THIS is a Serious QUESTION, PLEASE HELP.?

Question

Ok I tried this last nite, but i got stupid answers.
PLEASE BE SERIOUS WIth your answers, i need guidance and i don't trust my family and friends on this, just please try to understand, I'm only 29 years old.
I Won the Lottery for $3 million dollars after taxes, i got the cash option i got the check last friday, i went by myself because i didnt trust anyone,
i Have a few questions and i need your true answers if you dont have experience on this, then try to give me your best answer to your knowledge.
#1 How do i find the right accountant, lawyer, financial specialist?
#2 Should i buy a normal small house less than half of million, or rent a normal apartment for about $2000 a month in a nice building with security guard for a year.
#3 Where should i open my account tomorrow what kind of bank, Tell me the best 3 banks in the USA right now with high interest, ( WHO SHOULD I speak to when i get to the bank, Should it be the Bank Manager?)
#4 Should i tell my family and close friend

Answer 1

Your first question is the most important. Just about everyplace has a lawyers referral service. For a set fee, usually $20-$50 they will arrange a consultation with a qualified lawyer from the Bar. That doesn't mean that you have to keep using that particular one,but it is a good place to start and ask question. All of the questions that you have listed can be addressed to him. If nothing else it gives you a place of reference and something to think about. Go from there.

If you think this is of any value, take some of your money and invest in balloons for kids in the paediatrics ward at your local hospital. I have always felt sorry for the kids being in a scary place and balloons can help get rid of the fear.

I hope this helped because I would like to think I had something to do with putting a smile on a kids face.

Thanks.

Answer 2

Woah, back up. Do not even attempt Questions #2,3,4 at this point. Start with Question #1.
Forget about what Bank pays the highest interest. With that amount of money you don't deal with a regular Branch Manager.
Here is my advise to you:
1. Pick a large Bank. Not sure where you are located.
Bank of America, Northern Trust, Wells Fargo, Wachovia or one of the big guys.
2. Either go online or go to a branch and inquire about "Private Banking or Wealth Management Services" and get an appointment ASAP.
3. You NEVER invest with someone in a Bank Branch.
4. If you prefer a Brokerage firm ,Merril Lynch, ask to speak to the Branch Manager and their "Private Banking or Wealth Management"
5. Meet with a Private Banker and have them Deposit the money in an "Interest Bearing Account" to get the money put away.
6. Then ask for 3 referrals to 3 different Lawyers and Accountants. Do not commit long term to the Bank that day.
7. Then meet with the Lawywers and Accountants. It is best if you find a lawyer and accountant who know each other and work well together.
Then check them out through your states Bar Association, for the lawyer and the AICPA for the accountant.
8. Make sure they specialize in Wealth and Estate Planning.
9. They will then suggest a Financial Planner to work with who will help you through the Questions 2,3,4.
Everything you do at the Bank at the Private Banking Unit is all confidential and private.
But I strongly advise my FIRST STEP there. You are in a new position and you need Serious planning and PROTECTION.
God luck to you, and let the experts help you with a plan, not just some knucklehead who has some stupid quick idea or answer.

Answer 3

Mike, first and foremost get a lawyer. You should have gone to a lawyer before you even cashed in the ticket. They could have help you set up a trust in which the money would have been held. Hence, if you did something stupid and got sued or someone claimed they had rights to the money you would have had a better defense. I believe you can still do it. Look up a reputable lawyer, DON'T call some moron you hear on TV.

Where to get the best lawyer is tricky, I have used the same lawyer for years. I would say google would be your best shot. As far as getting a financial expert and accountant, look for professional with either a CPA and or CFA. Hint: Get a tax lawyer, they usually were/are CPA's. And if they aren't, they can point you in the right direction.

As far as the house goes, I think you should buy it. Renting is just throwing money down the drain.

Now for the fun one, the bank account. If I was you, I would seriously recommend that you don't open it till you speak to a lawyer. The second the money hit the bank, it's going to be in your name and hence if you are liable to anyone, that money belongs to them.

Mike i don't have the time to give you a list of websites that can help you, but all I can recommend is get a lawyer before you do anything. Here is one where you can research interest rates if you are curious.

http:www.bankrate.com

Answer 4

1) You can either find a friend to recommend a good one, or actually look on yahoo and see if anyone has ranked and reviewed anyone. Other than that, just meet with a few and see what they all have to say. If you do not feel comfortable with them, then they are not right for you.

2) Buy a house. I do not know where you live, but you can get a dang nice house for around 200 K most anywhere.

3) Check with 2-3 banks in the morning and just ask about interest rates. You will probably get more in savings than in checking, but I'd hit a few of the big name banks to find out. Commerce, Bank of America, First National. Ask the accountants that you interview also.

4) Your family and friends are all going to know something is up when you start house shopping and what not. Tell them you won, but not how much. Low ball them. 100,000 or so. Otherwise they are going to ask for something. Usually. If not then You have the right people around you. If you feel you should help them out or something then do it, but that's your money.


