If you won Lottery.. (1 Viewer)

[MarkHastings]

I would say it varies by state. I found this: http://www.naspl.org/unclaimd.html

 

[Jeff Gatie]

The money for the Jackpot is returmed by MUSL to the Lottery jurisdictions. They then redistribute it according to their own bylaws. Note: Ticket expirations are set by the individual lotteries. Most give you a year to cash the ticket (TN is cheap ).

 

[Clinton McClure]

I tell ya what I'd do... Two chicks at the same time.

 

[GordonL]

You could just claim the prize with your family/friends. I don't think the percentages have to be equal.

Another option might be to set up a Living Trust naming your family/friends as beneficiaries. They won't own the assets but can receive income derived from it.

 

[Ricardo C]

I'd apply for a foreign investor visa and relocate to the States. Love Venezuela, but it's not in the best shape right now. I'd start a business over there and hopefully invest the rest wisely.

...After furnishing everyone in this thread with a brand new front projector

 

[MarkHastings]

Yahoo just posted an interesting read about the downfalls of lottery winners:
http://news.yahoo.com/s/usatoday/200...ckcangobadfast

 

[Nick]

I'm pretty sure that are some winners who know how to invest and manage their winning money that we don't hear about. But it's unfortuanate that we only hear from the unlucky ones.

If I won I don't think I want to win big. Just enough for me to buy a house new car and enough to put away for my retirement. But regardless of how much you won they'll always be somebody who wants a piece of your pie.
It's unfortuanate that we can't remain anonymous. It's like you telling the whole country how much you have in your bank.

 

[Zeet]

I have a question. A friend of mine recently won the lottery in Florida. She and her husband asked her children to hire a lawyer for them, and something that lawyer said does not seem right. She told her that in the state of Florida you are legally obligated to give a percentage of her winnings to her children. Does this seem right to anyone?

 

[Paul D G]

Doesn't sound right to me. All sorts of legal tangles would then arise - like, what if I fathered a kid during a one night stand and hit the lottery. If the previously unknown kid then shows up does s/he get a %? Doesn't sound right to me, and sounds like it might be a money grab from the lawyer. I'd ask to see the statute that states this, the look it up myself, and ask my lawyer about it.


If it's not true, it's the type of thing that could drive a major wedge into the family.


This might be of some interest. I poses a hypothetical where a family makes it a habit of stopping to buy a lottery ticket every week and wins. It makes no mention that the kids must receive a percentage other than the kids we're included in the business partnership of buying the tickets due to their occasionally forking over the weekly dollar.


http://www.lawyergriffin.com/article04.html

 

[Michael Reuben]

Originally Posted by Zeet

I have a question. A friend of mine recently won the lottery in Florida. She and her husband asked her children to hire a lawyer for them, and something that lawyer said does not seem right. She told her that in the state of Florida you are legally obligated to give a percentage of her winnings to her children. Does this seem right to anyone?

Maybe they should hire their own lawyer for a second opinion.

 

[Zeet]

That's what I said. I understand that they are a close family, they have unbelievable trust in their children, and they look to them for guidance in their advanced ages, but this just does not seem right to me. I think the lawyer is representing the children, not them. Also, they had planned on giving their children a few million, but the children said that it was not enough, so the parents doubled it. After a lump sum payout, taxes, what each child will receive, the parents have ended up with less than the children are getting. It sounds like pure greed to me.

 

[Zeet]

Originally Posted by Paul D G

Doesn't sound right to me. All sorts of legal tangles would then arise - like, what if I fathered a kid during a one night stand and hit the lottery. If the previously unknown kid then shows up does s/he get a %? Doesn't sound right to me, and sounds like it might be a money grab from the lawyer. I'd ask to see the statute that states this, the look it up myself, and ask my lawyer about it.


If it's not true, it's the type of thing that could drive a major wedge into the family.


This might be of some interest. I poses a hypothetical where a family makes it a habit of stopping to buy a lottery ticket every week and wins. It makes no mention that the kids must receive a percentage other than the kids we're included in the business partnership of buying the tickets due to their occasionally forking over the weekly dollar.


http://www.lawyergriffin.com/article04.html

Thank you. I don't thing the lawyer is representing the parents at all.

 

[Cees Alons]

"Also, they had planned on giving their children a few million, but the children said that it was not enough, so the parents doubled it."



To quote Michael Corleone (TGF II): "Nothing...!"


I would disinherit those ungrateful little swines. Oh wait, they anticipated that....




Cees

 

[Jeff Gatie]

There is absolutely no provision like that. It would be unconstitutional, not to mention unethical for the lawyer to state it. I've worked with dozens of lotteries worldwide, and this is the silliest thing I've ever heard. They need to hire their own lawyer, and work on getting their current lawyer disbarred.

 

[DaveF]

Jeff, you're not current. It's part of the Basement Act of 2009, which states (in part) that parents are required now to provide subterranean dwelling to all children over the age of 21, presuming they've graduated college, that they can have money to party instead of paying rent. To get the Tea Party vote, Congress added a section stating that elderly parents, on winning the lottery (or slots at Indian Casinos) must pay a portion to their ungrateful adult children.