Guest gcursor Posted August 17, 2012 Share Posted August 17, 2012 I have a question that I'd like some enlightened answers on. I asked a few people about this but I get varied answers. Let's say that you won the lottery...we'll say 75 million. Now OUR state says that you have to release your name (I believe over a certain amount). Anyway what do you do.. I've always heard how people (depending on how much they win) have to relocate them and their families. Sometimes people from their family are kidnapped and held for ransom. Some people are robbed repeatedly. Then we talk about banks and you can't keep all that money in one bank, could you? Then what if you hired a lawyer and what if the lawyer was crooked and you went broke in a few years finding out that he embezzled so much from you. I mean once you win that money, it's like you're a marked person for the rest of your life (or until the money runs out whichever comes first). Then you have to deal with relatives, friends, acquaintances, people you knew in school and all the thousands of charities that will start sending you requests for donations. I'm sure that stuff will go through the lawyer(s) but there's gonna be a bunch of it. so I'm being serious here when I ask this question and hope I'll get a few knowledgeable answers. Quote Link to comment Share on other sites More sharing options...
Guest hitoallusa Posted August 17, 2012 Share Posted August 17, 2012 Set up a blind trust and specify how your investment should run.. Such as one can't participate in a risky investment (but every investment has its down side) and so on... A lot of politicians have it and you can always find a good lawyer. If you are worried then you can have additional lawyers or a group of people to manage your trust. You have money so you have power over them. There are always loopholes and your lawyers or financial planners will tell you about them. Do not sign up with just anyone... Consult with many lawyers and ask many questions. You will be able to get some ideas on how to approach this matter. Think it as investment... Now Gcursor.... I know you won a free trip to LA a couple of months ago.. Have you won lottery, recently? I have a question that I'd like some enlightened answers on. I asked a few people about this but I get varied answers. Let's say that you won the lottery...we'll say 75 million. Now OUR state says that you have to release your name (I believe over a certain amount). Anyway what do you do.. I've always heard how people (depending on how much they win) have to relocate them and their families. Sometimes people from their family are kidnapped and held for ransom. Some people are robbed repeatedly. Then we talk about banks and you can't keep all that money in one bank, could you? Then what if you hired a lawyer and what if the lawyer was crooked and you went broke in a few years finding out that he embezzled so much from you. I mean once you win that money, it's like you're a marked person for the rest of your life (or until the money runs out whichever comes first). Then you have to deal with relatives, friends, acquaintances, people you knew in school and all the thousands of charities that will start sending you requests for donations. I'm sure that stuff will go through the lawyer(s) but there's gonna be a bunch of it. so I'm being serious here when I ask this question and hope I'll get a few knowledgeable answers. Quote Link to comment Share on other sites More sharing options...
Members lookin Posted August 17, 2012 Members Share Posted August 17, 2012 Having never won the lottery, I've spent plenty of time thinking about what I'd do if I did. First off, I'd give ninety percent of it away, some to friends and relatives, but most to charities. I'd probably turn it over to Jimmy Carter. He'd see it gets put to good use. Then I'd put the other ten percent in a fairly safe income-producing fund and draw a check every month. I'd try to spend it as fast as it came in and do stuff with my friends. Whatever there was in the kitty would get spent pretty quick. A crook would have to arrive at exactly the right moment to make off with the whole monthly stipend. And then I'd scrape by till the next month's check came in. Both in good times and not-so-good times, I've long taken to heart Thoreau's words: A man is rich in proportion to the number of things which he can afford to let alone. If I ever had so much money left over that it gave me aggravation, I'd start giving more away till it didn't. Quote Link to comment Share on other sites More sharing options...
Guest FourAces Posted August 17, 2012 Share Posted August 17, 2012 The best part about having no friend isi when I do win the lotto I won't have to deal with them begging me for cash As for family I might help one or two but have no problem saying fuck off to the others. I think people tend to begin inhaling paint fumes when they think about winning a big lotto. They have all these Utopian ideas ... but have no realistic view on how to handle the money. Oh and I will not continue as a short order cook at the factory or stay in the same old small house or drive the same busted down car ... I will be back in the high life AND have No Regrets! Quote Link to comment Share on other sites More sharing options...
AdamSmith Posted August 17, 2012 Share Posted August 17, 2012 I'd move in with Andre and his bf down in PV, hire some ironclad protection, then do as lookin says. Quote Link to comment Share on other sites More sharing options...
