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

[Chomsky]

I already have a plan.

Funny story: my wife texted me yesterday and asked if I checked our lottery tickets. I told her, "yes, but we didn't win anything." Then I texted her to tell her she could reach me in the Turks and Caicos in the next day or two. I'd send her my location.

Yes, "Tell no one".

 

[Chomsky]

I already have a plan.

Funny story: my wife texted me yesterday and asked if I checked our lottery tickets. I told her, "yes, but we didn't win anything." Then I texted her to tell her she could reach me in the Turks and Caicos in the next day or two. I'd send her my location.

Actually though, I'd use these guys as role models:

The secret millionaires next door

Somewhere in Chicago live a modest, middle-class couple with two teenage children and a $30 million secret. They recently won the Illinois Lottery, but have yet to tell friends, family or even thei…

www.chicagotribune.com

 

[oneworld2]

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'm sure if they contact Zelensky he will have a safe place for it.

 

[reflechissez]

Put the ticket in a safety deposit box somewhere, contact a lawyer, have them set up a thing (company? LLC?) I don't recall the name of, and have that thing claim the reward while keeping their name out of it.

Depends on the state.

 

[OrphanSlug]

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.

You first hire an attorney, then a financial advisor, then an accountant... let them figure out what is best for you.

 

[The Mark]

Depends on the state.

True.

 

[Chomsky]

Best odds? Craps, then Black Jack. Slot machines are not awful, but you have to play appropriately. Bottom of the list: lottery.

Best entertainment (IMHO): Thoroughbred Racing!

I see gambling as entertainment, and nothing beat the ponies . . .

Seven Card Stud has some merit, though.

 

[trouble13]

Better have a really big mattress!

California King +++++

 

[Chomsky]

You first hire an attorney, then a financial advisor, then an accountant... let them figure out what is best for you.

I swear if I hit big, I'd do my best to get my personal family attorney to over-see the whole shebang, protecting my interests. He can hire the right professionals, including the right lawyer(s) & financial guys.

I'd be afraid to hire a lawyer and sign anything, without my own lawyer looking it over. Who knows what I may be signing?

 

[The Mark]

Best entertainment (IMHO): Thoroughbred Racing!

I see gambling as entertainment, and nothing beat the ponies . . .

Seven Card Stud has some merit, though.

I could in theory see gambling as entertainment so long as you set an amount you're willing to lose and don't go past that.

In that case it's just like spending money on any other form of entertainment.

Edit: Except with a chance of getting some back.

 

[Lovebug]

That is one fine worry to have. Find organisations who do great work and donate, leaving just enough so you don't have to worry about the price of bread.

 

[Chomsky]

I could in theory see gambling as entertainment so long as you set an amount you're willing to lose and don't go past that.

In that case it's just like spending money on any other form of entertainment.

Exactly!

It is indeed entertainment, when done as such!

You can spend 20 bucks in $2 bets on all 10 races at my local track. That's a full night's entertainment! I've done it. I've taken dates there, and they have an absolute blast! Obviously on dates it involves drinks and possibly snacks, too. But it's still an absolute blast for the money.

The track was seriously one of my go to date places back in the day, and I never had one that didn't enjoy it. Every one was a first-timer, and they never had a date like it. And they're ecstatic when they win! Even if it's only a Show!

 

[noonereal]

My spending on the lottery for entertainment is less than my cable bill. Or half of a trip to the movies. Or a quarter of a tank of gas. On the other hand, I do not run around golf courses in thunderstorms holding a golf club over my head. Odds are about the same, but the results are quite different.

Not sure how burning money is entertainment but its your only, enjoy.

 

[OrphanSlug]

I swear if I hit big, I'd do my best to get my personal family attorney to over-see the whole shebang, protecting my interests. He can hire the right professionals, including the right lawyer(s) & financial guys.

I'd be afraid to hire a lawyer and sign anything, without my own lawyer looking it over. Who knows what I may be signing?

I would see little alternative, but I agree on trying to find a personal family attorney someone you know at least knows of them.

 

[BirdinHand]

I swear if I hit big, I'd do my best to get my personal family attorney to over-see the whole shebang, protecting my interests. He can hire the right professionals, including the right lawyer(s) & financial guys.

