Mega Millions is at 237 MILLION
- Thread starter kingterp
- Start date
this the best bet he wont have the original ticket and he is there as a represemtative clearly not you...
If a couple dozen people went I'd probably go collect me loot drive to airport and I'm gone for a few weeks and contact this finance firm in Boston who specializes in supporting lottery winners
Can I receive my winnings by mail?
Most states allow you to claim prizes by mail. Contact your state lottery for details.
After I buy a ticket, can it be changed from annuity to cash option?
Federal guidelines suggest that if you are a jackpot prize winner but did not choose the cash option at the time of purchase, you will have one last chance to choose the cash option. However, not all states adopt this guideline in the same manner, or at all. Please check with your state lottery to find out their policy regarding changing the payout option after winning the jackpot.
What if more than one person wins?
If more than one person wins the jackpot, the prize is equally divided among the winners. All other prizes, from $250,000 down to $2, are fixed prize amounts, and are paid in full to each winner. (An exception is California, which pays out all prizes amounts in a pari-mutuel system, splitting the available prize money at each prize level by the number of winners.)
How to Claim Your Prize
Sign the back of your ticket and take it to an authorized lottery sales agent for validation. If you win a prize greater than $599, you may need to complete a claim form and send it to the state's lottery commission.
Winning tickets are subject to validation and must be claimed in the state in which they were purchased. The period in which you must claim your winning ticket varies by state:
New York 1 year
Are lottery prizes taxable?
Lottery winnings of $600.01 and over are subject to Federal Withholding tax. For winnings of $600.01, up to and including $5,000, you will be issued a W-2G form to report your winnings on your federal income tax form. For winnings of $5,000.01 and over, your state's Department of Revenue removes the 25 percent federal withholding before you receive your winnings check (or, if it is an annuity, from each winnings check). You then receive a W-2G form with each check to submit with your 1040 form to show that the 25 percent federal withholding already has been paid. In addition to federal tax, your state will make additional withholdings for taxes, and most states will deduct other money that you may owe to the state, such as back taxes, child support, loan payments, etc. The state tax withholdings are as follows:
New York 8.97% state withholding, plus: 3.648% (NYC residents), 0.897% (Yonkers residents)
http://www.usamega.com/mega-millions-faq.asp
Last edited:
That get a lawyer shit sound cool, but how would we find a good honest 1 as well as an accountant
IDK, I would buy whips though. 1st whip I'm getting is the Phantom Drophead, an every v12 whip I can think off
an yeah I would lease every whip for 2 years, no use in buying them
How should I take the money: lump sum or annuity -- where they pay you over a number of years?
Dennis said that's a simple one: lump sum.
He said with interest rates as low as they are, the amount you'd get each month would likely be less than what you could earn during normal times on your own.
What do I do if I win?
Before you call the Lottery, Dennis said you should sit down with an attorney, an accountant and your financial professional.
The three should work together as a team to help you design a strategy that maximizes your financial benefits, while minimizing your risks and the stress. A lot of stress comes along with winning lots of money.
Can heirs essentially get double taxed?
Yes. “Once on an income tax basis and another on an estate tax basis,” Fagan said. “This is why it is important to sit with an attorney and do some estate planning.
Some free advice from Dennis: don't give yourself access to all of the money all of the time.
Also, don't lend money out unless you realize up front that you'll most likely never see it again.
Lottery Folks Filing Bankruptcy
When Lisa Arcand won $1 million in the lottery she thought it was a dream come true. She bought a home and new furnishings, took a couple of vacations, enrolled her son in a private school and opened a restaurant.
Then, she says, the reality set in.
Arcand, a single mom, said "Winning the lottery is not all it's cracked up to be. Actually, it's been very depressing."
It has been less than four years since Arcand won big on a scratch off lottery ticket, and she is closing her dream business, the restaurant that she opened with her winnings only five months ago. She says she used up all her savings to open the business.
Sadly enough, many lottery winners find themselves broke, in debt and even filing bankruptcy after the money is gone. Susan Bradley, a certified financial planner who runs a practice that specializes in helping people who suddenly come into money, says that many lottery winners end up worse off financially than before they won.
Bradley says, "A lot of people who win are financially OK when they win. You hope they become really financially secure after they win. But many are in a worse position after winning because of financial commitments. It's not unusual for them to start borrowing, and that's how you get more into debt."
