The 10 Things You Have To Do After You Win The Powerball (Or Lose It All)
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- čas přidán 6. 11. 2022
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I won a jackpot and never followed any of these suggested rules. I had a plan of what I wanted to with my money if I won, and that is what I followed. I took my lump sum and invested in five properties, and enlarged my existing business. I created 11 new sustainable jobs and carried on working.
I'm planning to do something like that. I have a lot of cool business ideas and will pay my employees $50-100/hour and do a lot of things to help people create the lives they want and follow their passions
I love that, thank you for doing the smart thing and benefiting others as well.
Existing business. And that is why. Because you already had financial intelligence.
Simple
I disagree with a lot of these steps....the very first thing you should do besides take a picture of the ticket and place it in a safe and protected place, is to create a trust and have the trust accept the winnings which will keep your name out of the newspapers and news and provide some level of protection of your identity.
Not all thieves use knives and guns to rob you. Some wear suits and ties.....
Definitely, agreed 👍
They're called lawyers
"A man with a briefcase can steal more than a man with a gun"
- Vito Corleone
I hate lawyers.@@EmeraldView
been there had that happen to me. There are more in suits and ties and they steal larger amounts of money.
I won substantial amount 6 years ago. I did most of theses steps.
* organized team, tax attorney to start.
* lump sum
* won in October, claimed Jan of next year. This delayed paying taxes longer. Held principle longer, earned more.
* kept investments lean and conservative. Worked out to about 7% annually.
* once established. Over a year later, worked on blind trusts and other products related to giving money away. This was by far the most time consuming. It is a big job to give money away correctly.
* fortunately I live in state with no state income tax.
6 years later, the principal has grown substantially and the “the. Machine” as I call it hums along nicely. I have made over 20 friends and family millionaires in the last 6 years as well. All with the gains.
Much needed to be learned. Be smart, be patient, be humble. Admit that you don’t know how to manage huge wealth. Most people do not.
That's my biggest fear and I acknowledge the fact I don't know how to manage a large some of money. I don't want to go on a spending spree instead create generational wealth.
Thank you for your wisdom.
😊
Congrats on the winnings, but even more so, on your success in your continued wealth!
@Madvizion Stop worrying about "generational wealth." Just take care of your children & that's it. That's your only responsibility. If your children have children then that's their responsibility & not yours. Not to say you don't set them up nicely but it's not your responsibility. Teach your children to be responsible for their own & be smart. Just a little word to the wise. Too many people talk about "generational wealth" when most of the time, the generations after your children are out of your control. Please really contemplate what I shared. It makes a lot of sense.
did your “team”
come from the same firm or did you go
to a bank ? different firms for different things? accountant from one place lawyer from another? what did your team look like? where did you start?
As a former bank employee, DO NOT PUT YOUR TICKET IN A SAFE DEPOSIT BOX. If there is 2 keys to the box, then please believe there's at least another key.
You put the ticket in the sdb temporarily until you surrender it to get your prize.
It's not to put your winnings in.
They said ticket@@marshallmcdonald7309
𝙰𝚗𝚍 𝚝𝚑𝚎 4𝚝𝚑 𝚔𝚎𝚢
If you don’t hold it you don’t own it, I would tell my brother after I photocopied ticket
😂😂😂😂
1. Do Not Tell Anyone
2. Take a Picture of Ticket Front &Back
3. Rent a save deposit box
4. Journal every thing up to the moment of buying ticket.
5. Buy Burner Phone
6. Rent An Airb&b or hotel Room under Allis
7. Tell your Most closest Family your burner number
8. Call Your Lawyer
9. Tax Advisor
10. Make Your Claim
Really & sincerely appreciate you saving me 35 minutes of viewing this vid👍
@@stevebobamerican8635 you are welcome
Alias: Ted Nugent or Fletch if available.
@@briandrake6881😂
Yeah PRINT! Suppose I Woke Up In A Brand New Life The One WOMAN On Earth The Other Half In Person JESUS!...hmm..What The Immediate RAPE Of Our Face?
Step # 0: Win first.
Win BIG - I could not even open a Bank Account for the $10 I won - they wanted at least $50 at the bank
I didn't think of that step.😅
Somehow it seems the people who win these things don't have a clue on what to do.
