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Lots to think about here. I agree, if you win, it is time to hunker down and think a bit before going down to the bodega with your winning ticket. I never even thought about going to a state where you can be anonymous, makes sense though. Fly there and turn in your ticket at the state lottery commission.
If this guy had started a trust and had the winnings put into a trust, I wonder if he could have avoided the whole child support problems. And claim his ticket in a state where he could be anonymous. Then, he could still be a deadbeat dad.
I'm not looking for the guy to fail, and I wish him the best. However, given the examples of past winners, and his own actions both before and after his windfall, I'm just saying the odds aren't looking good for him.
I think this is the gist of most of the posts here......
Lots to think about here. I agree, if you win, it is time to hunker down and think a bit before going down to the bodega with your winning ticket. I never even thought about going to a state where you can be anonymous, makes sense though. Fly there and turn in your ticket at the state lottery commission.
If this guy had started a trust and had the winnings put into a trust, I wonder if he could have avoided the whole child support problems. And claim his ticket in a state where he could be anonymous. Then, he could still be a deadbeat dad.
Sorry..... to clarify you have to cash the ticket in the state you purchased it so you really have to plan ahead! Win in NJ, collect in NJ (pay NJ taxes too!). This can make a difference for some folks....FL has no income tax, GA does (5% I think). NH has no income but a 10% gambling tax (ouch) while MA would just take 5% income. NYC has it's own income tax on top of state/federal. I think 4 states allow anonymous redemption but with a trust it doesn't matter. One big winner collected under the "Rainbow Sherbert Trust"....story goes she went to get some ice cream and bought a ticket while she was there. Her mistake was collecting the check in person (picture), then telling the story (media loves stories) and then she told everyone it was her trust (identifying herself in the process).
Trust collection would give him anonymity but his income from the trust would still outline his child support issues.
...If this guy had started a trust and had the winnings put into a trust, I wonder if he could have avoided the whole child support problems. And claim his ticket in a state where he could be anonymous. Then, he could still be a deadbeat dad.
Quote:
Originally Posted by City Guy997S
Sorry.....
Trust collection would give him anonymity but his income from the trust would still outline his child support issues.
Yes, there is no escaping the long arm of child support services--the USG will not even issue passports to dead-beat dads--maybe not an issue with this guy if he is not a citizen. He is going to get majorly soaked in family court over it--the million dollar question is: just how many millions?
From USA Today: Six states allow lottery winners' names to remain secret.
Officials in states other than Kansas, Maryland, Delaware, Michigan, North Dakota and Ohio make public the names of lottery winners, with rare exceptions.
Sure Maryland may give in-state tuition to certain illegal immigrants, and some lawmakers want to give them drivers licenses, too.....but I have NEVER been so proud to live in the state! I'll be able to keep my winnings secret...now of course first I have to play (which I don't really do). And next door in Delaware I could stay anonymous, too. Go Delaware!
Of course living in one state and buying a ticket in another could open you up to a sort of 'double taxation.'
Have no doubt both states will want any taxes due on it if they're entitled. Some states give you a credit for taxes owed to another state....some states don't have that kind of cooperative agreement. Sort of like when people live in one state and work in another. But should I ever when 300 million dollars, I'll never be so glad to pay taxes!
I never even thought about going to a state where you can be anonymous, makes sense though. Fly there and turn in your ticket at the state lottery commission.
I highly doubt that if you buy a ticket in New Jersey you could go to Delaware or Maryland to cash in the ticket. The tickets New Jersey issues are different than those Maryland issues. Different states have controls to validate a ticket, Maryland wouldn't be able to validate a ticket from New jersey, you would have to go to New Jersey to claim the lottery prize.
Lots to think about here. I agree, if you win, it is time to hunker down and think a bit before going down to the bodega with your winning ticket. I never even thought about going to a state where you can be anonymous, makes sense though. Fly there and turn in your ticket at the state lottery commission.
If this guy had started a trust and had the winnings put into a trust, I wonder if he could have avoided the whole child support problems. And claim his ticket in a state where he could be anonymous. Then, he could still be a deadbeat dad.
As others have,also, stated,,,,,,,,,,,,,,,,,,,,,,,a Powerball ticket has to be cashed in the state it was purchased.
I wouldn't count this guy out. He is a small business owner, and he already knows how to manage money to some degree, as he's owned his bodega for quite a while.
Divorced men often fall behind in their child support for all kinds of reasons. None of us know if he made partial support payments regularly even in his bad times, or caught up on several occasions, or if he had some severe health problems for a while, or anything much about him.
The lottery winners are not always foolish with their money. Here in my home state, a young mother, recently divorced and on welfare, with only a high school degree, won about $2 million in a lottery. She bought a single $1.00 ticket on her way to a recruiting office. Since she couldn't find a job, and her parents couldn't help her, she planned to enlist.
That happened about 15 years ago. I read a follow-up story about her a couple of years ago. She used her winnings to buy a small home, got an investment counselor, and went to college while taking only the least money she needed out of her winnings until she graduated from the local college.
After she earned a degree, she used more of her winnings to start up a business, which became very successful. She met her 2nd husband through her business, and he joined her in it without knowing anything about the lottery win.
Within 10 years, she was able to buy her parents their first home, send a younger brother to college, and expanded her business. After several more years, she sold out, had another child, and decided to retire. She now spends her time with her family and manages her accounts full time. Along the way, she turned $2 million into $8 million.
Her husband still works, and they're very happy. She is now about 38, give or take a few years either way.
I see no reason why this can't happen to the guy. If you stop and think about winning a huge amount of money, what would you do? Would you automatically go on an enormous spending spree and throw it around until it was gone?
I doubt it. Those who do are the exception, not the rule. We never hear about all the winners who never fritter their winnings away, and somebody wins big every few months someplace.
I see no reason why this can't happen to the guy. If you stop and think about winning a huge amount of money, what would you do? Would you automatically go on an enormous spending spree and throw it around until it was gone?
I doubt it. Those who do are the exception, not the rule. We never hear about all the winners who never fritter their winnings away, and somebody wins big every few months someplace.
No one is saying he can't be successful. There ARE successful lottery winners. The problem is most people make foolish mistakes and **** away the money over time after winning a big lottery...the data and bankruptcy records show that....
Repeating what a lottery winner once stated-------------"the day after winning you are a lot richer than the day before but not any smarter "
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Win in NJ, collect in NJ (pay NJ taxes too!). This can make a difference for some folks....FL has no income tax, GA does (5% I think). NH has no income but a 10% gambling tax (ouch) while MA would just take 5% income. NYC has it's own income tax on top of state/federal. I think 4 states allow anonymous redemption but with a trust it doesn't matter. One big winner collected under the "Rainbow Sherbert Trust"....story goes she went to get some ice cream and bought a ticket while she was there. Her mistake was collecting the check in person (picture), then telling the story (media loves stories) and then she told everyone it was her trust (identifying herself in the process).
