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Say A Guy Wins The Lottery..... (1 Viewer)

ChiefD

ChiefD

Footballguy
So, let's say you win the lottery. For the sake of the discussion, let's say $300 million dollars. Like, what do you do?

I know the usual stuff like get a lawyer and financial advisor and all that, but when you go to pick up that check, what the heck do you do? Walk into the bank and say "I would like to deposit this into my checking account"?

I'm assuming they wire the money somewhere, but dropping it into your normal US Bank account seems weird.  What would you guys do?

 
ChiefD said:
So, let's say you win the lottery. For the sake of the discussion, let's say $300 million dollars. Like, what do you do?

I know the usual stuff like get a lawyer and financial advisor and all that, but when you go to pick up that check, what the heck do you do? Walk into the bank and say "I would like to deposit this into my checking account"?

I'm assuming they wire the money somewhere, but dropping it into your normal US Bank account seems weird.  What would you guys do?
Click to expand...
Isn't that why you get the financial advisor?  

But obviously it gets wired to a numbered account in the Cayman Islands, passing through two other hidden locations....

 
ChiefD said:
So, let's say you win the lottery. For the sake of the discussion, let's say $300 million dollars. Like, what do you do?

I know the usual stuff like get a lawyer and financial advisor and all that, but when you go to pick up that check, what the heck do you do? Walk into the bank and say "I would like to deposit this into my checking account"?

I'm assuming they wire the money somewhere, but dropping it into your normal US Bank account seems weird.  What would you guys do?
Click to expand...
:oldunsure:

 
ChiefD said:
So, let's say you win the lottery. For the sake of the discussion, let's say $300 million dollars. Like, what do you do?

I know the usual stuff like get a lawyer and financial advisor and all that, but when you go to pick up that check, what the heck do you do? Walk into the bank and say "I would like to deposit this into my checking account"?

I'm assuming they wire the money somewhere, but dropping it into your normal US Bank account seems weird.  What would you guys do?
Click to expand...




Immediately contact Marty Byrd and get his advice

 
ChiefD said:
So, let's say you win the lottery. For the sake of the discussion, let's say $300 million dollars. Like, what do you do?

I know the usual stuff like get a lawyer and financial advisor and all that, but when you go to pick up that check, what the heck do you do? Walk into the bank and say "I would like to deposit this into my checking account"?

I'm assuming they wire the money somewhere, but dropping it into your normal US Bank account seems weird.  What would you guys do?
Click to expand...


:towelwave: :hifive:

 
First thing you do is consider turning it down. Studies have shown the vast majority of major lottery winners end up less happy a few years later (though others have concluded that's not true).

Second, if you do take it, you absolutely must get it as a lump sum. When you win the $100M lottery, you receive that $100M over a long time frame. If you insist on getting it all upfront, the amount will be something like $55M. But the idea is that if you invest that money with even a basic level of competence, you will likely end up with more than $100M over that time frame.

 
Some states allow big winners to remain anonymous, some don't -- I'd have the lawyer looking into possible avenues that keep you anonymous.

 
higgins said:
Some states allow big winners to remain anonymous, some don't -- I'd have the lawyer looking into possible avenues that keep you anonymous.
Click to expand...
Not saying I don't ever want to be rich, but IMO the biggest downside to doing so is all the people (old "friends", hangers-on, charities, etc) it would bring out of the woodwork. I would want to be very deliberate and choose exactly who to disclose that info to.

 
higgins said:
Some states allow big winners to remain anonymous, some don't -- I'd have the lawyer looking into possible avenues that keep you anonymous.
Click to expand...
The 11 States which allow winners to remain anonymous:

Arizona, Delaware, Georgia, Kansas, Maryland, New Jersey, North Dakota, Ohio, South Carolina, Virginia and Texas.

In NYS the rule is anyone who wins over $5K has to reveal their identity. If you win the Mega Millions or Powerball they always do a press conference. The money is sent to you 2-3 weeks after you validate your ticket. During that time they check to see if you have any unpaid taxes, child support, liens, defaulted student loans, et al.

I think the first thing I’d do is setup a foundation. I’m not going to be any happier with more stuff. Law of diminishing returns, etc. But I could use the money to make others lives better.

Without question I would upgrade everything. House, car, quality of vacations. But none of that stuff will bring you any appreciable increase in happiness. IMO

Mo’ money, mo’ problems. But having options to solving your problems? Yeah, that’d be nice.

Would not be returning calls from cousin Eric or friends I haven’t heard from in 30 years. But being able to funnel money toward issues I care deeply about (homelessness, PTSD veterans) would be an awesome thing. Would love to have the opportunity to invest money and my time into helping others.

The mechanical stuff - tax planning, portfolio building, diversified investments….BORING. Completely necessary but no juice there. Impacting the lives of others in a positive manner is the best part of life. 

 
B Maverick said:
Isn't that why you get the financial advisor? 
Click to expand...
That's the last thing you need.  With that kind of money you go 50/50 stocks and bonds and live off of 2% of the nut forever.

