Lottery Question???

Question

Please Be Serious when answering..
this is important to me...
thank you

Ok lets say you win the lottery 26 million dollars Cash NOT annuity..
What is the process after that.

1. Should I go to the lottery agency alone, or with a lawyer?

2. How much does the lawyer take in for coming with me?

3. Can i Collect the money without being all over the press?

4. How long does it take for the check to arrive to me?

5. When going to the bank can I just show up and deposit a 12million dollar check??

6. This is the most important question of all? Since I wont tell anyone about my winnings, BUT how do you tell your parents and sister? Or should I just NOT tell them, and help them little by little??? I know is tuff not telling them, But I will be afraid they could be in danger because they might tell someone and someone could hurt them or something???

I will also take more ADVICE if you have some...
Thank you so much

Happy Holidays to all of you...

Answer 1

1. If I won that much, I'd probably see a tax lawyer before claiming the prize to find out the best way to provide for my kids without just passing off millions to them right now.

There's no need for the lawyer to go with you to the lottery agency.

2. The lawyer is going to take a lot if they go with you, if you don't live in the same city as the main lottery agency office. In my state you'd have to go to the state capital, which would be an all-day trip from where I live to go there, fill out the paperwork, then get back home. Of course, "quite a lot of money" would have new meaning if I had $26 million coming.

3. Most lotteries have a requirement that the winner agree to publicity. So you probably can't keep it secret. Any more though, unless it's one of the huge ones that go for weeks and end up $100 million plus, they don't get a lot of publicity. But you can't refuse to allow whatever press releases they want to do.

4. Those big checks you see on TV going to the winners are just for show. I don't really know how long it takes to cut the real one, but would be surprised if it was over a couple weeks.

5. You could. I'm guessing that the states would offer some mechanism for electronic transfer of funds to the place of your choice rather than having to carry around a paper check worth millions.

6. Good luck in keeping it a secret. I'm with you, I'd prefer that nobody know about it. But that might not be possible.

The only other advice I'd give someone is don't be like so many winners of that kind of amount who end up running through it in 5 or 6 years, then have to figure out the rest of their lives. And if you aren't really savvy re investments and very experienced, get a good, certified financial advisor.

Answer 2

Uh, ok let's be serious. Are you over 18 years old or did you violate your state's lottery age restrictions?

The lottery agency will give you a check. You take said check to the bank and deposit it. Endorse the check with the phrase "For deposit only to the account of the within named payee (and your account number)." Teller gives you a funny look and calls over branch manager. You tell them it is a real check. They deposit in your account and tell you about Regulation CC and that they can only give you access to the first $100 or $1000 immediately (depending upon how long your account was open).

You bank deposit is insured to just $100,000 if the bank goes belly up. You are protected against bank theft for any amount.

Ask the lottery office to respect your privacy and they cannot tell the press.

Answer 3

1. You could have an attorney though you don't need one. It's your call.

2. Whatever you negotiate with the lawyer.

3. Most states don't allow you to collect anonymously. You'll have to ask the state lottery folks.

4. Typically about 2 - 4 weeks. They have to verify the ticket first.

5. You can though it will probaby take you a while to complete the transaction.

6. See #3.

Instead of an attorney you should consider hiring a fee-based financial planner who does NOT sell any investment products to plan how to handle your windfall. I'd also hire a competent CPA to assist with tax issues and other financial planning issues.

Answer 4

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