According to Chelmsford wealth counselor Szifra Birke, roughly one-third of lottery winners find themselves in serious financial trouble or in bankruptcy within five years of turning in their winning ticket.
Birke says, "For many people who come into wealth suddenly - whether they win the lottery, receive an insurance settlement or an unexpected inheritance - if they have not acquired good money skills prior to this windfall, often they struggle and make poor choices. If someone is in trouble financially, if they're spending more than they are making or are relying emotionally on the lottery to bail them out, then that's a big problem."
There is often serious financial trouble if a person who suddenly comes into money has no concept of money and spending and decides to splurge with reckless buying binges. There is almost a certainty of bankruptcy in the forecast for people who decide to use their winnings to start a new business. This is true because having money does not make you an expert at handling it, nor does it give you specific knowledge that you would need to go into business for yourself.
"If a person is not business savvy, they don't know what it takes to run a business - $300,000 could disappear very quickly," Birke said. "You have to really understand the true cost of things. If you make a purchase (on your credit card) that costs $50 and it takes you two years to pay it off, you spent a lot more than $50. Sometimes people just don't compute the numbers."
Robert Glovsky, director of Boston University's Program for Financial Planners and president at Mintz Levin Financial Advisors says that the best thing to do if you suddenly come into a large sum of money is to hire someone with expertise handling money. That makes sense, right?
Glovsky said, "On the positive side, the lottery allows winners to do things they could never do before, whether it's consumption or charity. But what happens when the money runs out? Do they return to their old lifestyle? I would think that would be very difficult."
p>He says that a good financial advisor can help put the realities into perspective.
That advice would have been great for Arcand, but instead of getting in touch with a financial advisor, she was contacted by a company that actually takes money away from lottery winners.
Shortly after she won the lottery in April 2004, Arcand said she was aggressively pursued by a cash settlement company. She says that Stone Street Capital, a financial services company, offered her a lump sum of money up front in return for all or a portion of her $35,000-a-year lottery proceeds.
"They call people who hit the lottery and offer to buy the ticket off you," she said. "The offer was less than half the cash value. But I sold a piece of it - $15,000 a year, and I got $200,000 up front."
Getting the lump sum payment up-front helped Arcand buy some of the things she'd never been able to afford, but it also put her in a higher tax bracket, which led to a further erosion of her winnings.
"They don't tell you all this," she said. "You end up with this little bit of money, and then you lose."
A spokesman for the Massachusetts State Lottery, Dan Rosenfeld, said the state is aware of these companies and advises winners to be wary of dealing with them, or anyone else, for that matter.
Rosenfeld said, "We have a whole list of groups that will buy your winnings. We say, "Be careful, and only talk to who you want to talk to."
People who win the lottery are often given advice by lottery officials about how to handle their new-found wealth. Some of the best advice is for the winners to get a lawyer and a financial adviser. And that may be the best way to avoid making mistakes that could lead to bankruptcy
When Lisa Arcand won $1 million in the lottery she thought it was a dream come true. She bought a home and new furnishings, took a couple of vacations, enrolled her son in a private school and opened a restaurant.
Then, she says, the reality set in.
Arcand, a single mom, said "Winning the lottery is not all it's cracked up to be. Actually, it's been very depressing."
It has been less than four years since Arcand won big on a scratch off lottery ticket, and she is closing her dream business, the restaurant that she opened with her winnings only five months ago. She says she used up all her savings to open the business.
Sadly enough, many lottery winners find themselves broke, in debt and even filing bankruptcy after the money is gone. Susan Bradley, a certified financial planner who runs a practice that specializes in helping people who suddenly come into money, says that many lottery winners end up worse off financially than before they won.
Bradley says, "A lot of people who win are financially OK when they win. You hope they become really financially secure after they win. But many are in a worse position after winning because of financial commitments. It's not unusual for them to start borrowing, and that's how you get more into debt."
According to Chelmsford wealth counselor Szifra Birke, roughly one-third of lottery winners find themselves in serious financial trouble or in bankruptcy within five years of turning in their winning ticket.
Birke says, "For many people who come into wealth suddenly - whether they win the lottery, receive an insurance settlement or an unexpected inheritance - if they have not acquired good money skills prior to this windfall, often they struggle and make poor choices. If someone is in trouble financially, if they're spending more than they are making or are relying emotionally on the lottery to bail them out, then that's a big problem."