Yes, win first and don't take Financial Advice from a Lawyer.
safety deposit box do not cover if someone steals the ticket only covered $250,000
Thanks for sharing FET and AMS89H. 💯
AMS89H is still extremely undervalued
Coinbase, OKX and Binance will list AMS89H very soon. We do not have much time left
undervalued project
I've heard lots of people from X and Facebook talking about this one
thanks for sharing, I just bought it
How short sighted it seems to me when you take a photograph of the ticket you should do it front and back but also do a selfie where you have your face with a ticket in the same view
I wouldn’t tell anybody for a few months until i made my claim and had everything figured out, then i would just say that I’m doing great on some investments that i made. and that’s how i would start enjoying my money. Without even saying that i won the lotto
I’ve always thought this would be the smartest way. People have totally different perceptions of those who (they think) earnt their money. Over those who won it.
It also takes away people thinking to ask you for some if they think you made that money
This is a great idea!
But if you in a state where you have to announce it, there’s pretty not much you can do about keeping it a secret!
That's what I would do. Maybe a couple hundred k the first year. "Reinvest" and slowly start using more. Meanwhile, what you aren't using is just stacking up for later.
i'm claiming my money ss soon as possible. i'd be too worried that i might lose the ticket.
I disagree with 7. Don't tell family outside of your spouse if you're married. Don't tell your girlfriend or boyfriend.
Just curious. What not tell your boyfriend/girlfriend - especially if they are long-term?
Agree. Your spouse automatically will get half, but if things are contentious in any way, protect yourself.
@TashaWashington A boyfriend or girlfriend isn't on the same level of being married. You don't know if they will try and set you up. And if the relationship was serious they would marry you. Also I would get a prenuptial.
money changes people. Be careful of who you tell, even someone you thought/think you know/knew well.
I disagree. Don't tell your spouse until all your I's are dotted and your T's are crossed. I heard a story about a women winning the lottery. She immediately told her husband she wanted a divorce and she didn't tell him she won. She was going to keep all of it. If she knows you won and she was ready to leave you then once the money is in hand she will be off to the races. I thought it was funny but it could be true.
Before you turn in your ticket, you should delete all social media.
Just stop using it, or responding. And Turn off live location. no need to delete it. 😂 😂
1. Change name. 2. Leave country. 3. Bliss.
*and buy citizenship of two or three island countries with changed name and come back to USA as a tourist*
First I'm moving to Monaco and I'm looking for a good financial advisor there.😂😂
You need to move before you win the lottery!
Most other countries don’t pay tax on winnings!!
And for example, the country I live in…in all states you get the choose to remain anonymous & nearly every other country allows you to do the same.
@@user-ys2wj2mi8c you’d need the financial advisor before you move there
😂
I think #1 should be: Do not get excited, do not get it into your head, clear your mind. thanks
How do you protect yourself against crooked lawyers and financial advisors? We live in a day and age when it's easier to win a lottery than to find an honest/honorable lawyer.
simply you have another set who audit what they are doing or you could do like a hedge fund where several teams handle a portion of the money.
@@garyshan7239 : Many of these "professionals" walk in the same circles and belong to the same club.
The problem is that 98 % of lawyers give the other 2% a bad name.
@@bermudarailway: Perhaps 2% is being overly generous.
Be someone. If the lawyers friend is your friend he will go hard for you. Show up with a lottery ticket and he sees dollar signs. How about manage your own money?. Invest
I know someone who has hit the lotto and still has a lot of money because they had the right people give them the right financial advice.
Oh my goodness I would never tell my mom either! That would be equivalent to telling TMZ! 🤦🏾♀️Everyone in the world would know in 2 point 5 minutes!
😂😂😂😂😂😂
oh to funny. Probaly alot of us think that way
faster than the internet
😂 my intermama for sure
Be sure to make final arrangements cause she gonna kill ew! Lol
Old joke : There are 3 ways to get a message out - tele a phone, telegraph, tell a woman! Lol
Moms: tapping toes... thinking " now I can take that cruise lol "
Why hide before you've even claimed the prize? #1 Find a financial lawyer. You can set up an LLC in Delaware and have it claim the prize. If you claim the prize through an LLC registered in Delaware the state does not require the release of information as to owns the LLC, so that protects you from being exposed as the winner. #2 Don't start immediately spending tons of money that people think you don't have. #3 don't even tell your relatives you won. If they didn't like you before you want they were like you after, they will pretend they do.
