General Discussion

yellowcanine

(36,814 posts)

61. Before cashing in, hire a lawyer, accountant, and financial advisor.

Mon Jan 11, 2016, 02:32 PM

Jan 2016

Let them advise you on what to do. But generally, the best strategy is to take the lump sum payment and put it in mutual funds and live off the interest. And try to remain anonymous - if you can, buy your ticket in Delaware, Kansas, Maryland, North Dakota, Ohio or South Carolina. If you can't remain anonymous, at least limit your exposure by keeping a low profile, having unlisted phone numbers, etc., maybe renting rather than owning property - or at least owning property in the name of an LLC rather than your own name. State Lottery Commissions offer advice, referrals, etc which can help you sort out the legitimate advisers from the scam artists. In other words, sign your ticket on the back and put it in a safe deposit box until you get things sorted out as to how you are going to manage the money. Then take some time to plan. Don't make flashy displays of wealth which will only make you feel good for a bit and alert the thieves and scammers.

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No one won Powerball. Next Wednesday's drawing... $1.3 BILLION [View all] NightWatcher Jan 2016 OP

Awesome! That means I'll be REALLY rich by Thursday! The Velveteen Ocelot Jan 2016 #1

They're waiting for US to win!!! :) RandySF Jan 2016 #2

Do you have a link? Snobblevitch Jan 2016 #3

here is the link: No winner of record Powerball jackpot, next draw put at $1.3 billion Douglas Carpenter Jan 2016 #26

Are you sure nobody won? DCBob Jan 2016 #4

Various news Twitter feeds are reporting this NightWatcher Jan 2016 #5

I may get 10 picks Monday. Tennis Magnet Jan 2016 #6

I got one number Yupster Jan 2016 #7

LOL underpants Jan 2016 #9

The powerball site says results pending. Link please! nt Logical Jan 2016 #8

Well, guess I should get a ticket. joshcryer Jan 2016 #10

LINKS! Or you just making up shit? nt Logical Jan 2016 #11

Do you think I have a good chance? rusty quoin Jan 2016 #12

Let's not get worked up...if you take the single payout and allow for taxes, it's only about $429 M brooklynite Jan 2016 #13

ONLY $429 M??????? VMA131Marine Jan 2016 #14

it's hard to believe it today, but, there was a time when $429million was a lot of money Douglas Carpenter Jan 2016 #27

To the 99.99% it's still a lot of money ... VMA131Marine Jan 2016 #58

I take it NY State teaxes lottery winnings? KamaAina Jan 2016 #45

Can someone tell me how to do this? I've never playing before flamingdem Jan 2016 #15

this easiest way is to just ask for a "quick pick" the machine selects your Douglas Carpenter Jan 2016 #28

The truly sad thing in all of this SheilaT Jan 2016 #16

I find it fascinating that so many winners go broke XemaSab Jan 2016 #17

If you win $1.3 Billion dollars... philosslayer Jan 2016 #18

I've known people who... discntnt_irny_srcsm Jan 2016 #34

First of all, it is only $1.3 Billion if you take the 30 year annuity. yellowcanine Jan 2016 #64

I won't address all of your points, Snobblevitch Jan 2016 #20

You're losing money if you take the 20 year annuity TransitJohn Jan 2016 #21

That's assuming the winner actual SheilaT Jan 2016 #22

Why do you keeping writing 20 years? Snobblevitch Jan 2016 #38

Thank you. I had it fixed in my head that it was 20 years, because SheilaT Jan 2016 #40

And make sure you make out a will meow2u3 Jan 2016 #30

It's never the heirs that pay estate taxes. SheilaT Jan 2016 #35

Before cashing in, hire a lawyer, accountant, and financial advisor. yellowcanine Jan 2016 #61

There's a woman here in NC who won a huge payout sometime over the last year or so. cwydro Jan 2016 #31

But hey, it's her money! Until it isn't. See my advice above. yellowcanine Jan 2016 #62

As the saying goes..."A fool and his money..." cwydro Jan 2016 #63

And some are dead davidn3600 Jan 2016 #33

#3 is most important questionseverything Jan 2016 #52

Your MIL might be impossible, but you can buy her a nice house far away. alarimer Jan 2016 #55

If anyone is trying to get through to the Florida Lottery website ... lpbk2713 Jan 2016 #19

I think all of us DUers should get together and buy a shit ton of tickets laundry_queen Jan 2016 #23

I like your ideas. SheilaT Jan 2016 #41

I think it sucks that they have the bar set so high that it can get to 1.3B madokie Jan 2016 #24

From what I've read, this is exactly SheilaT Jan 2016 #42

We buy tickets each week madokie Jan 2016 #46

The odds are astronomical Goblinmonger Jan 2016 #56

here is the link: No winner of record Powerball jackpot, next draw put at $1.3 billion Douglas Carpenter Jan 2016 #25

We're not even playing for the $1.3 billion RandySF Jan 2016 #29

I got the power ball number joeybee12 Jan 2016 #32

Hey, that's a free ticket for the next drawing! SheilaT Jan 2016 #44

I bought an advance play ticket joeybee12 Jan 2016 #50

ok, now that's to buy a football team KG Jan 2016 #36

how can that work out that way? treestar Jan 2016 #37

No, the winning draw was not picked from any ticket. n/t Humanist_Activist Jan 2016 #39

I had read yesterday EL34x4 Jan 2016 #47

Thanks, I get it now treestar Jan 2016 #54

Me and my pal Nelson Muntz have advance-play tickets KamaAina Jan 2016 #43

We should pool our money and buy 1 each of the 292 million possible combos KentuckyWoman Jan 2016 #48

Tickets are 2$ each and if other people pick a winner the jackpot splits NightWatcher Jan 2016 #49

Ahhh.... shows you what I know. I thought the lottery was $1 KentuckyWoman Jan 2016 #51

Many state lotteries are $1. PowerBall is a multistate lottery. yellowcanine Jan 2016 #60

Not to mention the time it would take to fill out all those tickets Egnever Jan 2016 #53

You would need a staff of thousands in place ready to start buying with cooridnated blocks of #s MohRokTah Jan 2016 #57

it is now up to $1.4 billion/$867,900,000. estimated cash value. Douglas Carpenter Jan 2016 #59

My theory - an orgaization or government has hacked the drawing. haele Jan 2016 #65

I have a friend named Patsy. KamaAina Jan 2016 #67

Oooh, if she gets the winning ticket, ask to meet with "her friends"... haele Jan 2016 #68

now up to roughly 1.5 billion or $930,000,000 before taxes if taken in one lump sum Douglas Carpenter Jan 2016 #66

I haven't bought a lottery ticket in 20 years, so this am I plunked down $20 for 10 picks. mnhtnbb Jan 2016 #69