There is often serious financial trouble if a person who suddenly comes into money has no concept of money and spending and decides to splurge with reckless buying binges. There is almost a certainty of bankruptcy in the forecast for people who decide to use their winnings to start a new business. This is true because having money does not make you an expert at handling it, nor does it give you specific knowledge that you would need to go into business for yourself.
"If a person is not business savvy, they don't know what it takes to run a business - $300,000 could disappear very quickly," Birke said. "You have to really understand the true cost of things. If you make a purchase (on your credit card) that costs $50 and it takes you two years to pay it off, you spent a lot more than $50. Sometimes people just don't compute the numbers."
Robert Glovsky, director of Boston University's Program for Financial Planners and president at Mintz Levin Financial Advisors says that the best thing to do if you suddenly come into a large sum of money is to hire someone with expertise handling money. That makes sense, right?
Glovsky said, "On the positive side, the lottery allows winners to do things they could never do before, whether it's consumption or charity. But what happens when the money runs out? Do they return to their old lifestyle? I would think that would be very difficult."
p>He says that a good financial advisor can help put the realities into perspective.
That advice would have been great for Arcand, but instead of getting in touch with a financial advisor, she was contacted by a company that actually takes money away from lottery winners.
Shortly after she won the lottery in April 2004, Arcand said she was aggressively pursued by a cash settlement company. She says that Stone Street Capital, a financial services company, offered her a lump sum of money up front in return for all or a portion of her $35,000-a-year lottery proceeds.
"They call people who hit the lottery and offer to buy the ticket off you," she said. "The offer was less than half the cash value. But I sold a piece of it - $15,000 a year, and I got $200,000 up front."
Getting the lump sum payment up-front helped Arcand buy some of the things she'd never been able to afford, but it also put her in a higher tax bracket, which led to a further erosion of her winnings.
"They don't tell you all this," she said. "You end up with this little bit of money, and then you lose."
A spokesman for the Massachusetts State Lottery, Dan Rosenfeld, said the state is aware of these companies and advises winners to be wary of dealing with them, or anyone else, for that matter.
Rosenfeld said, "We have a whole list of groups that will buy your winnings. We say, "Be careful, and only talk to who you want to talk to."
People who win the lottery are often given advice by lottery officials about how to handle their new-found wealth. Some of the best advice is for the winners to get a lawyer and a financial adviser. And that may be the best way to avoid making mistakes that could lead to bankruptcy
You've won the lottery! Now what?
Believe it or not, jackpot winners face both a pile of cash and a mountain of problematic decisions. Here's a practical to-do list. Keep it handy for the next time you strike it rich.
By Bankrate.com
Hitting the jackpot may be a fantasy, but what's the harm in dreaming? Here's some realistic advice on what to do if those numbers prove to be magic.
It's after 11 p.m. on Saturday night, a night like any other Saturday night. You're ready for bed and yelling at the dog to get out of the garbage. With little enthusiasm or hope, you tune in to the drawing of the state's lottery numbers on TV. A quick glance at the numbers tells you that you wasted yet another ... wait a minute! The numbers on your ticket match. You just won the lottery!
First items on a new millionaire's to do list: Scream, jump up and down a lot and hug whoever is at home with you -- even that stinky dog.
Once you catch your breath ... ask yourself, "Now what?"
Contained euphoria
You're probably pretty anxious to get your hands on all that dough. Whoa there, moneybags. Temper that euphoria. Your life is about to change in a dramatic way. Most winners take anywhere from four days to two weeks before turning in their winning ticket, says Florida Lottery spokesman Roger Sockman, of Tallahassee, Fla., because they are busy getting some vital legal advice.
"Don't collect right away," advises Michael Garrison of Garrison Asset Management in West Chatham, Mass. "Get your support system in place."
"I'd sure see the accountant before turning in that ticket about what, tax-wise, is the best thing to do," agrees Christine Hartigan, CFP, a vice president at U.S. Bancorp Piper Jaffray in Kansas City, Mo.
Therefore, here's your second new millionaire's to-do list:
Keep that ticket safe. Sockman says people do funny things with their tickets, such as keeping it in a baggie in the freezer, in a sock under the mattress, in a money-belt around their waist day and night, or most practical of all, in a safe deposit box.
Think about your job. A winning ticket is a grand thing, but it doesn't really count until you've got the cash. For now, consider just taking a little sick time or vacation, without explaining why, if possible. You're going to be very busy becoming a millionaire. You probably will quit eventually. Sockman says most winners do, even though at their original interview about a quarter claim they'll keep working. He explains, "They can't imagine how much money they've won. It's a life-changing event."