If you didn’t associate with me before I was rich, I won’t know you after I am rich.
You claim your winnings on your taxes in the year you receive the money. I speak from experience.
Exactly
I like that. I actually do have an LLC.
Great ideas..
Get 2 burner phones. One to notify the family and one JUST for the lawyer. Your family will eventually give that number to someone you DON'T want to be annoyed by.
Or just don't tell your family ever. Ew.
I’m not telling family shit…you have to be Kidding
No way I am telling Family either ,I once told my sister I had managed to save £30,000 and she said straight away could she lend some, so no way am I telling anyone and defiantly not my family @@valeriewalkerwhite9525
I was thinking along the same lines of multiple burner phones. Then when my phone number is given out I can isolate who did it.
My family already kicked my ass to the curb, so I will be fine with the lottery I win.. I'm just lucky I can move about with less problems..
Step one don’t tell anybody step two consult a blind trust on claiming your winnings. Step three. Take your time and don’t make any decisions that you are not comfortable with.
Another reason why I love living in Canada. Winnings are not taxable. :D
On No.2, I suggest that you go buy the latest edition of your local DAILY paper and place the face of that ticket just under the date and headlines before that picture. The more docs you have immediatly after finding of your win will protect your butt or that could become a Trail of Tears.
Put your drivers licence and some other personal ID with the Photo, Passport, Birth certificate, gun licence etc, personal stuff. I nearly had an issue this year where a temp at the Lotto head office took my claim (ALL staff were away on some corporate junket/conference) and the next day when I rang Lotto they knew nothing about it …….. be secure.
The meta-data embedded in a modern digital photo should suffice - contains your name, date, time, camera details, lens attached and much other stuff if it's set-up correctly, including GPS location for modern phones and high-end cameras.
@@blackbandit1290 Thank you, you are 100% correct, I did not think of this. In my case 100’s of thousands was at stake and it nearly went very very bad so I have become extra cautious
I Don't know where you live but here we do not have a so called Daily paper that is paper most have gone to digital just saying
@@edwardnash7411 Still at most convenience stores. Here in DFW
Set the money up in a trust so nobody else can touch it, and set yourself up with a monthly paycheque and relax.
You could also set up a Trust and claim the money anonymously. You can do that in a lot of states.
Not in commiefornia, apparently
We are so fortunate here in Australia. We can buy our lottery tickets on an app. The gov.t cobtrols the lottery and offers free financial advice to all winners and van not disclose your information without written permission
If you set up a trust, the lawyer controls your money, not you. A living revocable trust leaves you in control, but you lose your anonymity.
You missed SIGN THE TICKET IN PERM INK and then take PICS
Not talking to NOR telling ANYONE my new number ESPECIALLY family members.
Yeah I don’t see a reason to tell close family members, at least not right away.
I will become a ghost. Leave the country for a while.
😅
If that's how you would treat your own family members if you win the lottery.... Then just do it now... If you don't love any of them then just stop talking to them now and ghost them now.... Why wait till you win the lottery....
@@randallboone9375sadly I can see some of my family (mostly those with young kids) who might ask for money. Idk if my own brother and his wife would be among them
After what happened in California a couple of years ago, where all of the safety deposit boxes were raided, I am not inclined to do that.
That was a PRIVATE deposit facility. A FDIC insured actual BANK should be safe.
And cali forces you to collect with your real name and posts it. No buisness entity or llc name
That business didn't require KYC and was suspected of money laundering for drug dealers and thieves. That's how the FBI got the warrant. Don't think they'd stand a chance of doing that too BofA..
What?
@@LakeGitcheGumee a bank was found by the gov of doing supposed fraudulent stuff so EVERYONES boxes were taken. And folks didn’t get all their 💩 back as the feds stole it/didn’t properly report contents/ ect. 🫨😢 some guy lost thousands of his gold coins I believe in that mess had I think 47 got like 23. 😭😭😭
eight states don't charge income tax on lottery winnings: California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.
Texas - probably because Texas has no income tax for anybody or anything
federal y😂s, state n😢. In Washington
You have to claim the ticket in the state it was purchased. So the up front winnings the state that has a tax on winnings will get their part of the jackpot. However, moving to a state that doesn't have income tax would be a smart move for the money you would make on investments after that.
