In the event you hit the jackpot ...

Reply #17

csfb — Fri, 03 Mar 2006 06:40:40 GMT

Looks like you're on the right track, i.e. having an estate plan. Bear in mind though that a revocable living trust will not shield you from estate taxes. (known as death taxes to many). But you say you have a limited estate, maybe you're in the exempted class. That would change if you won the jackpot.

As for your stepchildren, maybe a spendthrift trust...

Good Luck.

Reply #16

Chewie — Thu, 02 Mar 2006 15:33:15 GMT

If anyone has specific knowledge of why one with a general understanding of investments, budgeting and taxation should seek out the detailed knowledge of an attorney or accountant before collecting rather than after, I'd be most interested in hearing.

In principle, I agree with your premise. Unless you're a gooney-bird, lost in the desert, it doesn't take a mental giant to deal the with the initial few weeks, or months. Especially not to a detailed extent that you need to make life-long de... [ More ]

Reply #15

Chewie — Thu, 02 Mar 2006 15:20:08 GMT

You could always buy the town and raise their rent!

Me, I prefer Switzerland. Swiss Alps? Poconos? Humm. OK, I waited half-a-second. I'm gone! There is always the rent-a-jet to Disney World when the urge to be trampelled by mobs of swetty animals overcomes my sanity. A quick hop back up to New York City to enjoy the pleasures of traffic jams and trains that derail more often then Madonna. Then there are the mud-slides in Los Angeles, that would be a fun experience. Naw! Switzerland, w... [ More ]

Reply #14

Chewie — Thu, 02 Mar 2006 15:12:09 GMT

Its all about the emotional involvement. You can't think your best when you've won a ton of money. Flashbulbs and all. Better to wear sunglasses and let your lawyer explain the fine print. Later, you can always change lawyers. A nice departure bonus will always ease any heartburn.

Reply #13

BevsPicks — Thu, 02 Mar 2006 10:28:00 GMT

Hey Brad!

That was a good but very easy question.

Reply #12

sirbrad — Thu, 02 Mar 2006 08:19:03 GMT

I already live where most lottery winners would disappear to...the middle of nowhere. So looks like I will be saving from the start as far as travel expenses. Most are simply paranoid just because they read a few negative horror stories, probably out of the thousands of positive ones where nothing interesting ever happened. I won't be going anywhere, if somebody doesn't like the news let them leave town.

Reply #11

csfb — Thu, 02 Mar 2006 07:09:48 GMT

Chewie said, If I was the smartest lawyer in the universe, I would still hire a lawyer.

I can only agree with you Chewie. An attorney who represents himself has a fool for a client.

Reply #10

csfb — Thu, 02 Mar 2006 07:02:30 GMT

Good idea. I'll disappear for a while myself. Don't get me wrong. It's not that I don't wanna share my bounty, it's just that I want to be generous at my own time and pace. In fact, in the event I win, 35% will go to a charitable foundation that I will create, not in my name, of course. My first project will be a learning center for gifted children... But first, I must buy that winning ticket...

Reply #9

four4me — Thu, 02 Mar 2006 06:03:08 GMT

Those people who voted no haven't a clue. If they should win they will find out real quick that they will need a lot more people on the payroll than a lawyer other wise more than likely they will end up back where they started. As soon as they go to the bank with their first check. The bank manager will more than likely clue them in on all the people they will need to keep their money safe. Including himself.

Reply #8

sirbrad — Thu, 02 Mar 2006 05:55:44 GMT

However there are those out there assuming they are doing the right thing by hiring all these team members, yet they are getting fleeced and conned out of even more money by such so called professionals.

Point being, hire only who you think you really need to based on your own education, not simply because others tell you to, or tell you what you need. No one knows better what you need than YOU. Beware, there will be many looking to jump on the new bandwagon of riches.

Reply #7

emilyg — Thu, 02 Mar 2006 05:31:57 GMT

yes

Reply #6

Uff Da! — Thu, 02 Mar 2006 05:16:26 GMT

Quote: Originally posted by Chewie on March 1, 2006 Three people voted no? Please explain the logic to this. What could possibly make you think you would be rationale enough to make logical decisions? How on earth could you imagine yourself calm enough to read the fine print! If I was the smartest lawyer in the universe, I would still hire a lawyer!

Although I said above that I'd hire an attorney, I'm not totally sure of the necessity of doing so (nor of checking with an accountant) befor... [ More ]

Reply #5

DoubleDown — Thu, 02 Mar 2006 03:36:02 GMT

4 people voted no ?

Please enlighten us as to why you would not need one( hint: if you ARE one, then that would be a good reason).

DD

Reply #4

Uff Da! — Thu, 02 Mar 2006 00:10:53 GMT

My attorney is currently in the process of working up a proposal for an estate plan for me, including a living trust. I've given him information of what I'd want to happen in the event of my death with my limited estate. But in the event I won the jackpot, those proportions of what should go to whom would not be what I'd want at all! If it were a large jackpot, I'd want at least 90% of it to go to charity, not to my stepchildren! One of them can't even handle her own wages, let alone million... [ More ]

Reply #3

Chewie — Wed, 01 Mar 2006 23:36:11 GMT

Three people voted no? Please explain the logic to this. What could possibly make you think you would be rationale enough to make logical decisions? How on earth could you imagine yourself calm enough to read the fine print! If I was the smartest lawyer in the universe, I would still hire a lawyer

Reply #2

Blueraider — Wed, 01 Mar 2006 20:57:08 GMT

, i would also get on the first plane out of the country after that was settled

Reply #1

csfb — Wed, 01 Mar 2006 20:15:55 GMT

I voted yes. I'll hire one for the limited purpose of claiming my prize and keeping me away from the limelight as much as possible. I realize I cannot be totally anonymous, but the less publicity, the better. I will hire an attorney that is not acquainted with me, and our relationship will be very limited and short.

In the event you hit the jackpot ...

csfb — Wed, 01 Mar 2006 20:07:00 GMT

Hey guys, this is the first time I'm posting a poll. Hope I did it right.