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Old 12-19-2013, 12:35 PM
 
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The Georgia winner has already come forward.

Could that possibly be a good move to come forward this soon -- ESPECIALLY in a state where you can't stay anonymous?

I don't think so but, maybe there's a positive I'm not seeing. It boggles the mind the way this woman came forward so quickly.
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Old 12-19-2013, 12:44 PM
 
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Quote:
Originally Posted by rdflk View Post
The Georgia winner has already come forward.

Could that possibly be a good move to come forward this soon -- ESPECIALLY in a state where you can't stay anonymous?

I don't think so but, maybe there's a positive I'm not seeing. It boggles the mind the way this woman came forward so quickly.
It's probably a pretty good indicator that she made no attempt to obtain legal and financial representation, made no attempt to plan anything, no attempt to strategize, and simply thinks nothing other than her cash cow has made it home and will be there safely and securely from here on out.

And when she wakes up and there is no cow, or the cow was stolen, or she has milked it to death, she'll just be another statistic in the national lottery book of fails.
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Old 12-19-2013, 08:03 PM
 
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What does "come forward" mean? Is it simply that you have contacted the lottery officials to confirm to them that you are the winner? If so, I think one would be insane to not do that immediately. I'm not going to sit around with a winning ticket at my house. I wouldn't even trust it locked up at a bank.
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Old 12-19-2013, 08:06 PM
 
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If I won, I would have immediately driven to lottery redemption. Waited until they opened. Whatever....I can see myself losing the ticket, easily.

Oh well, next time.
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Old 12-20-2013, 09:19 AM
 
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Quote:
Originally Posted by Bill the Butcher View Post
What does "come forward" mean? Is it simply that you have contacted the lottery officials to confirm to them that you are the winner? If so, I think one would be insane to not do that immediately. I'm not going to sit around with a winning ticket at my house. I wouldn't even trust it locked up at a bank.
If I understand it correctly, she would have gone to the lottery place, had the ticket scanned, signed all the documentation, etc. This would also involve the release of her name if the state mandates it. There would probably be scheduling of a later press event if opted into. At this point, her name would be on its way to becoming public knowledge. Indeed, since we already know her name, that's a fairly quick process.
And that's the problem...

Once her name is out there, it's prime time for predatory practitioners to swoop in and prey on an undefended individual with no financial and legal advice, no plan, and with all her money sitting in a (presumably) single bank account to which only a certain portion is insured.
And this doesn't even take into account downright violent criminal activity.

Had she simply made copies and photos of the winning ticket and stored them in separate safe places, she could be reasonably secure while she sought verified legitimate legal and financial advice, who would help her develop a strategy. One of these strategies is forming an LLC for protection and claiming the winning ticket through that entity so that her name would not be released to the public.
Further, proper financial planning would surely benefit her.

I think it's interesting that there are two winners, and only one of them has claimed their winnings, while the other is seemingly doing the right thing. It will be interesting to follow up on the two individuals a few years from now and see what becomes of them relative to each other.

My guess is that the one who has not come forward yet will be better off, because that person is likely using this time to make sure they do things correctly.
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Old 12-20-2013, 12:24 PM
 
Location: High Bridge, NJ
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Quote:
Originally Posted by Soup Sandwich View Post
One of these strategies is forming an LLC for protection and claiming the winning ticket through that entity so that her name would not be released to the public.
Further, proper financial planning would surely benefit her.

I think it's interesting that there are two winners, and only one of them has claimed their winnings, while the other is seemingly doing the right thing. It will be interesting to follow up on the two individuals a few years from now and see what becomes of them relative to each other.

My guess is that the one who has not come forward yet will be better off, because that person is likely using this time to make sure they do things correctly.
Excellent idea. I probably buy a lottery ticket 4-5 times a year, basically whenever the jackpot gets so large that it makes the news and I remember that it exists. Once I buy the ticket I often think about what I would do if I won, but not the usual "Buy a house in Bermuda and a fleet of Ferraris," etc... I think about things like how I would form an LLC or other legal entity to control the money and outsmart the government as well as the lottery officials by not having stand up there with one of those goofy checks and then giving two thirds to the state and federal treasury

I also think about what I would do in order to keep my children grounded. Raising a child having come into such a windfall is actually a scary prospect. Think about it, if you won hundreds of millions of dollars and lived a life of pure luxury after that never actually "working" a day in your life, your kids could grow up with a pretty distorted sense of the world. My guess is this is what happened with people like Paris Hilton... Anyway, I'll keep buying my 4-5 tickets a year and pondering. It certainly can't hurt.
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Old 12-20-2013, 04:58 PM
 
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Ok.....claiming the ticket and telling the press who you are is a terrible idea. But there are a few other issues:

1. The millions aren't available for 15 days (it takes the lottery 15 days to collect from all the retailers nationwide) so even if you collect the next day they don't have the money ready!
2. Being 2013 will end in 11 days, a savvy person would collect the check in 2014 and by waiting delay the IRS payment about 15 months. Lottery withholds 25%, you however will owe another 14.6% to fully pay your liability. So if the 14.6% represents 25mm and you get 4% on it you gain an extra 1.25mm (15 months) by holding the IRS's money!
3. You have the whole calendar year to work on deductions, charity donations that will significantly reduce your taxable income. This person is screwed since she has 11 days to do this but wait she doesn't even have the money to give away!
4. LLC is a bust, state website will give away the shareholders name/address. A trust is the way to go, one woman named her's "The Rainbow Sherbert Trust" because she went to buy the frozen treat and bought a lottery ticket while she was there then won 300+mm. Her mistake though was telling the story (with her real name) to the media so the trust was a good idea but she blew it by telling the media!

On trusts, acronyms are great (NWA Trust, means Not Working Anymore) and anything that will confuse google is going to help you anonymity! NWA was a rap group in the 90's so google will steer results to that instead of you!

Your silence is the best weapon on staying anonymous. Losing a ticket/theft/kidnapping are all invalid concerns if you don't tell anyone you won and keep a level head. The more time you let go by, the less the media will be interested!
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Old 12-20-2013, 05:08 PM
PDD
 
Location: The Sand Hills of NC
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Put the ticket in your safety deposit box after you sign it. If you want to splurge , run up your credit cards to the max. After the dust settles, try to find a lawyer you can trust(oxymoron I know)and a trusted financial adviser (another oxymoron). Don't tell any friends you won and tell relatives they are cut off if they tell.
After a month or so take the advice of the sharks you have confided in and start enjoying your new found wealth.
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Old 12-20-2013, 07:31 PM
 
Location: Wicker Park, Chicago
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I saw the news about the GA winner but they never broadcasted her face. A lottery official just said the name of who won. Did any of you actually see the face of the winner being broadcasted?
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Old 12-20-2013, 07:55 PM
 
Location: Southlake. Don't judge me.
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Quote:
Originally Posted by Soup Sandwich View Post
One of these strategies is forming an LLC for protection and claiming the winning ticket through that entity so that her name would not be released to the public.
My understanding (which may be mistaken) is that in at least some states it is mandated that the winner has to have their name released.

That said, there are lots of reasons to drop that sucker into an LLC or LP ASAP.
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