How Does A Lottery Winner Deposit A Huge Multi-Million Dollar Check?

[reflechissez]

Private Equity firms are built exactly for people like lotto winners

They can afford the 2 and 20 fees

And the big houses will fight each other trying to land you as a whale

I know my puny account gets attention....and it is less than 10 million, much less 700 million

Let the experts build your family a fortune to last lifetimes

Nah..

 

[Aristaeus]

Private Equity firms are built exactly for people like lotto winners

They can afford the 2 and 20 fees

And the big houses will fight each other trying to land you as a whale

I know my puny account gets attention....and it is less than 10 million, much less 700 million

Let the experts build your family a fortune to last lifetimes

If $700m isn't lasting you lifetimes, you're doing something seriously wrong.

 

[noonereal]

The conversations with my wife & children about what we'd do with the money is most of the entertainment. Been that way for decades. If I tallied it up, I've probably spent less than $1000 over two decades.

Over two decades I have spend less than $10.

Serious question, does not imagining what you would do with teh money not cause you more distress than anything else?
Helpless hope?

 

[NWRatCon]

Over two decades I have spend less than $10.

Serious question, does not imagining what you would do with teh money not cause you more distress than anything else?
Helpless hope?

Not at all. Granted, I have disposable income. But the point is not the possibility of winning, which is infinitesimal, it's the dreaming about possibilities. My son and I look at multimillion dollar properties for entertainment, too, never expecting to move in. It's just fun.

I never thought I'd retire early as a millionaire, either, yet here I am.

 

[noonereal]

My son and I look at multimillion dollar properties for entertainment, too, never expecting to move in. It's just fun.

How interesting. So did my daughter and I when she was still home. But I think we did it more for teh architectural appreciation. Same reason I go to churches or do architectural walks around Manhattan.

 

[NWRatCon]

How interesting. So did my daughter and I when she was still home. But I think we did it more for teh architectural appreciation. Same reason I go to churches or do architectural walks around Manhattan.

Exactly. He's a designer. Often we laugh at what idiocy excess wealth results in, too. Beautiful houses with atrocious interiors are the norm, frankly.

 

[noonereal]

Often we laugh at what idiocy excess wealth results in, too. Beautiful houses with atrocious interiors are the norm, frankly.

Sooooooooooooooooooooooooooo true.

Although, to be fair, I find most people do not know how to decorate and just as many simply don't care to. They somehow feel no sense of betterment from the visual pleasures tasteful décor brings.

 

[yankintx]

As it will never happen to me, I never gave it much thought.

I have better things to do with my money

 

[NWRatCon]

When the fashion of State lotteries first took hold, I, like my mother, was strongly against them. I voted against them (in two different States, actually - but not the same elections).

My thought was, gambling is a vice, and I did not like the State promoting vice and I didn't like the State being dependent on a vice for revenue. (I still don't).

At the same time, I play lotteries, and I go to tribal casinos - not regularly, but occasionally. For ME, they are an occasional distraction and entertainment. I don't expect to win, I don't put much money into it.

But, having been on the regulatory side for over a decade, I'm also well aware of the underbelly - of addiction, corruption and organized crime. Whenever a formerly prohibited activity is allowed, bad things inevitably follow. Whenever money is involved, opportunists congregate. Small sins become larger.

Striking the balance is often a tricky business.

 

[Kushinator]

The Mega Million 1.35 billon dollar lottery was won by one person this week The lump sum cash out is 724.6 million. How does one deposit such a huge some and where? FDIC insurance stops at $250,000.

It will likely be a direct-deposit in a financial institution that is suited to manage this level of funds. Typically, people will get a financial advisor, CPA, and attorney to help advise them.

 

[Cardinal]

The Mega Million 1.35 billon dollar lottery was won by one person this week The lump sum cash out is 724.6 million. How does one deposit such a huge some and where? FDIC insurance stops at $250,000.

I can't tell you how often I've faced this problem. Believe me, the red tape is a nightmare.

 

[Ahlevah]

It has to be deposited in a financial institution somewhere. It being a "trust fund" doesn't change that.

A brokerage firm or the trust department of a major commercial bank would make the most sense. I mean, I wouldn’t want to try walking into a local credit union or community bank and tell them to prepare to receive a wire for $770 million. If a brokerage is used, the easiest way to get it into “safe” investments would be U.S. Treasuries and agency securities, which are highly liquid and backed by the full faith and credit of the U.S. Government. They could be purchased either in the secondary market, or through the Treasury’s website. Another advantage of the brokerage route is accounts are insured by the SIPC for up to $500,000, and the broker could buy CDs from different financial firms around the country, each of which would be insured for up to $250,000.