Guest hitoallusa Posted August 17, 2012 Share Posted August 17, 2012 What! I think I told you my name... And it's not Andre! Anyways, if I win I think I will invest in Africa.. I think Africa will be next China in coming decades... I'd move in with Andre and his bf down in PV, hire some ironclad protection, then do as lookin says. Quote Link to comment Share on other sites More sharing options...
Guest EXPAT Posted August 17, 2012 Share Posted August 17, 2012 The first thing I would do is file a lawsuit or injunction request to keep my name private. With privacy laws as they are, I can't believe a "rule" that says you must divulge your name over a certain winning amount seems unlikely to hold up in court. Of course that would delay your getting your winnings of course. If I won in California, I would not release my name. I'm not even sure I would tell anyone about the win. I would build and design a house of my own liking though. That would probably be the first thing I would do. I would also buy a place in a highrise with a view of Central Park in NYC as well. I might also buy a place in London or Munich. I would then find my favorite escort and work out an arrangement with him for a while. . . Quote Link to comment Share on other sites More sharing options...
AdamSmith Posted August 17, 2012 Share Posted August 17, 2012 What! I think I told you my name... And it's not Andre! Anyways, if I win I think I will invest in Africa.. I think Africa will be next China in coming decades... Nor do you live in Puerto Vallarta! You know then that you do have at least one competitor for my undying love. ...Agree completely about Africa. China's deep investments there already are quite alarming. Quote Link to comment Share on other sites More sharing options...
Members MsGuy Posted August 17, 2012 Members Share Posted August 17, 2012 Actually I had occasion to think this through last year. I decided to buy a villa in SPB, Rus, and invite all my internet posting buddies for a summer of fun and games, all expenses paid. A number of lovely twink models from Flirt4Free have already indicated their willingness to act as live in tour guides. Just keep that in mind when you're tempted to get snarky replying to my posts here. JKane 1 Quote Link to comment Share on other sites More sharing options...
Guest hitoallusa Posted August 18, 2012 Share Posted August 18, 2012 Thanks a lot in advance.. I hope it's not going to be a surprise wedding for me... Maybe I should bring my family too just in case. What about the college fund for your nephew? Don't worry his new aunt will take care of him... Actually I had occasion to think this through last year. I decided to buy a villa in SPB, Rus, and invite all my internet posting buddies for a summer of fun and games, all expenses paid. A number of lovely twink models from Flirt4Free have already indicated their willingness to act as live in tour guides. Just keep that in mind when you're tempted to get snarky replying to my posts here. Quote Link to comment Share on other sites More sharing options...
AdamSmith Posted August 18, 2012 Share Posted August 18, 2012 Just keep that in mind when you're tempted to get snarky replying to my posts here. I.e., if we do not properly genuflect, we can all call ourselves Pussy Riot? (Yer choice of smiley here ) Quote Link to comment Share on other sites More sharing options...
Members JKane Posted August 18, 2012 Members Share Posted August 18, 2012 I have a question that I'd like some enlightened answers on. I asked a few people about this but I get varied answers. Let's say that you won the lottery...we'll say 75 million... I've spent a lot of time thinking about this too. My understanding is that you can setup a trust (not a blind trust--I don't see why anybody other than a politician would need one of those) to claim the winnings and keep your name private. Clearly my first calls would be to lawyers/financial analysts--long before family and friends! How to find one(s!) you trust is a bigger question, but I'd say being involved is one of the keys. You don't hand your money over to somebody and sit back! Maybe you have a couple trusted smart people that you have *join you* in a "board of directors" overseeing the funds, but again you DO NOT just leave it to others! And you make it clear what those board members and other service providers get: a set payment / salary, maybe some travel, maybe some performance bonuses--but no direct access to your money and a real legal liability if they try to do anything they'd gain personally from! Nobody gets to advise you who gets a commission or percentage per action! Everybody--even/especially friends--getting paid for services or even a one time gift should have some kind of contract defining exactly what they get AND that they expect nothing more than what's stated. You also need to understand tax implications for yourself *and them* of payments/gifts. ("Enjoy this new car I got you!", a year later: "Help! I owe $36k I don't have because of the car!", a year later: "Help! I owe $12k in taxes because you helped me pay last year's taxes, also the car's out of warranty and needs X...") You divide up the money immediately and make sure *you* are set for life. First things I would do is put around 5m into dividend stocks or annuities (most likely a mix--after much research) guaranteeing a six-figure yearly income for life and I'd put some money someplace very safe (bonds/etc). All of these activities are to be split among several