Do you play the lottery?

[Dan]

$17 million is really $4 million after the lump sum penalty and taxes.
And winning a big lottery means you'll have every meshulach from Alaska to Zanzibar hitting you up for money ever hour.  The $4MM will be gone before you know it and you'll still have the entire world harassing you.

Now $400 million becoming $100 million is something to talk about and worth a few hassles like that

[Moishebatchy]

$17 million is really $4 million after the lump sum penalty and taxes.
And winning a big lottery means you'll have every meshulach from Alaska to Zanzibar hitting you up for money ever hour.  The $4MM will be gone before you know it and you'll still have the entire world harassing you.

Now $400 million becoming $100 million is something to talk about and worth a few hassles like that

I hear...

[Achas Veachas]

$17 million is really $4 million after the lump sum penalty and taxes.

Thats assuming you take the lump sum, if you take annuity you can get much more, AND you are guaranteed that it will last at least for the next 28 years...

[Dan]

Thats assuming you take the lump sum, if you take annuity you can get much more, AND you are guaranteed that it will last at least for the next 28 years...

You actually get much less with the Annuity. If you invest it yourself you can do wayyyyy better than just double your money in 28 years.
Of course that requires discipline.

[AsherO]

You actually get much less with the Annuity. If you invest it yourself you can do wayyyyy better than just double your money in 28 years.
Of course that requires discipline.

I think the biggest reason to take the annuity (especially with a net prize of $50mm+) is that it spreads it over 30 years so you aren't sitting on the entire motherlode at once. I'm not suggesting it's the prudent decision from a financial standpoint.


Does anyone think it's possible to win the lottery (and I don't mean a small prize) without anyone finding out? E.g. find a lawyer to claim it for you or something.

[Dan]

I think the biggest reason to take the annuity (especially with a net prize of $50mm+) is that it spreads it over 30 years so you aren't sitting on the entire motherlode at once. I'm not suggesting it's the prudent decision from a financial standpoint.

There are better way of accomplishing that.
If you don't trust yourself you can lock up the funds yourself and draw an annuity from them and do better than the low rate the lottery would give you.

[AsherO]

There are better way of accomplishing that.
If you don't trust yourself you can lock up the funds yourself and draw an annuity from them and do better than the low rate the lottery would give you.

Good point. Though even that would't help, as many (most) winners end up in bankruptcy due debt, so getting $1mm, $2mm, or even $5mm a yer, the winner might spend more than that due to their winning frenzy.

[Ergel]

I think the biggest reason to take the annuity (especially with a net prize of $50mm+) is that it spreads it over 30 years so you aren't sitting on the entire motherlode at once. I'm not suggesting it's the prudent decision from a financial standpoint.


Does anyone think it's possible to win the lottery (and I don't mean a small prize) without anyone finding out? E.g. find a lawyer to claim it for you or something.

You agree when you claim it to have a public press conference about your winning. I doubt the lottery would let you bypass that

[AsherO]

You agree when you claim it to have a public press conference about your winning. I doubt the lottery would let you bypass that

Find someone else to claim it, obviously with a legal team of lawyers writing up your contract with him (so he doesn't run off with your $$$)

[Dan]

Find someone else to claim it, obviously with a legal team of lawyers writing up your contract with him (so he doesn't run off with your $$$)

Hope you get really good lawyers!

I think some states allow anonymous lottery claims.  I'd love to see list of them as that's the way to go.

[AsherO]

Hope you get really good lawyers!

I think some states allow anonymous lottery claims.  I'd love to see list of them as that's the way to go.

Since you have a while to claim (a year, I think), you can probably move to the state with the best laws/taxes for you.

[Kvending]

You agree when you claim it to have a public press conference about your winning. I doubt the lottery would let you bypass that

That's not true, every state is different & depending where you won it then you have to follow that state's law on the subject. But I know that some state's allow the person who won to stay anonymous & not have to give a press conference.

[Dan]

Since you have a while to claim (a year, I think), you can probably move to the state with the best laws/taxes for you.

Not sure if it's dependent on your home state or the state where you bought it.

[Ergel]

Since you have a while to claim (a year, I think), you can probably move to the state with the best laws/taxes for you.

I think it's five years
Sorry just realized all my info is only relevant in New York

[Achas Veachas]

Not sure if it's dependent on your home state or the state where you bought it.

Pretty sure it depends on where you bought it.

[Saver2000]

Pretty sure it depends on where you bought it.

+1

[jj1000]

Does anyone think it's possible to win the lottery (and I don't mean a small prize) without anyone finding out? E.g. find a lawyer to claim it for you or something.

 

Keep quiet. You may be tempted, according to the website for MegaMillions, but you may regret announcing your winnings to anyone. Do not contact lottery officials, do not tell your friends. Once the euphoria dies down, you may be left with "a continuous stream of lawsuits and requests for money from those who want a piece of your win."
2

Copy the front and back of your lottery ticket. Place the copy -- not the original -- of your ticket in an envelope. Send it to yourself in a sealed envelope, preferably by certified mail. Do not open the envelope when it comes. File it away in a safe place. You are doing this to prevent the theft of your ticket, and to provide proof that the ticket is yours in the event that it is stolen. Put the original in a fireproof safe or safe deposit box. You may have up to a year to claim your prize, and you might need that time to contact investment professionals and advisers.

Sponsored Links

    Online Documents

    Access and Manage Documents online in one place, free.
    www.sohoos.com

3

Contact a lawyer who specializes in asset protection and estate planning. Explain that you have won the lottery and ask about options for anonymity. Some states, like Delaware, allow winners to claim prizes anonymously. Ask whether you can form a trust to claim the lottery prize. If you cannot form a trust in your state, and you won a multi-state lottery, ask if you can claim the prize in another state. Forming a trust can be extremely complicated, and a lawyer must do it.
4

Follow your lawyer's instructions. This is the hard part. If you are successful in forming a trust to claim your prize, your lawyer may take the lottery ticket to the lottery office. Aren't you glad you copied the ticket?


Read more: How to Claim Lottery Winnings Anonymously | eHow.com http://www.ehow.com/how_8366807_claim-lottery-winnings-anonymously.html#ixzz2CyNLTXtc

[Achas Veachas]

Anyone wanna start a business selling Delaware lottery tickets?

[Saver2000]

How would a copy prove anything? Even if you sent it to yourself with certified mail 

[Achas Veachas]

How would a copy prove anything? Even if you sent it to yourself with certified mail 

Well there's a sealed envelope from half a year ago addressed to yourself with a copy of the ticket....