I'd be afraid to hire a lawyer and sign anything, without my own lawyer looking it over. Who knows what I may be signing?

If I hit that kind of money, I’d buy out my finance guy from his “partnership”, give him his own shingle to hang out and be his new “silent partner”

Same with the attorney we already use.

 

[noonereal]

You don't play expecting to win, you play for entertainment.

Two bucks don't even buy a coffee or ice-cream cone. But it gives my wife something to fantasize about for a few hours. That beats drugs or booze.

I just don't see it as positive in any way.
Especially in macro where we see desperate people using it as their only chance in life and waste a disproportionate amount of their income on it.

Wholly unseemly of the government.

 

[Chomsky]

If I hit that kind of money, I’d buy out my finance guy from his “partnership”, give him his own shingle to hang out and be his new “silent partner”

Same with the attorney we already use.

Not so joking, though. I'd start with them, hoping to come to terms with making them my "leads". At the least, I'd want them for review. Doesn't matter if on retainer or by hour.

No way am I signing a damn thing with a stranger, unless I got someone I trust in my corner looking it over. Seriously! Who knows what's in the fine print?

 

[Chomsky]

I would see little alternative, but I agree on trying to find a personal family attorney someone you know at least knows of them.

I surely would sign a document without my personal attorney reviewing. Though he's got an MBA in finance too, and does estate planning. So, he'd be perfect for this stuff.

 

[Chomsky]

I just don't see it as positive in any way.
Especially in macro where we see desperate people using it as their only chance in life and waste a disproportionate amount of their income on it.

Wholly unseemly of the government.

I see your macro point, but think you overlook the micro I described.

Checkout my post #87 above, for an example from my own life. Here's the link:

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

I already have a plan. Funny story: my wife texted me yesterday and asked if I checked our lottery tickets. I told her, "yes, but we didn't win anything." Then I texted her to tell her she could reach me in the Turks and Caicos in the next day or two. I'd send her my location. Yes, "Tell no one".

debatepolitics.com

 

[BirdinHand]

Not so joking, though. I'd start with them, hoping to come to terms with making them my "leads". At the least, I'd want them for review. Doesn't matter if on retainer or by hour.

No way am I signing a damn thing with a stranger, unless I got someone I trust in my corner looking it over. Seriously! Who knows what's in the fine print?

Agree!

 

[gdgyva]

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

 

[NWRatCon]

Actually though, I'd use these guys as role models:

The secret millionaires next door

Somewhere in Chicago live a modest, middle-class couple with two teenage children and a $30 million secret. They recently won the Illinois Lottery, but have yet to tell friends, family or even thei…

www.chicagotribune.com

Dang, you gave away my secret.

 

[NWRatCon]

Exactly!

It is indeed entertainment, when done as such!

You can spend 20 bucks in $2 bets on all 10 races at my local track. That's a full night's entertainment! I've done it. I've taken dates there, and they have an absolute blast! Obviously on dates it involves drinks and possibly snacks, too. But it's still an absolute blast for the money.

The track was seriously one of my go to date places back in the day, and I never had one that didn't enjoy it. Every one was a first-timer, and they never had a date like it. And they're ecstatic when they win! Even if it's only a Show!

I've loved days at the track, and I rarely put more than $2 on a race. Dog tracks, on the other hand, I avoid like the plague.

 

[NWRatCon]

Not sure how burning money is entertainment but its your only, enjoy.

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.

 

[Mighty Jungle]

Even if you've got the cash to burn, 3K/mo on lotto sounds ridiculous.

Do you know how much fun the guy could have at the track? And, he'd probably pay-off more!

I'm not sure if that ridiculous refers to his monthly spending or denial of my statement about his monthly spending.

I don't know if he had other hobbies. IIRC, I think the volition was one of his co-workers won a big jackpot, several million. So, he start spending on it and got addicted.

One of my former neighbors is addicted to online gambling. His wife has to hide her purse and set aside money for bills because he will spend to the last penny.

I am very appreciative that I don't have a addictive personality. All types of addictions take people down some scary roads.