institutions with at least a third of them being international investments held in a non-US institution. Then I'd buy and pay off some real estate for myself and loved ones. I would work to do every one of these things in a way that isolates them legally from me and certainly from any family I help out. I.E. a lawsuit against me or them can not affect these monies/properties. I would also look into some diversity by area/country: a nice property, (entry papers/citizenship,) and a decent bank account waiting for me someplace like Brazil, at the least for fun vacations but at the worst a place to "bug out" if the US really goes to shit. I figure these items would be most of a "small" win and about a third of a modest to large win. Another third I *might*--after much research--use to start a business (otherwise: investments), and the last third would be for having FUN--knowing that no matter what I was already all set. This third would include gifts/charities--because the real point is you enjoying doing it! But even with the FUN money I'd be careful about incurring ongoing costs. The amount of money it takes to maintain a supercar (or idiotic collection of same!), plane or god-forbid yacht can really add up! Because: You have to always keep in mind that "winning 75 million" doesn't mean what you think it means. It means you've won ~36 million that with a very conservative rate of return will pay you 75m *before taxes* over 20-30 years. My understanding is you can always do better with a lump sum, or just taking the annuity contract into any bank and they'll buy it out for more... Some financial analysis are adamant that with the deficit and other factors taxes are lower now than in the future, so that can be another consideration for the lump sum. Something for in-depth consulting and research before claiming. *This* is why smart people can take months to claim! But that means you "only" get $36-38m and then the gov't takes about a third... leaving you with ~24m. But you, your friends, your family, your employees, your neighbors... ALL have it in mind that you won 75m! SEE how so very many lotto winners end up bankrupt with nothing??? But those (actually an annuity over X years) jackpots are everywhere. Even daydreaming while playing Megabucks in Vegas I do the math to cancel out the bullshit numbers and make a rough estimate of what I'd actually win! If you're the powerball winner I'd be happy to join your board of directors, btw! Quote Link to comment Share on other sites More sharing options...
Guest hitoallusa Posted August 18, 2012 Share Posted August 18, 2012 If you want to keep yourself off from the public record as beneficiary... You will need a blind trust.. Quote Link to comment Share on other sites More sharing options...
Guest gcursor Posted August 19, 2012 Share Posted August 19, 2012 now hitoallusa...thats not how we build suspense. we dont see who killed the butler immediately in a movie.we wait for the detective to show us all the clues. we dont ask somebody how the batman trilogy ends...we wait and see. but if i have then u know that i will remember the people on the forum no strings attached. Now Gcursor.... I know you won a free trip to LA a couple of months ago.. Have you won lottery, recently? Quote Link to comment Share on other sites More sharing options...
Guest gcursor Posted August 19, 2012 Share Posted August 19, 2012 btw i want to thank everybody who contributed to this. great information!! Quote Link to comment Share on other sites More sharing options...
Members JKane Posted August 19, 2012 Members Share Posted August 19, 2012 If you want to keep yourself off from the public record as beneficiary... You will need a blind trust.. I'm not sure about that, and it probably varies state to state. But you give up direct control of your money in a blind trust--the primary purpose of one--and that's the beginning of ending up with nothing in 5 years like so many other lotto winners... It is one *of many* things to research in depth before claiming the prize. People are also going to find out. People that know you--and they're the ones that are the most dangerous. If you can't handle ignoring requests from people you don't know (who find you through the public record) you're fucked when it comes to family, friends, co-workers! Quote Link to comment Share on other sites More sharing options...
Members JKane Posted August 19, 2012 Members Share Posted August 19, 2012 Also, I should add, having a board of directors that can guide you, advise against or even veto certain purchases or gifts could be very, *very* helpful. I once worked for one of the richer, more powerful men in Hollywood and it was very interesting to me, when he said he wanted something that wasn't the end of it. (His accountant--who'd been with him forever--was the final word!) And that's why he's worth about 700 million. People around him that said no, money *is* an object, how can we get somebody else to pay all the expenses for him to pursue his latest hobby or interest? And by god his employees usually managed it! Turns out when you don't *need* something for free it's a lot easier to get it free! Quote Link to comment Share on other sites More sharing options...
Guest zipperzone Posted August 19, 2012 Share Posted August 19, 2012 One of the benefits of living in Canada. If you win a Canadian lottery there is no income tax payable. You get to keep the whole damn thing! Quote Link to comment Share on other sites More sharing options...
