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Hey everyone! I'm new here, so please be gentle..
I've noticed NYS lottery winners never remain anonymous. I constantly hear/read about lottery winners from other states, claiming through a blind trust fund. Does NYC not allow a lottery winner to claim their prize anonymously?Are they eligible to claim a lottery win, via a blind trust? Even if their signature's already signed in back of the ticket? Or does the name of the trust have to be signed? What's the cost of a blind trust? I never understood why one would go public. The thought is frightening. For example, the current winners of the mega millions jackpot. I know they're in NJ not NYC. But what were they thinking to claim their win so quickly? With all the problems the economy is causing, they should of let the hype die down. Also, where do the wealthy people in NYC bank? I've heard they use regular chains but opt for private banking? Is this true? I thought NYC has many renowned privately owned banks. That cater to the wealthy? Sorry for the questions. I've asked these in other forum boards but never got a straight answer.
I think one of the clauses of the NYS lotto is that in order to accept the prize, you have have to agree to be promoted by NYS Lotto. Obviously, they want to advertise that people actually win their jackpots to entice more people to play and increase their revenue. If people didn't think NYers won, nobody would play.
To your second question, most of the wealthy bank through Private Banking. All of the large banks and even medium and some smaller banks offer that service. Up until recently, UBS was the world's largest private bank in the market. You usually need a minimum amount to open a relationship, which is probably around $2MM to $3MM, depending on the bank - and with that amount, your probably on the bottom of the totem pole.
When you buy a lottery ticket, it's all spelled out on the back. OK--it's spelled out in the tiniest type they can manage, but then that's all the state needs to do in order to cover itself. Putting in a claim on a winning ticket gives the state the right to use you in their advertising. I don't know why it's absolutely necessary for the state to insist upon this, but hey, it's their lottery so I guess they can make the rules.
Hey everyone! I'm new here, so please be gentle..
I've noticed NYS lottery winners never remain anonymous. I constantly hear/read about lottery winners from other states, claiming through a blind trust fund. Does NYC not allow a lottery winner to claim their prize anonymously?Are they eligible to claim a lottery win, via a blind trust? Even if their signature's already signed in back of the ticket? Or does the name of the trust have to be signed? What's the cost of a blind trust? I never understood why one would go public. The thought is frightening. For example, the current winners of the mega millions jackpot. I know they're in NJ not NYC. But what were they thinking to claim their win so quickly? With all the problems the economy is causing, they should of let the hype die down. Also, where do the wealthy people in NYC bank? I've heard they use regular chains but opt for private banking? Is this true? I thought NYC has many renowned privately owned banks. That cater to the wealthy? Sorry for the questions. I've asked these in other forum boards but never got a straight answer.
I think one of the clauses of the NYS lotto is that in order to accept the prize, you have have to agree to be promoted by NYS Lotto. Obviously, they want to advertise that people actually win their jackpots to entice more people to play and increase their revenue. If people didn't think NYers won, nobody would play.
To your second question, most of the wealthy bank through Private Banking. All of the large banks and even medium and some smaller banks offer that service. Up until recently, UBS was the world's largest private bank in the market. You usually need a minimum amount to open a relationship, which is probably around $2MM to $3MM, depending on the bank - and with that amount, your probably on the bottom of the totem pole.
Who is number 1 at the moment in private wealth management? Credit Suisse?
lol my questions are solely based on curiousity. By the way, I made alittle boo boo. I didn't mean NYS lottery. These questions were impying to the mega millions. So let me rephrase my question. Can a NYC resident claim a mega millions win, anonymously? Does anyone know if you can collect the winnings through a blind trust fund???
Well i figure the lottery wants it both ways. They want to take your money, but at the same time they want to promote winners as much as possible, so more people get excited and buy tickets.
I think I read somewhere that New York requires you to identify yourself and sumbit to exposure to the media, if you win a prize in the Mega Millions or Lotto.
I also think I read somewhere that some other states allow you to collect the winnings in the name of a trust (Ohio comes to mind) and remain anonymous, at least to the public, not to the taxman.
Who is number 1 at the moment in private wealth management? Credit Suisse?
Actually, I think it is still UBS globally but they are going through some legal issues at the moment and I believe they have stopped opening new accounts for US clients.
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