route would be my choice to ensure it’s set up to take care of family for generations, a la the Kennedy clan, and causes of my choosing while minimizing Uncle Sam as one of those causes.
Secure it by making a (NON DIGITAL) Copy. Do not take a picture of it with a phone or other connected device.
Then hide it and hire a very professional legal/accounting team to start the trust and begin making plans to manage it. The trust will collect the winnings.
There may be ways for the very sleuthy to figure out that your income increased a lot in the subsequent years, but at least your name will not be in the paper associated with the biggest jackpot ever
I’ve also heard that the 6-month ‘cooling off’ period is sound advice for numerous reasons. Take a hundred grand or so in cash and put the rest in US Treasury bonds as a parking place while plans are made by a cooler mind.
Excellent advice to take off for six months to figure out what to do. Anyone who wins such a large sum has no idea how that will change their lives. Sure, we have visions of buying a new house or a big truck. You may even have a vision of a house in that new subdivision just a couple of miles away. After you’ve bought it, you will realize that you can buy a far better home. You need time to realize just how big a deal this is. One of the best theories I’ve seen is to buy/lease a Travel Home, load up the family and spend the next six months driving around the country. Gives you time to think and expand your horizons.
My neighbor won 55 mill once some time ago. Never came back to his home.
Avast there! I resemble that remark ...
I live in a state where you can remain anonymous...
So you'll never know :)
Even if your name wasn’t published, word would surely leak out as far as the identity of the local newly minted billionaire, or at least billion dollar plus lottery winner. If you want to be left alone, and not have to worry about scammers, robbery or kidnapping, then you do it by the book, your identity is legally protected, hidden behind several legal veils, a blind trust, then a corporation behind that. That’s what I’ve been told. The advice being given out on the local historically black college radio station is sound. Now, as far as how to handle the money once it’s held by the trust is another matter. You have quite the large sum of money by just about anyone’s standards, so I suspect protection and return of principal would be the primary concern, plus avoidance of generating additional tax liabilities. But, a rate of return to keep the trust ahead of inflation would be a good thing. Managed properly you could live quite well and never touch the principal.
Have you BEEN to Holland & Holland in NYC??? You NEED a BILIION DOLLARS to buy ANYTHING...EVEN AMMO!! 25 yaers ago I wanted to buy my husband ONE BULLET...the one that brings down a Rhino.....it was over $100.00!!!
Thats what one of these are for, proper maint and crew should help with that spend down;
http://www.gulfstream.com
Still having a prob, throw in one of these:
https://grandbanks.com/grand-banks-models/grand-banks/grandbanks60/#main
See that was easy
If you live in a state that has a death tax, (like PA) move to a state that does not have a death tax.
Move to a state that does not have an income tax
Spend like there is no tomorrow. have fun
My state doesn’t require you to go public, fortunately.
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