Cant you move your income to those states then transfer them to yourself?
Yea Tennessee
What do you think sets AMS89K apart from other projects? It seems to be dominating discussions lately
I'm not telling anybody anything until I know what I'm doing with the money. How much I'm keeping, how much I'm spending, how much sharing. That is my plan, now give me money!!!
DO NOT TELL ANYONE EVER‼️ REMAIN ANONYMOUS‼️ Everyone will treat you differently and you will be walking around with a target on your back for the rest of your life. The real danger and agita is not worth it. Help out as many people as possible anonymously and just be a secret Santa
The lottery will tell people your name
I know a person who won 5 millions in A scratch in Miami, the Florida Lottery was the one who provided the attorney and the safety advisor. Also the bank provided safety advice on the does and don’ts.
did it work out for them
Yes that's the best thing you could do Let the lottery commissioner direct you to their own because it's cheaper They know what they're doing and half of the time you go and get these people that don't know what they doing they just out to get your money and eventually you'll your end up losing it all first of over here in Florida it's a little bit different..
Yeah, and Im sure the bank talked him into keeping the money in the bank earning next to nothing in CD interest and savings accounts.
@@judyhernandez9636and have a whitey bulgar out there finding you.
My sister won 25M and after taxes, half was gone; she and her husband didn’t go crazy and they are doing well, enjoying life. No, I didn’t ask for any money and she didn’t offer me any. I’m cool with that.
Best advice is to use multiple sources of information, including this one, to determine your first key steps if you win.
Write it down in a journal to use as a roadmap for your emotional, overwhelmed future self to follow.
In the event of my success and desire for longevity, I intend to maintain confidentiality regarding my triumph.
Rationale:
- Premature demise
- Potential for extortion
- Influx of undesirable acquaintances
Other specialists recommend not to quit your job right away. Work for at least 1 year until you sort everything out. Always try to leave on good terms if you do quit as a sign of respect, courtesy & plain decency. You never know what may happen & you just might need your old job back. Always keep your options open.
You will never need to work again even if you win just 1 million my son!!
You sound stupid.who wins the Powerball and keeps working the same job..I gotta get low immediately I'm worried about getting kidnapped all types shit you can stay put if you want 😂
Give them a weeks notice and work PT to hand off your work if want to be ethical? You can leave anytime. Just like they could fire you in a minute.
I doubt I'd quit my job with 1mill. Sure I could basically put it in a high interest account and do pretty well.
I am pretty sure my state doesn't require you to disclose that you won.
@@sandraschultz3104I know that's right! Lol
In the UK, we can claim anonymously so we don’t have those issues of details being released publicly
You can do the same in the US, however it depends on the state you live in. Typically Liberal run states won’t allow you to claim anonymously.
Yes, many US states tho definitely not all.. allow anonymity.
@@Davido50 "many" = 18
@@blindleader42It's more than a few.
@@UstedTubo187 🤦♂
Don’t even claim the money until you set up an LLC. Claim it under that and designate how the money will be paid out to the selected folks you want paid, on a yearly basis.
Thank you for this video. I made a step by step list, but I didn't think about going into hiding first. Good idea. In
I think the most important step is to be sure the lawyer you first connect with can be trusted.
Especially if you won a billion.
I would also hire personal security until I get the money securely in my bank account.
I would keep the security until I was sure the coast was clear.
A year or two.
and you will next more than 1 lawyer-a personal one who is a generalist ideally in a large enough firm they have the specialists you need like a tax attorney otherwise you need a separate tax attorney
Agree.
In New York when you go claim your money they tell u go get a lawyer which ironically there is a law firm across the street from the lottery 😂
Simple you go retain the big name lawyer at one of those law firms that is always in the news which some fat cat gets into hot water-use them to screen the lawyer you actually want to retain-Im talking your tax attorney. After your trust is set up and the money is in hand you can decide if the first lawyer is the one to keep as your personal attorney.
That’s one of the most important things - hiring trustworthy people. After all, the job description of a lawyer is “Hired Liar”
Don't respond to anyone making small talk with you while you are purchasing your ticket. They will claim you promised them money and the camera will catch you chatting.
