If you win the Powerball...

[Bird222]

What legal/financial steps should you take? Should you get a trust to collect the money, etc?

 

[RichUK]

Why, you planning on winning?

 

[dainthomas]

"The only winning move is not to play."

 

[Ken g6]

http://twocents.lifehacker.com/what-to-do-with-the-money-if-you-actually-win-tonights-1752573569

 

[bryanl]

Consult with tax/estate lawyers and accountants who do not sell investments or tax shelters.

 

[RossMAN]

1) Sign lottery ticket with contact details.
2) Make high quality color scan of said lottery ticket front, back and if available cashier receipt.
3) Place into a ziplock bag, into a small fire resistant safe, into a bank safety deposit box.
4) Quit job.
5) Consult lawyers, accounts and financial consultants.
6) Claim winnings.
7) Payoff debts, sell assets and move somewhere far far away.
8) Buy AT forums and unban everyone then the Mods would probably walk off the job and we'd be screwed.
9) Go on a mini spending-spree to get it out of your system.
10) Invest $$$$$$$$$$$$$$ and enjoy life with friends and family.

 

[master_shake_]

if i won the 1.5 billion i would start my own insurance company.

there's no business like taking peoples money then cancelling them when they need help the most.

capitalism

 

[Red Squirrel]

With that much money I'd probably get a financial lawyer/advisor, maybe even several, and figure out the best approach to maximize return for me and anyone I want to share with. Such as, do I split it right away when I claim it, vs wait, do I put it in some kind of 1 year locked investment, etc...

On the other hand, maybe I'd take a different approach, and share a small amount, enough to make my immediate family well off, but then invest the rest into making or buying companies, and basically going the capitalism route and maximizing those profits even more, except I'd do it with the purpose of making the world a better place. With money comes power, with power comes the ability to make changes. I'd generate tons of jobs, and also eventually buy out evil companies to turn them less evil.

I'd still be doing all these things from a custom built yacht though. Maybe something cool like a converted aircraft carrier. I'd have an ATOT party, I'd arrange for free flights that just land directly on it.

Though in all seriousness, I'd be super happy with 1 mil. That's enough to be set for life if you are smart about it.

 

[no3dg3]

1 billion McChickens

 

[Jeeebus]

Bet the whole thing on black.

Always bet on black.

 

[SearchMaster]

Give everyone in America $4.3M and end poverty.

 

[vi edit]

Give everyone in America $4.3M and end poverty.

I'm going to give everyone a $4.30 calculator and end bad maths!

 

[SearchMaster]

I'm going to give everyone a $4.30 calculator and end bad maths!

Heh - when a FB friend posted that graphic, I commented that I don't think $4.30 goes very far to end poverty.

 

[Brovane]

What legal/financial steps should you take? Should you get a trust to collect the money, etc?

The standard ATOT answer, Hookers and blow are all that is needed.

 

[vi edit]

Heh - when a FB friend posted that graphic, I commented that I don't think $4.30 goes very far to end poverty.

A former boss of mine who is now a director at a decent size company posted that graphic too. Math is good. And stuff.

 

[Bird222]

1) Sign lottery ticket with contact details.
2) Make high quality color scan of said lottery ticket front, back and if available cashier receipt.
3) Place into a ziplock bag, into a small fire resistant safe, into a bank safety deposit box.
4) Quit job.
5) Consult lawyers, accounts and financial consultants.
6) Claim winnings.
7) Payoff debts, sell assets and move somewhere far far away.
8) Buy AT forums and unban everyone then the Mods would probably walk off the job and we'd be screwed.
9) Go on a mini spending-spree to get it out of your system.
10) Invest $$$$$$$$$$$$$$ and enjoy life with friends and family.

Thanks for a serious answer. Anybody have ideas on how/when to collect the money?

 

[ultimatebob]

1) Sign lottery ticket with contact details.
2) Make high quality color scan of said lottery ticket front, back and if available cashier receipt.
3) Place into a ziplock bag, into a small fire resistant safe, into a bank safety deposit box.
4) Quit job.
5) Consult lawyers, accounts and financial consultants.
6) Claim winnings.
7) Payoff debts, sell assets and move somewhere far far away.
8) Buy AT forums and unban everyone then the Mods would probably walk off the job and we'd be screwed.
9) Go on a mini spending-spree to get it out of your system.
10) Invest $$$$$$$$$$$$$$ and enjoy life with friends and family.

11) Get an accountant. Whenever some long distant relative comes to bug you for money, have them deal with the accountant.

 

[Phokus]

Put your assets in a trust, anyone who sues you can't touch your assets

 

[edro]

Put your assets in a trust, anyone who sues you can't touch your assets

Good point.
Bad things happen to lottery winners because the leaches come and attack.

 

[mikeymikec]

I'd put all the money in my mattress. I never liked my current mattress, maybe it'll be more comfortable stuffed with money.

 

[tortoise]

If you win the Powerball...What legal/financial steps should you take?

Much better odds of a $1-2 million Powerball 5/69 or $1-5 million MegaMillions 5/75 win. Federal and state taxes would be around 45% on most income in the win year, less in subsequent years. One option is to invest the roughly 55% balance in VWEAX and pay estimated quarterly taxes on the dividends.

A revocable living trust avoids probate, but keep in mind this legal entity is like an empty shoebox . . there is nothing in it until financial accounts, real estate, and vehicles are registered/titled in the name of the trust.