Find people you can trust. "The most important financial decision to make initially is who's going to be accountant, financial adviser and lawyer," says Hartigan. "And I don't think they should be the same person." If you don't have all of these people in your Rolodex currently -- and how many of us do? -- "talk to other people who use these kinds of services. Referral is the best way," Hartigan suggests. If none of your friends or family can recommend a particular professional, Hartigan recommends going to a major accounting firm, a major brokerage and a large law firm. "Ask what they'll do for you." Garrison agrees with Hartigan's advice and adds, "References are mandatory."
Decide on a lump sum or payments. This decision depends on what you want to do with your money and advice from your team of advisers. The lump sum will equal less than the total of the payments over however many years. "With the lump sum invested properly, you'll probably have more at the end," says Hartigan. "If you're a person who really can't control your spending, annual might be better." In Florida, the recent trend shows 75% of winners take the lump sum, says Sockman.
Arrange for a special account at the bank. You can't just deposit millions into your plain ol' checking account. And they don't really give you a paper check with a lot of zeroes. They give you the money by a wire transfer to your pre-arranged special account, says Sockman.
Change your phone number. Now that you're richer than your wildest dreams, everyone's going to want to reach out and touch you, and that will be a nightmare. So get a new unlisted telephone number.
Ticket to ride
OK, breathing has returned to normal, pulse is steady, and your financial affairs are ready. Go get that money.
Any ticket worth more than $50,000 has to be turned in to lottery headquarters, according to Sockman. Amounts may vary with other lotteries. You're about to become filthy rich, so splurge if you want to and arrive at lottery headquarters by limo, helicopter or elephant, if you are so inclined.
But don't take too much time. There's always a deadline. The Florida lottery gives winners 180 days (that's less than six months) to hand over the ticket, says Sockman. Other lotteries have different deadlines, and they take them seriously.
Once you're at the lottery headquarters, you can be sure they'll be checking that ticket over carefully to make sure it's legitimate. Sockman says no one's tried to turn in a bogus ticket in Florida since the early days of the game, but they still play it safe.
Even though it didn't buy a ticket, the government will be also a big winner. The Tax Man cometh before you even get your money, immediately making you 28% poorer.
And if you're the kind of scoundrel who owes something called state-owned-debt, such as back taxes or child support, the lottery folks take that off the top as well. You've paid your debt to society and you're still a millionaire, so enjoy.
Ch-ch-ch-changes
Once you turn in that ticket, the lottery is required by public information law to release your name and hometown. In other words, you can't avoid the world finding out about you. You might think about holding a press conference to get the media attention over with all at once. And besides, you might be the type that wants to crow to the world, "Look at me, I'm a millionaire!" Admittedly, this will save you time from having to call all those ex-lovers to gloat.
On the other hand, perhaps the less well-known your face is to the public, the better. In a short while, you're going to have more friends and relatives than you ever knew.
All of the changes to your life will not necessarily be good. Garrison mentions a study of lottery winners that shows a majority of these new millionaires end up overextended with a high rate of divorce. He knows these troubles secondhand from a $1.5 million lottery-winning client. "More than once, he said he wished he hadn't won," says Garrison.
"All kinds of things come to the surface," he adds. "Money does not solve all problems."
Cents & insensibility
And what problems to have: Taxes, greedy relatives and friends, expensive decisions, and, possibly worst of all, yourself.
Finding a way to spend millions may seem insurmountable, but it's really not that difficult. Many folks -- lottery winners and insta-rock stars alike -- have succeeded in finding solutions to this particular "problem." And just think, then you'd have to get a job again, and that would be awfully embarrassing.
"Great wealth brought on all of the sudden to somebody unprepared is going to bring trouble," says Paul G. Schervish, director of the Social Welfare Research Institute at Boston College. He lists examples of spiritual trouble to marital trouble to friends, neighbors and charities coming after you.
"Wealth changes the terrain within which you are playing," he continues. "People with swift fortunes are most vulnerable to not knowing what to do with it." The money will be thrust upon you and so will a multitude of requests and decisions. Schervish advises slowing things down. Financial counselors can help a newly minted millionaire take things slowly.