First thing, don't sign it.  Second, tax lawyer.  Third, claim using a South Dakota trust; set aside 10% for charitable foundation.  Fifth, take a 6 month vacay to new Zealand to let everyone forget you if your name happens to come out.  With the trust it shouldn't.

 
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ignatiusjreilly said:
First thing you do is consider turning it down. Studies have shown the vast majority of major lottery winners end up less happy a few years later (though others have concluded that's not true).

Second, if you do take it, you absolutely must get it as a lump sum. When you win the $100M lottery, you receive that $100M over a long time frame. If you insist on getting it all upfront, the amount will be something like $55M. But the idea is that if you invest that money with even a basic level of competence, you will likely end up with more than $100M over that time frame.
Click to expand...
Yep. Came here to post this. 

 
BobbyLayne said:
The 11 States which allow winners to remain anonymous:

Arizona, Delaware, Georgia, Kansas, Maryland, New Jersey, North Dakota, Ohio, South Carolina, Virginia and Texas.

In NYS the rule is anyone who wins over $5K has to reveal their identity. If you win the Mega Millions or Powerball they always do a press conference. The money is sent to you 2-3 weeks after you validate your ticket. During that time they check to see if you have any unpaid taxes, child support, liens, defaulted student loans, et al.

I think the first thing I’d do is setup a foundation. I’m not going to be any happier with more stuff. Law of diminishing returns, etc. But I could use the money to make others lives better.

Without question I would upgrade everything. House, car, quality of vacations. But none of that stuff will bring you any appreciable increase in happiness. IMO

Mo’ money, mo’ problems. But having options to solving your problems? Yeah, that’d be nice.

Would not be returning calls from cousin Eric or friends I haven’t heard from in 30 years. But being able to funnel money toward issues I care deeply about (homelessness, PTSD veterans) would be an awesome thing. Would love to have the opportunity to invest money and my time into helping others.

The mechanical stuff - tax planning, portfolio building, diversified investments….BORING. Completely necessary but no juice there. Impacting the lives of others in a positive manner is the best part of life. 
Click to expand...
NJ just passed that law a couple years ago

 
California doesn't care about your trust. The name of the person who purchased the ticket and where it was purchased will be made public. Period. Don't comply, don't get the money.

 
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$100m to a foundation that focuses on chairties chosen by 4-6 of my best friends who arent already wealthy.  Each of the 4-6 heads running the foundation for the corresponding chairites and is paid $250k/year.

$25m to family.

$40m to real estate/franchising (income producing investments).

$90m trust for kids.

$35m to live and play with.

$9.999m for a yacht and related expenses to cruise caribbean at my leisure.

$.001m boxing lessons.

 
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Definitely depends on the state.

In a friendly state, I'd consider setting up an LLC and sign over the ticket to it.

In an unfriendly state, I guess I have to claim it and get my name plastered all over the place. So then the next move would be changing my name. 

 
Sand said:
First thing, don't sign it.  Second, tax lawyer.  Third, claim using a South Dakota trust; set aside 10% for charitable foundation.
Click to expand...
I don't know about the legal details, but I do know that these days it's common for big winners to set up a trust and have the trust claim the winning ticket.

I thought doing the trust thing worked for all 50 states, but perhaps not. Again, would need a lawyer's advice.

...

A 360+ million Powerball jackpot was just won this week. Not that I've been looking, but the winner's name is certainly not yet a household name. I've not Googled anything yet -- I am curious as to whether the name has been made public. Might also be too soon, but I'm curious now.

EDIT: All that's known so far about yesterday's Powerball winning ticket is that it was sold in Vermont. Apparently still unclaimed.

That article also has links to a "What to do if you win the lottery" video and some other articles about the same thing.

 
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Sand said:
That's the last thing you need.  With that kind of money you go 50/50 stocks and bonds and live off of 2% of the nut forever.

First thing, don't sign it.  Second, tax lawyer.  Third, claim using a South Dakota trust; set aside 10% for charitable foundation.  Fifth, take a 6 month vacay to new Zealand to let everyone forget you if your name happens to come out.  With the trust it shouldn't.
Click to expand...


I would be setting aside a #### ton more than 10% to a charity.  Or rather.. I'd start a charity with a #### ton more than 10%.

 
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Doug B said:
A 360+ million Powerball jackpot was just won this week. Not that I've been looking, but the winner's name is certainly not yet a household name. I've not Googled anything yet -- I am curious as to whether the name has been made public. Might also be too soon, but I'm curious now.

EDIT: All that's known so far about yesterday's Powerball winning ticket is that it was sold in Vermont. Apparently still unclaimed.

That article also has links to a "What to do if you win the lottery" video and some other articles about the same thing.
Click to expand...


I lost a $4 winner this week in a parking lot.  Could you imagine losing a $360m.  :sadbanana:

 
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ChiefD said:
So, let's say you win the lottery. For the sake of the discussion, let's say $300 million dollars. Like, what do you do?

I know the usual stuff like get a lawyer and financial advisor and all that, but when you go to pick up that check, what the heck do you do? Walk into the bank and say "I would like to deposit this into my checking account"?

I'm assuming they wire the money somewhere, but dropping it into your normal US Bank account seems weird.  What would you guys do?
Click to expand...
Keep it on the down low. I wouldn't even tell family right away.