Wow!!! It's so funny you said that because I've had several people say something to me like: "If you win, we'll split the money".
Although they were "joking," I would say, "No, we won't" and that would be the end of the conversation. Joking or not, I knew better not to indulge in such a conversation because I've always believed I would win the lottery one day and that'll be the first person who would try to sue me.
@@unknownunknown504 A nice stern "No." is easier to recognize on camera if it has no audio. 😀
@@fitybux4664 I agree
To claim a share of lottery winnings in New York you must have an agreement signed by both parties. To claim I promised to split it with you the lottery commission will ask for the signed agreement. No agreement, no split.
@@unknownunknown504😳👍
After you cash the ticket, hire a bodyguard.
is a digital transfer.nobody gets cash
@@patriciozazzini3182 Ha ha.
How can u be sure the bodyguard is trustworthy and won’t let ur business be known ? It’s money and u can’t trust anyone to be honest.
@@patriciozazzini3182That is true. But someone upset you won could still try to harm you, even if there’s no money in it for you. Even if they think you have a few grand on you.
One idea to decide/filter closest family is those who you would trust giving your ATM card's PIN number to.
They always ask for ID when renting a hotel room. At least the ones I stay in.
And a credit card.
The way around this is to use a credit card to secure the room .. but use cash at checkout.. Under most hotel franchises the CC will not be retained.. Also.. you can have a relative pay for the room.. personally I would take my RV to a campground and pay cash there.. you can even use a postal Money Order at many of them.
Yes, but they don't care if the name/initials you use match exactly..
And if you don't tell anyone, no one is doing credit card traces on you..
Of course, they do. I don’t know how u use an alias name.
You can request for them to put the room under a different name like, the Jetsons, Liam Neison etc 😂😂😂
The best thing is stay as if you have nothing for a month thinking of what you will start doing
I’m in Michigan and when I win I’m CALLING YOU 🎉
That's the whole point of his video.
First thing first give God praise!
No you won't save on state tax by moving with an annuity because it is sourced taxed by the winning state just like real estate is taxed by a source state. You should know that Mark.
Amazing that CA doesn't tax lottery winnings, as much as they go after everything else
They do. They do it in the form of interest tax, or, the money that your money starts making whether its by interest they pay to you on the earnings, or, by the interest on your winnings as income from any source, as being a resident of tgat state. And it's assessed monthly.
The Elite status
Oh they do tax you winnings I won 13k once and they gave me 8k and change, they consider it an income
You also have to file it on your next tax return
@@TomSwoleskiThey do not tax lottery winnings. Gambling winnings are different.
New to your channel.
We will be in touch soon because my wife and I will be coming across a pretty good amount of inheritance.
Thank you.
Thanks for the great information. Looking forward to some entertainment income soon. You are awesome Sir.
Here’s my thing with these suggestions. This assume somebody has the financial ability to buy a burner phone, to rent a hotel room or An Airbnb. Some people who come in the large amount of money have hardly a dime to spare. I’d love to hear about people like that what they should do. People that are on their last dime and if they don’t win they gotta wait days or weeks before they eat anything but Ramen noodle if at all.
They can get a low interest, short term loan from a private bank that specializes in UHNWI. Or they'll be given a high limit credit card. Banks are more than happy to do so in order to establish a positive relationship with a newly minted multimillionaire. So the cost of a burner phone & hotel room aren't a big deal. Compared to tax pitfalls & sudden wealth syndrome, they're practically trivial.
I'll front you for a small fee bro
Believe me when u contact a lawyer they will be happy to advance you money for a fee !!
the poor winners just have to keep their mouth shut til they receive the money
If you have a winning ticket and gotten a reputable set of advisor one of them would arrange a bridge loan or loan it from their firm simply to ensure you kept them retained. The cost of all this could be done for 10k or less. And you only need to move when you start telling people which shouldn't be done til the money is in the bank anyway.
The most important advice you'll never need.
But man, this is a fun thought game!
Some of this is good but I would only tell my son. Then meet with an attorney and tax advisor, create a trust, create a holding company under the trust with various llcs under the holding company. All real-estate goes into the llscs. Then select a financial advisor that is a fiduciary. Collect the money into a money market. Schedule your meetings to define how to invest.