By the way, Congrats.....would you like to adopt a 35 year old son????????

Answer 5

Wow, first off, righton for you and congratulations. That is very very cool.
My first suggestion would be figure out where you want to live and buy the house CASH. Why rent, that is a total waste and pointless, especially if you don't have to (unless you plan on doing a ton of travelling). With that kind of money, I'm sure you can find some great property to buy that you would love and it has security. Your options and choices just expanded 10 fold with this stroke of luck. Investing in Real Estate is always a good call.
I would only tell people you trust, because you know some people (and friends of friends of friends, etc, lol) will be coming out of the wood work with their hand out.
First of all, obviously pay off any debts.
If you are not familiar with the stock market and mutual funds, I would stick the money in a long term CD. Indymac has great rates right now, (I believe 5.45%) and World Savings (I believe 5.60%). I have had a CD at World Savings before and it was great, left the moneyin for 6 months, compounded the interest, closed the account after 6 months with thousands in gaines (I closed it to buy another investment home). If you do that, you will be making money on your money without worrying about the crazy, risky stock market. Especially if you compound the interest. You have the choice with CD's to either get your interest mailed to you every month, or leave it in the account (there for adding MORE profit for you). And that kindof money really makes a difference. CD's, however, you cannot touch the cash. So I suggest keeping whatever amount you feel you will need in your bank you use for the next year or whatever, then put the rest away and let it sit and make you money.

Answer 6

1. These banks will help you solve virtually all of your problems: Citigroup, UBS, Lehman Brothers, Goldman Sachs. If I had to pick, I would go with Goldman Sachs. I personally DON'T like Bank of America so I would not recommend them.

They will set you up nice with a high-yielding account either CD/money market/checking or savings, whatever you prefer. When you go in, ask for the manager or an advisor. They will be happy to help. If you feel pressured or scammed, leave and do some internet research and make some phone calls until you are comfortable with going in in person.

They also have financial advisors at those banks so you can kills two birds with one stone.

You have enough money to live whever you want. Make yourself happy and live where you want.

Tell your family and friends when you are ready. No one will blame you for being secretive if they really love you and know what's best for you.

Always use protection when having sex because if you don't, you will get someone pregnant who knows you have money and you will be stuck paying child support. Based on $30 million, your payments will be roughly $15000 a month child support.

Most of all, remember that the decisions you make will affect you and your children so act in the best interest of them. Always keep some cash hidden away no one knows about. Think about an offshre account. The bank will know how to handle that for you.

Good luck.

Answer 7

Call your local state bar or the american bar association for a good lawyer in your area that deals with estate planning, finances, and all that. I would think the lawyer could help you find a good accountant too.

Then live modestly. Invest all you can so that you are set down the road.

Bank locally but go with high yield accounts, Money Markets, and all that. Invest in Roth Ira's so that will offset some taxes. See the bank manager.

Double check all the taxes are taken care of too when you get an accountant lined up.

Tell your parents if you are close to them. But there is nothing wrong with keeping it secret or many people may treat you different and then expect you to loan them money and so on. Some may treat you the same.

Answer 8

Mega congrats!! I understand you desire for privacy and agree. Be careful and very discrete.

Start by setting up appts with 3 tax attorneys in your town or nearest big city ASAP. Interview them. Pick the best. Protect those winnings.

Any bank is fine as a temp place to park your money while you confer with experts. Break it into pieces and be sure you have it FDIC insured. Any bank "storage " is just temporary while you take your time interviewing professionals. I would actually probably use 3 pro's for investment decisions, giving each one a piece of the action.

Buy a house, but one that makes sense given your needs for space. Dont go nuts and spend tons of money maintaining the place.

Get with a good company like Smith Barney, Merrill Lynch, Fidelity etc and ask who is the best, longest time rep in the office. Invest broadly all over the world and for sure some annuities too and precious metals.

Give to charity. You have been blessed. It is right to help others in need, and you get to pick which charities you would love to help out. How wonderful to be able to make a difference.

Share carefully with the family. You are NOT their gravy train and dont want to bring out groveling and greed in them and familial in-fighting. Really be careful about gift giving with family.

Answer 9

I WOULD
@ 1,2Call the local bar association, tell them you came into some money ( let it go at that) and ask who deals in that. Also, see the mgr of a bank, *Not your local bank, but a branch of a BIG bank) Wachovia, etc. they havein-house financial specialists.

3. I'd go forthe appt. I/m not handy, and any maintenance you pick up thephone and call the manager. (That's me.)
4. Tell no one for now. Later, you could tell yourfriendsandfamilty, you "got a damn good job."

3 mil will get you alot of friends and they;ll be glad to help you spend it.

Answer 10

i say stay within a level of means do go over board hate to read aboout how someone won the lottery and blew it in less than six months.for finding the right accountant, lawyer, etc do some back ground searching. Buy a house, within your means, go to the bank manager get an appointment. and as far as your family thats up to you but beware money in the family can be weighed heavy depending on who needs are met. ooh by the way congradulations and good luck