Posted on 04/11/2019 8:11:49 PM PDT by EdnaMode
Edited on 04/12/2019 8:33:53 AM PDT by Sidebar Moderator. [history]
A 90-year-old Florida woman who took home $278 million from a winning Powerball ticket six years ago has sued her son and his financial advisers, claiming money was put into poor investments while she was being charged $2 million in fees.
(Excerpt) Read more at jacksonville.com ...
[[Scott Mackenzie had power of attorney over his mother’s finances.]]
Mistake #1.
“Money! Money changes everything.”
So sad.
A new will is in order.
I don’t have any at 50 :)
If she has Alzheimer or dementia she may be off her rocker or some lawyer is looking at winning the lottery too. If they are structuring the money for end of life lower the taxes and avoid probate.
About 1% total spread over 6 years doesn’t sound excessive. And with that much money, most of it should have been invested for asset preservation and income instead of aggressive growth.
That’s a strange picture of them winning the lotto at the time. They look depressed!
Don't have any Will... Or don't have any money?
Regards,
That would get you $12 million a year, increasing annually, and you could use the other 8 million that you took off the top for walking-around money...
With that extremely conservative approach, she should have $300 million+ sitting in her investments.
Plus there are accountants and attorneys who specialize in helping lottery winners protect their new found wealth.
In Florida there is one named Kurt Panouses CPA. The South Carolina person who won the billion plus dollar lottery hired Jason Kurland of New York.
At 80+, when she won the lottery, she may not have been computer smart to search for the right people to protect her interest but resources are out there if one is fortunate enough to win a large sum of money via lottery.
Long term plans
Didn’t think I’d make it this far :)
It’s really just not going to work, when family sue each other over money, even if there was cruelty or negligence.
The only ones that win in such an instance, like this one, are lawyers. IMO if one is fortunate to come into such a winning, one should find third party experts to advise. Allowing family, as this example shows, to “manage” your money is asking for problems.
Geez, I’m glad I got my stuff together in a tight trust before I go addle brained.
last thing you ever want is to win the lottery
free millions = complete disaster
even if yer rich and you EARNED it its a disaster
ask any of these rich idiots who cant go out in public
best thing in the world is ANONYMITY
Investment advisors? Seriously? Drive down the street and open up a $250,000 savings account in each brand of bank ya see., stopping at ten. Put the rest into a stock trading account and split the portfolio five to ten ways., about half mutuals and half dividend-payers. BTW< her son is either a grifter or is absurdly stupid.
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