I've dreamed of winning the lottery most of my adult life, and the taxes have always been a mystery. This video does the BEST job of explaining that I've ever seen 👏🏾
I thought the very first thing to do is to sign your ticket on the back signature panel. Also, I gotta say, I'm not sure how I feel about a safety deposit box. There is just something about me separating myself from the ticket that just doesn't sit well.
Get a gun safe with a sophisticated locking system and screw it into the concrete. Remember the combination. Put it in the safe deposit box.
I disagree. I think it's better to set up an anonymous trust and have the trust claim the winnings. If you sign the ticket personally your name becomes publicly available after you collect and you will be endlessly harassed. Anonymous trust protects your identity.
@33brtl Yes, but signing the ticket connects it to you. I assume, in perpetuity.
Right. If the ticket is signed, just go make the claim asap. The lottery doesn't care if you have a picture of it. They won't pay. You have to have the physical ticket. I definitely wouldn't tell anyone before I made the claim.
@@karenwinston4084 I agree, I thought the lottery office only pay after the actual ticket is provided.
The annuity would be paying 60 million a year, approximately. 40 million would be split into four institutions and be bluechip funds paying out the earnings in each quarter. the remaining 20 would be split into my paycheck, and several capitol funds.
1. Sign the lotto ticket
2. Take the 30 year annuity
3. Give away all of the 1st payout
4. Pretend you lost it all
5. Live in peace for the next 29 years
Not gonna work
Lol😂 yup I see what you did there
thats a good idea lol
The first four should be don't do anything for a month. Get a lawyer and an exceptional accountant to guide you. Do not spend a lot of money. Fix up your house, fix your car, invest in Roth IRA, and lay low. I would leave my state.
Dam right leave the state 😂😂😂
@shibamom607 short answer, you can't
I would leave the country.
So paranoid.
Definitely putting the ticket somewhere safe is important. Some people might not trust keeping it away from them, but others might accidentally lose it too. Definitely however talk to a lawyer (don't tell them you got the big winning ticket but a sizeable one is ok, like all but 1 number off), see if its legal to create a trust or LLC or something to accept the money in your stead and the lawyer can accept the winnings on your behalf. You definitely want to possibly avoid having your name and face plastered all over the place.
Hello, Ninja 😊. I just signed up for your side hustle course. I am 70, visually impaired and disabled with Asperger's sprinkled on top . I pray I can find something great to work on! Thank you for your inspiring videos and God bless!
Where do you find the side hustle course
The one thing on my list that isn't mentioned is "what are the laws in your state in regards to remaining anonymous?" Some states you can remain anonymous and in others the law can be legally challenged.
I would love to put these tips into practice!
The most important question he did not answer: do you sign the ticket in your name before you claim the ticket?
Or wait till you form a living trust or an LLC or both?
Very important questions that should have been answered.
Otherwise these steps are spot on!!!!
wait-if you sign in your name that is the winner on record-if your state mandate you reveal your ID then you can sign it
In Indiana you can do income averaging by including yearly earnings from 3 previous years added to lottery total which takes the taxable amount down.
Great content! First time viewer and subscriber!👌
D Gallup, Michigan!
Form a LLC in a no income tax like South Dakota and then create a Dynasty account, again in SD.
1st thing you do is call your boss at work and sing him the "Moving on up" theme song from the Jeffersons tv show ha ha ha !!!
😂😂😂
🎶 To the beach side 🎶 my remix 🏖️😂
@@floridadude8382 NOT the beachside remix😅😅😅😅😅
I am not quitting right away...because I can get all my medical stuff done and take advantage of my other benefits. It is gonna take at least 3 months to get my shit together. I ain't telling NOBODY BUT MF GOD!!!!!
No heck no nobody gets a percentage of my money 💰💰😂😂😂
I agree with almost everything except the rental of a safe deposit box. Since the bank has no idea what you put in your box they are not responsible for the contents of it. There have been a number of cases where fires or robberies in the vault cost those renters everything with no recourse.
I think your house is more likely to be robbed or burn down than a bank... And in this scenario there would be no recourse either because your homeowners insurance isn't going to cover those hundreds of millions. Also I think he was saying a safe deposit account because he was saying to leave your home for a little bit till things die down, and live in a hotel or Air B&B, which you wouldn't want to go back to your house to get the ticket where the media could be hanging out front.