Hartigan explains that good financial and legal advisers can:
Provide a buffer to all the requests and wild ideas you'll be hearing for the rest of your life
Protect you from yourself by advising you ways to manage the millions
Help you turn your new money into even more money
"Understand thoroughly what you want to accomplish," advises Garrison. "It's not just a matter of money management. It's also counseling and helping people deal with all this wealth on psychological and practical matters."
You'll probably want to help out your family and those who were friends before you were rich. You might be interested in leaving a legacy by helping your favorite cause in a major way. Of course, you'd like to secure your own future as a luxury-loving, well-manicured, hundred-dollar-bill-burning type of guy or gal. Financial advisers can inform you and guide you into trust funds, endowments, charitable remainder trusts, family limited partnership and more.
And you'll probably want to have something at the end to leave to your heirs -- 'cause then you get to play all kinds of mind games writing up your will different ways. Unlike us paycheck-to-paycheck schlubs, you'll need to start thinking long term -- looking ahead to your death. It's a grim subject for a new millionaire like you, but an important one. Now's the time to be doing what you can to contain the estate tax that could eat up most of your heirs' inheritance.
"Taxes are important to consider. But don't let the tax tail wag the investment dog," explains Garrison. He says you also want to be aware of your tolerance to risk, your level of knowledge and goals. He recommends a comprehensive approach or "you could have a current planning strategy in conflict with long-term estate planning." Thinking ahead to curtailing future estate tax can also help you curb your present income tax.
Ah, with all your sound planning, you're finally settling into the good life. You've paid off your parents' mortgage. Bought yourself a nice Porsche. Done your tax planning. Established an endowment to save dyslexic whales. Now you are enjoying an expensive facial at an exclusive Caribbean resort.
Erk! Facial? Your bleary eyes open to discover that stinky dog licking pizza sauce off your cheek. The news station has moved on to sports. Your losing lottery ticket is floating in a bowl of melted ice cream. It was all a dream.
Believe it or not, jackpot winners face both a pile of cash and a mountain of problematic decisions. Here's a practical to-do list. Keep it handy for the next time you strike it rich.
By Bankrate.com
Hitting the jackpot may be a fantasy, but what's the harm in dreaming? Here's some realistic advice on what to do if those numbers prove to be magic.
It's after 11 p.m. on Saturday night, a night like any other Saturday night. You're ready for bed and yelling at the dog to get out of the garbage. With little enthusiasm or hope, you tune in to the drawing of the state's lottery numbers on TV. A quick glance at the numbers tells you that you wasted yet another ... wait a minute! The numbers on your ticket match. You just won the lottery!
First items on a new millionaire's to do list: Scream, jump up and down a lot and hug whoever is at home with you -- even that stinky dog.
Once you catch your breath ... ask yourself, "Now what?"
Contained euphoria
You're probably pretty anxious to get your hands on all that dough. Whoa there, moneybags. Temper that euphoria. Your life is about to change in a dramatic way. Most winners take anywhere from four days to two weeks before turning in their winning ticket, says Florida Lottery spokesman Roger Sockman, of Tallahassee, Fla., because they are busy getting some vital legal advice.
"Don't collect right away," advises Michael Garrison of Garrison Asset Management in West Chatham, Mass. "Get your support system in place."
"I'd sure see the accountant before turning in that ticket about what, tax-wise, is the best thing to do," agrees Christine Hartigan, CFP, a vice president at U.S. Bancorp Piper Jaffray in Kansas City, Mo.
Therefore, here's your second new millionaire's to-do list:
Keep that ticket safe. Sockman says people do funny things with their tickets, such as keeping it in a baggie in the freezer, in a sock under the mattress, in a money-belt around their waist day and night, or most practical of all, in a safe deposit box.
Think about your job. A winning ticket is a grand thing, but it doesn't really count until you've got the cash. For now, consider just taking a little sick time or vacation, without explaining why, if possible. You're going to be very busy becoming a millionaire. You probably will quit eventually. Sockman says most winners do, even though at their original interview about a quarter claim they'll keep working. He explains, "They can't imagine how much money they've won. It's a life-changing event."
Find people you can trust. "The most important financial decision to make initially is who's going to be accountant, financial adviser and lawyer," says Hartigan. "And I don't think they should be the same person." If you don't have all of these people in your Rolodex currently -- and how many of us do? -- "talk to other people who use these kinds of services. Referral is the best way," Hartigan suggests. If none of your friends or family can recommend a particular professional, Hartigan recommends going to a major accounting firm, a major brokerage and a large law firm. "Ask what they'll do for you." Garrison agrees with Hartigan's advice and adds, "References are mandatory."
