Can You Actually Win The Lottery – Alternatively, you can install and use the latest and most reliable browsers: Chrome | Firefox | Safari for MacOS | Edge for Windows
Lottery winners need to watch their backs. In November 2015, Craigie Burch Jr. won $434,272 in the jackpot in Georgia. Two months later, seven masked men killed Burch in his home. The family said the intention was to publicly announce the winner of the lottery.
Can You Actually Win The Lottery
In 2006, Abraham Shakespeare won $30 million in the lottery. Two years later, Doris “Dee Dee” Moore approached him and said he was writing a book about people taking advantage of him. Soon he became her financial advisor and gradually stole her money. He was eventually killed and buried under a concrete slab in the yard.
I’m A National Lottery Expert
Only seven states allow lottery winners to remain anonymous: Delaware, Kansas, Maryland, North Dakota, Texas, Ohio, and South Carolina. Six states also allow people to set up trusts to claim prize money anonymously. The state of California strictly prohibits the anonymity of lottery winners.
In January, a New Hampshire woman won $560 million in the Powerball lottery, making it the nation’s eighth-largest lottery jackpot. According to New Hampshire law, the winner’s name, city, and winning amount are publicly available. State officials told her that the woman had signed her name on the ticket, so she would have to reveal her identity if anyone requested access to the lottery winner.
The winner later learned from the attorney that he could avoid disclosing his identity by claiming the lottery money through a power of attorney. But he had signed his name on the winning ticket, so changing the signature would invalidate the $559.7 million ticket. Winning tickets not being handed over to lottery officials means they’re losing about $50,000 in interest (at 5 percent) for every day tickets go unclaimed.
If this winner is concerned about public opinion and safety, why not get out of the city or state? According to her attorney, she wants to give back to her community and “be a silent witness to these good deeds…” The New Hampshire winner is now suing, using the name “Jane Doe” to remain anonymous. But it might get more public attention for its advertising.
So You Won The Mega Millions Jackpot. What Happens Now?
If you want to win the lottery and stay anonymous, check your state’s rules. You can claim the money on behalf of the trust. Next, look for trusted advisors such as tax attorneys, probate and estate attorneys, and accountants.
Want to stay anonymous if you’ve won a big jackpot? What are the pros and cons of going public?
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If You Win The Mega Millions $1.6 Billion Jackpot In Some States, You Can Remain Anonymous
According to a survey conducted by the Cumberland Farms grocery chain, when asked who they would call first if they won the lottery, 46 percent said it was important to them. 10% said their first call was to their lawyer. That may be the best way to go, say financial and legal experts.
One of the worst things a lottery winner can do is spread the word, says Chicago securities attorney Andrew Stoltman, who has represented several lottery winners in investment fraud cases. Lottery winners “will become some of the most focused brands in the world,” he said.
So, lawyer, if you’ve won your lucky ticket, here’s your guide to becoming a responsible lottery winner.
• Assemble your team: This means trusted attorneys, CPAs and financial advisors can help you manage your tax liability, choose your investments and avoid fraud. Collect this team before you too cash out your winnings. If you don’t have direct access to these types of professionals, ask friends for advice (don’t leave wondering why, we’ll get to the next tip) or go to the office of a well-known and reputable investment firm. Be firm and ask to talk to someone, says Stoltman.
Are People Who Win The Lottery Really Any Happier?
• Be polite: Yes, this might be the most exciting news you’ve ever shared, but if you don’t want to start asking everyone you know for money, resist the urge to update your Facebook status. Instead of telling the family directly, be a little more specific. Some states allow their lottery winners to remain anonymous, which is a smart choice. Consider enlisting someone, perhaps a trusted friend or family member, as an advisor or creating a virtual board of directors, says Michael Kosnicki Boyce, an attorney specializing in tax and high-net-worth clients at Schiller & Flexner. This advisor or group of advisors can help screen requests for money from mom, dad, or a local charity.
• Don’t take a lump sum: Lottery winners can be paid all at once or in installments. Thanks to interest benefits, a jackpot winner keeps their winnings longer than they would in a 30-year annuity. Spreading the winnings gives cardholders more time to learn how to manage more money and make more responsible choices, Stoltman said.
• Don’t spill, don’t trust anyone: Don’t quit. Don’t go to Fiji. Don’t buy a big building. At least not immediately. Be careful and patient when making decisions about lottery winnings. “Don’t make major decisions in your life,” says Kosnicki, “especially people with a lot of resources.” Posted by Kelly Anne Smith Posted by Kelly Anne Smith Personal Finance Writer Connect with Kelly Anne Smith on Twitter Connect with Kelly Anne Smith on Twitter LinkedIn LinkedIn Email Email Contact Kelly Anne Smith Kelly Anne Smith
Brian Beers Managing Editor of Arrow Right Edited by Brian Beers Brian Beers is the Editor-in-Chief of the Wealth Team. Oversees editorial coverage of all things banking, investment, and finance. Connect with Brian Beers on Twitter
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Experts: What To Do With Your Money If You Win The Lottery
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Three Rivers Woman Wins $310.5 Million Powerball Jackpot
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