If you die immediately after putting the winning lottery ticket into a safety deposit box, your heirs get it. If you had the ticket hidden somewhere in you house and you die, it will never be claimed. It's like hitting save on a game. Generally, safety deposit boxes are safe. (But yes, if it's for long term storage of things that are very valuable, you'll want to buy insurance on those things, maybe. The bank is not responsible.)
Yeah, but those robbers were FEDS. And if the FEDS are breaking into bank vaults and stealing from safe-deposit boxes, then what's safe?
The first thing you do is “SIGN THE TICKET”
Right
Do not sign the ticket with your name but with the name of an LLC, INC or any other company or agency of your foundation. In other words a trust.
You do this when you first buy it lol
Wrong. The trust answer is the correct one.
Thanks for your great advice
This is very informative. I've been looking for the breakdown of the taxes, he broke everything down to pieces. Thank you.
This is a great video. I've always had a plan for the winnings.
1) Plan for the Future
2) Plan for Family
3) Plan for Friends (very short list)
This video opened my eyes to a lot of areas I was lacking.
I knew a guy who won 1 million dollars, back when a million dollars was not a mere retirement account. He was in an RV across a state line somewhere private
The very first thing you should do or what I would do is sign the ticket second Contact Attorney third set up a trust or LLC so my name does not need to be published. I would also hire a business management firm that deals with accounting and taxes
I'm an insurance agent and listening to you seems like I'm taking my CE class. Thanks for covering this topic. I hoped I will win the lotto so I can hire you.
Just came across your CZcams pod cast … your 10 points are just pure common sense, that I’ve been recommending to my tax clients for 15 years. The 10 points is intended for situational awareness & start thinking about some sort of plan ( most of my customers have incomes ranging from $12,000 to $50,000 yearly … folks who have no clue how the rich got and keep their money ). 2 points I disagree with are a) Do not say anything until you have a plan in place with lawyer & finance planners. b) Do not say anything until 30-60 days after the lottery so some of the immediate excitement of the winning cools off in the media
The easiest way to get funds to your families is to process the money as s loan. No taxes on borrowed money.
My understanding is the ship is a single prop. Once power came back on and the engine was put into reverse. It also had 1 anchor down. With the forward momentum and the anchor down it would make the ship list to that side. These ships are very slow to gain speed. And to STOP!!!!!.
I would love the implement these tips! I would love to get a book also!
Most solid plan I've seen mark.
As a professional Trustee, I would put it into an irrevocable trust and double the disbursement on the bank deposit when you file your 1041. Then when you go and purchase everything through the trust, take your tax credits and return to source on the 1099's when you file the return.
Great info. Thanks so much 🙏
I was told how you sign ticket can be very important ,I.e. if you want it inside a Trust- I will call my attorney,accountant first - but all else will be applied
skip step 7 do not tell anyone and change town, most people will do watever they can to take your money and then forget about you.
such a great video .
i can’t wait to call ya after my win . 😄
Thank you this was some of the best advice that I've ever heard from coming from CZcams or anybody! I would definitely share this with a colleague and a family member so they can pass along your information to anybody that may ever be in this position? Recently I hear a lot of this being advertised about Winners in the UK question mark and I wonder why or if they've ever considered contacting like anyone such as yourself? Also I like the idea of being able to invest this money in order to build upon those Investments
Open a Wyoming LLC which owns another LLC in Deleware or Nevada and link a business checking to it. Invest the money using the LLC. This is in case you get sued. If you sign it, use a notary and have it notarized.
Definitely want asset protection once you get at that level, you will become a target to everyone.
Anyone who says "have a notary sign it," thinking that lends any more credence or import to it - is a DUMMY. There is NO LEGAL EFFECT to having something notarized...UNLESS it is actually a SWORN STATEMENT (i.e., an affidavit) and is REQUIRED BY LAW.
Or if you have an iPhone, you could just activate the “do not disturb” function, and only those people on your contact list will get through. If you do the math, you will pay more taxes with annuity than you will, with the lump sum, and with the lump sum you will earn more interest.
That's not true. You pay 37% tax regardless. You will end up getting more money if you take the annuity. However, you and your personal financial advisor can get much better returns than your state lotto commission.