Decide on a lump sum or payments. This decision depends on what you want to do with your money and advice from your team of advisers. The lump sum will equal less than the total of the payments over however many years. "With the lump sum invested properly, you'll probably have more at the end," says Hartigan. "If you're a person who really can't control your spending, annual might be better." In Florida, the recent trend shows 75% of winners take the lump sum, says Sockman.
Arrange for a special account at the bank. You can't just deposit millions into your plain ol' checking account. And they don't really give you a paper check with a lot of zeroes. They give you the money by a wire transfer to your pre-arranged special account, says Sockman.
Change your phone number. Now that you're richer than your wildest dreams, everyone's going to want to reach out and touch you, and that will be a nightmare. So get a new unlisted telephone number.
Ticket to ride
OK, breathing has returned to normal, pulse is steady, and your financial affairs are ready. Go get that money.
Any ticket worth more than $50,000 has to be turned in to lottery headquarters, according to Sockman. Amounts may vary with other lotteries. You're about to become filthy rich, so splurge if you want to and arrive at lottery headquarters by limo, helicopter or elephant, if you are so inclined.
But don't take too much time. There's always a deadline. The Florida lottery gives winners 180 days (that's less than six months) to hand over the ticket, says Sockman. Other lotteries have different deadlines, and they take them seriously.
Once you're at the lottery headquarters, you can be sure they'll be checking that ticket over carefully to make sure it's legitimate. Sockman says no one's tried to turn in a bogus ticket in Florida since the early days of the game, but they still play it safe.
Even though it didn't buy a ticket, the government will be also a big winner. The Tax Man cometh before you even get your money, immediately making you 28% poorer.
And if you're the kind of scoundrel who owes something called state-owned-debt, such as back taxes or child support, the lottery folks take that off the top as well. You've paid your debt to society and you're still a millionaire, so enjoy.
Ch-ch-ch-changes
Once you turn in that ticket, the lottery is required by public information law to release your name and hometown. In other words, you can't avoid the world finding out about you. You might think about holding a press conference to get the media attention over with all at once. And besides, you might be the type that wants to crow to the world, "Look at me, I'm a millionaire!" Admittedly, this will save you time from having to call all those ex-lovers to gloat.
On the other hand, perhaps the less well-known your face is to the public, the better. In a short while, you're going to have more friends and relatives than you ever knew.
All of the changes to your life will not necessarily be good. Garrison mentions a study of lottery winners that shows a majority of these new millionaires end up overextended with a high rate of divorce. He knows these troubles secondhand from a $1.5 million lottery-winning client. "More than once, he said he wished he hadn't won," says Garrison.
"All kinds of things come to the surface," he adds. "Money does not solve all problems."
Cents & insensibility
And what problems to have: Taxes, greedy relatives and friends, expensive decisions, and, possibly worst of all, yourself.
Finding a way to spend millions may seem insurmountable, but it's really not that difficult. Many folks -- lottery winners and insta-rock stars alike -- have succeeded in finding solutions to this particular "problem." And just think, then you'd have to get a job again, and that would be awfully embarrassing.
"Great wealth brought on all of the sudden to somebody unprepared is going to bring trouble," says Paul G. Schervish, director of the Social Welfare Research Institute at Boston College. He lists examples of spiritual trouble to marital trouble to friends, neighbors and charities coming after you.
"Wealth changes the terrain within which you are playing," he continues. "People with swift fortunes are most vulnerable to not knowing what to do with it." The money will be thrust upon you and so will a multitude of requests and decisions. Schervish advises slowing things down. Financial counselors can help a newly minted millionaire take things slowly.
Hartigan explains that good financial and legal advisers can:
Provide a buffer to all the requests and wild ideas you'll be hearing for the rest of your life
Protect you from yourself by advising you ways to manage the millions
Help you turn your new money into even more money
"Understand thoroughly what you want to accomplish," advises Garrison. "It's not just a matter of money management. It's also counseling and helping people deal with all this wealth on psychological and practical matters."
You'll probably want to help out your family and those who were friends before you were rich. You might be interested in leaving a legacy by helping your favorite cause in a major way. Of course, you'd like to secure your own future as a luxury-loving, well-manicured, hundred-dollar-bill-burning type of guy or gal. Financial advisers can inform you and guide you into trust funds, endowments, charitable remainder trusts, family limited partnership and more.