Start interviewing wealth management relationships with various banks. You could easily talk to US Bank and their wealth management area and they would handle all of that for you. 

Review our estate documents for potential updates with the new assets coming in with my estate planning lawyer. 

Tell my immediate family. Have a 'slice' of it that is meant to be used to help family. Would likely move my side of my family to nearby area in houses I owned but let them live rent free for my mother and sister (my brother has his own money). Buy a place in Hawaii. 

Likely spend time starting businesses or investing in businesses but would hire out most responsibilities and have most of my time and focus be on a non-profit org.  

 

 
matuski said:
$100m to a foundation that focuses on chairties chosen by 4-6 of my best friends who arent already wealthy.  Each of the 4-6 heads running the foundation for the corresponding chairites and is paid $250k/year.

$25m to family.

$40m to real estate/franchising (income producing investments).

$90m trust for kids.

$35m to live and play with.

$9.999m for a yacht and related expenses to cruise caribbean at my leisure.

$.001m boxing lessons.
Click to expand...
This is dang near word for word what my wife and I have talked about for years if we ever won this thing.

We wouldn’t do the yacht, but otherwise spot on. The boxing lessons would be negotiable.

 
ignatiusjreilly said:
First thing you do is consider turning it down. Studies have shown the vast majority of major lottery winners end up less happy a few years later (though others have concluded that's not true).

Second, if you do take it, you absolutely must get it as a lump sum. When you win the $100M lottery, you receive that $100M over a long time frame. If you insist on getting it all upfront, the amount will be something like $55M. But the idea is that if you invest that money with even a basic level of competence, you will likely end up with more than $100M over that time frame.
Click to expand...
I believe there are a few reasons for this... one, these are people that thought they would be happy if they just were lucky enough to win the lotto.... money does not buy happiness or contentment. When they find that out they feel even more empty and lost inside but now with no hope as their hope before was the ridiculous odds of winning the lotto. Two, they don't know how to handle money because they never had money and are overwhelmed. Third, they don't know how to handle people asking for things because they have money. For some reason, people think that because they know them with money that they should get a piece of it. Fourth, money is spent fast and once it is gone for these people who just went crazy spending thinking it was unlimited, they run out of the money and back to hopelessness. 

If you already know that money is a tool and relationships are what are important, that will go a long way to not being less happy after some time. 

 
Runkle said:
Definitely depends on the state.

In a friendly state, I'd consider setting up an LLC and sign over the ticket to it.

In an unfriendly state, I guess I have to claim it and get my name plastered all over the place. So then the next move would be changing my name. 
Click to expand...
People always say this but do people really care about lottery winners after the first 6-12 months?  I can see changing my email and phone number but is it really that bad?  Are people camping outside the winners houses?  

 
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ChiefD said:
So, let's say you win the lottery. For the sake of the discussion, let's say $300 million dollars. Like, what do you do?

I know the usual stuff like get a lawyer and financial advisor and all that, but when you go to pick up that check, what the heck do you do? Walk into the bank and say "I would like to deposit this into my checking account"?

I'm assuming they wire the money somewhere, but dropping it into your normal US Bank account seems weird.  What would you guys do?
Click to expand...
I'd split it with my FBG buddies,.  <=== maybe not an original thought in this thread.

 
AAABatteries said:
People always sat this but do people really care about lottery winners after the first 6-12 months?  I can see changing my email and phone number but is it really that bad?  Are people campaign outside the winners houses?  
Click to expand...
My folks were almost just subjects to an internet scam ( [fauxapple]"There's a problem with your ipad, give us access to fix it...."[/fauxapple] ). How many scam artistes would paint you as a target if you were publicly known as having come into a very large sum of money?

 
I'd buy a fancy house as a home base near my kids, and then travel 35 weeks every year and carve out my own PhD in history.  Would throw $10 million at each child, and then spend the rest helping animals (this includes people).

 
higgins said:
My folks were almost just subjects to an internet scam ( [fauxapple]"There's a problem with your ipad, give us access to fix it...."[/fauxapple] ). How many scam artistes would paint you as a target if you were publicly known as having come into a very large sum of money?
Click to expand...
Understood - how do they contact me with an unlisted phone number and new email?  Everybody knows about these scammers and people looking for a payday.  Unless you are a moron I don’t see how people knowing you won is that much of a detriment- people will most likely find out anyway.

 
Chadstroma said:
Keep it on the down low. I wouldn't even tell family right away.

Start interviewing wealth management relationships with various banks. You could easily talk to US Bank and their wealth management area and they would handle all of that for you. 

Review our estate documents for potential updates with the new assets coming in with my estate planning lawyer. 

Tell my immediate family. Have a 'slice' of it that is meant to be used to help family. Would likely move my side of my family to nearby area in houses I owned but let them live rent free for my mother and sister (my brother has his own money). Buy a place in Hawaii. 

Likely spend time starting businesses or investing in businesses but would hire out most responsibilities and have most of my time and focus be on a non-profit org.  

 
Click to expand...
Wife and kids would never see me again…..

 
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