@@kermicgreen3370
You are only taking into account the taxes that must be paid. But, you're completely overlooking the present value of money, inflation, devaluation of the dollar and rising tax rates, among many other factors. The lump sum is always the best choice.
B S. Figure the yearly tax by the time you get your 30 years out you’re gonna pay more taxes then you will in the lump sum. Maybe you need to go back to school and learn math. And you can earn more interest with a bank than with the lottery commission. The interest that they pay is very conservative government safeguarded interest, which means it lower interest but go ahead take your annuity don’t matter to me.
@@rainysunday6186 you are on drugs if you think you will earn more interest with a bank than Lotto. Have you seen the rates of returns on CD’s or bank investments. Maybe you meant with an investment firm. You should not try insults if you don’t have all the facts buddy. Like I said, you can get a much better return if you use a good financial advisor. Your taxes are going to be the max level because you are in the top tax bracket.
So Dumas with the current jackpot of $680 million at the end of 30 years with your annuity, you would get $484 million. with a lump sum at 6% interest you would have over $1 billion dumbass
Good to get these steps down now!
OMG WHAT I COINCIDENCE I WAS JUST PLANNING ALL THESE LAST NIGHT IN MY HEAD AND HERE I AM THIS VIDEO CAME WITHOUT EVEN ASKING FOR IT
Fun video. I hope I need this advice.
Thanks for your time and answering questions. It’s nice to see you running an ethical business. If you happen to sponsor another book give away I could put it to use. Thanks again for the advice
Funny you mentioned NV. You could do an episode just on Vegas people. The difference between buying tickets in CA vs. AZ. Also, you might want to direct videos towards age groups, young vs older..
Great tips. Thank you.
Signing the ticket - FL just released info on the Megamillions winner from 8/23. They formed an LLC in Delaware. In Delaware apparently, they don't release the owner's info. If this information is true, it seems like you might want to hold off on signing the ticket until you have talk to your pro team.
If I were to ever win the Lottery, I'm calling this guy to advise me. He definitely gives good advice.
The state and feds are theivs
He gives good advice in general all things finance.
hmmm, disagree..He is so wrong on taxes, he is wrong on first few items he posted. 1st take the photos of ticked along side of legal ID with photo. Not sure if I would take to safety deposit box unless I dont have a Fire proof safe in my house. you could do that the next day if you wish. Next get lawyer, I would suggest Tax lawyer. Also not all states require disclosure of winners. So this guy is not someone I would ever consult with on a lottery winning or much else.
@@reo7575 Why get a "Tax Lawyer," when one can get a Certified Public Accountant (C.P.A.) or Financial Consultant????? It's up to the individual Lottery Winner to make those decisions. Also, why would you want to draw attention to yourself getting a Fireproof safe in one's house right after you find out you've won the Lottery Jackpot????? One might just go ahead and place a sign in front of one's house stating "HEY! I just one the Lottery Jackpot and I have the Winning Ticket here in my house!"
@@reo7575the lawyer has a conservative approach. Its not wrong though
No you do not on day two decide about lump sum or annuities or because when you purchase your ticket you have to make that choice already
I like to watch this from time to time. From the city where "Better Call Saul" was filmed.
Don't you just love how the State and Federal governments, having done absolutely nothing - stick their hands out to demand their share? Literally like a Mob Racketeering Collection guy who shows up for his money, whether you want or need his services or not.
DON'T sign the back of the ticket. When you speak to your attorney they will give you options to different ways to claim it. Make a copy front and back and a photo with it
What are the other options?
@@charlielanda5140often times you can claim in the name of LLC or trusts and not have your name in public only the lottery agency knows who u are 😊hope that helps
@@charlielanda5140receive anonymously. They can set up a trust fund or create a llc so the ticket will be made in the name you created.
I'm definitely signing it, especially in California....a TRUST cannot claim in California
@@asmrjunkie6874 no never sign in your name. Anonymously isn’t guaranteed to protect you 100%. There are laws that protect your identity but only for a few years. Sign under another name
In my state, SIGNING the ticket gives permission to disclose your legal name, and likeness to the lottery commission
This was very helpful.
I have no problem saying NO.
NO is a complete sentence. You don’t have to justify or explain yourself to anyone.
Love what this guy says. I LOVE what this guy says. You don’t know jack. 😅