And you'll probably want to have something at the end to leave to your heirs -- 'cause then you get to play all kinds of mind games writing up your will different ways. Unlike us paycheck-to-paycheck schlubs, you'll need to start thinking long term -- looking ahead to your death. It's a grim subject for a new millionaire like you, but an important one. Now's the time to be doing what you can to contain the estate tax that could eat up most of your heirs' inheritance.
"Taxes are important to consider. But don't let the tax tail wag the investment dog," explains Garrison. He says you also want to be aware of your tolerance to risk, your level of knowledge and goals. He recommends a comprehensive approach or "you could have a current planning strategy in conflict with long-term estate planning." Thinking ahead to curtailing future estate tax can also help you curb your present income tax.
Ah, with all your sound planning, you're finally settling into the good life. You've paid off your parents' mortgage. Bought yourself a nice Porsche. Done your tax planning. Established an endowment to save dyslexic whales. Now you are enjoying an expensive facial at an exclusive Caribbean resort.
Erk! Facial? Your bleary eyes open to discover that stinky dog licking pizza sauce off your cheek. The news station has moved on to sports. Your losing lottery ticket is floating in a bowl of melted ice cream. It was all a dream.
The richest Black lottery winners; believe it or not, winning $37.4 million can create a few problems
http://findarticles.com/p/articles/mi_m1077/is_n4_v45/ai_8325359/
Lottery Players and Winners:
Estate Planning for the Optimistic and the Lucky
http://www.professorbeyer.com/Articles/Lottery.htm
Why Lotteries are Bad – The Third Reason
http://badmoneyadvice.com/2009/11/why-lotteries-are-bad-the-third-reason.html
http://findarticles.com/p/articles/mi_m1077/is_n4_v45/ai_8325359/
Lottery Players and Winners:
Estate Planning for the Optimistic and the Lucky
http://www.professorbeyer.com/Articles/Lottery.htm
Why Lotteries are Bad – The Third Reason
http://badmoneyadvice.com/2009/11/why-lotteries-are-bad-the-third-reason.html
Man ain't no telling what I would do if I won.
i win this powerball tonight i'm still taking my ass to work tomorrow i'll just be a little late because i have to stop and pick up a new ride
i win this powerball tonight i'm still taking my ass to work tomorrow i'll just be a little late because i have to stop and pick up a new ride
cute car for the wife, what you gonna cop for yourself?????
i win this powerball tonight i'm still taking my ass to work tomorrow i'll just be a little late because i have to stop and pick up a new ride
Yeah, you say you going to work, but I doubt it.
I'd be arriving in this:
Black_Hand
Banned
i win this powerball tonight i'm still taking my ass to work tomorrow i'll just be a little late because i have to stop and pick up a new ride
If I won I might tell all my coworkers ... hopefully they don't ask for too many handouts
cute car for the wife, what you gonna cop for yourself?????
i like what i like what can i say and if i won 355 million i would give 2 fucks if niggas said my ride was a chick ride
This isn't rocket science. Always take the lump sum and spend reasonably but enjoy yourself. Not all attorneys or accountants are working in your interest, so be careful with who you trust.
That said, this will be my first purchase
I ain't much of a watch head, but this is nice. Cool, not flashy, no diamonds. I like it.
That way when I roll on base they'll have to lower the barriers. I'll park that bitch in front of the hanger!
paint mine eagles colors and i'm at every road game plus my colleges homecoming week in and week out
if i won i would rob you or maybe just punch you in the face and not take anything... just a simple assault charge... and then pay my lawyer to get me off and then do it again.
i like what i like what can i say and if i won 355 million i would give 2 fucks if niggas said my ride was a chick ride
i'd produce at least one big budget movie about a historical black man or men...
i.e. the Moors, Toussaint L'ouverture, Haile Selassie, etc...
i.e. the Moors, Toussaint L'ouverture, Haile Selassie, etc...
$3 down... can't hurt, might help
I will get a money bin like Scrooge McDuck... I thought that was the coolest shit ever when I was younger
i agree.....that shit was tight!
Winning Mega Millions numbers announced Tuesday night: 4, 8, 15, 25, 47, and the megaball is 42
If your not in Cali or Florida you aint winning shit tonite! Sorry.
I swear if I won that much money, I might die on the spot.
This is what has always stopped me...
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