Lottery question for Rob

Updated on March 24, 2021 in General Stuff
12 on January 30, 2021

Inspired by this video…

Suppose you win a zillion dollars in the lottery. I’ve long had the idea that you’d want to remain anonymous.

My “plan” is to sell the winning ticket to an attorney for 95% of face value. The attorney becomes the winner of record. You remain anonymous. You have attorney-client privilege, plus whatever contract you write with the attorney, to protect you.

I can see the tax side of things screwing this up, but other than that, what’s wrong with the plan? (Beside needing to find an honest attorney… 😁)

 
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0 on January 30, 2021

How do you remain anonymous?

Easy. Don’t tell your wife.

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0 on January 30, 2021

In trust we trust.

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0 on January 31, 2021

Anonymity rules vary from state to state. You can remain anonymous in Texas and in 6 or 7 other states, so in those places it’s moot.

I realize that’s not your question. If the attorney is not your heir, your state may forbid it. But the other thing is, where is the lawyer going to find 95% of 400 milliion?

There are private equity companies that buy these things, like buying death benefits before the decedent goes to that great powerball in the sky. But that doesn’t insure anonymity.

Funny you ask this today. I was just wondering a few hours ago if Bill Gates and Elon Musk and Jeff Bezos can sleep soundly at night. They all have children. One of the Getty grandkids was kidnapped and tortured back in the 60s for ransom. Remember that?

As Forrest Gump’s mom said, A man only needs a certain amount of money. The rest is just for showing off.

I’m against lotteries. Unless I win. Then they’re okay.

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1 on January 31, 2021

“where is the lawyer going to find 95% of 400 milliion?”

That’s the tricky part, isn’t it? You’ll have to wait until he gets paid before you get paid.

That would take some real trust. And an air tight contract.

on January 31, 2021

I too have had the fantasy of having a lawyer go down to the lottery commission and present my winning ticket for me. So it’s a good idea. My wife would not leave our house and neighborhood no matter how much cash she won in a lottery, but she wouldn’t want the neighbors knowing she had won because it would just be awkward. Every time we traded in your car, it’s “Oh … spending a little money, are we?”

“Shut up.”

“Okay, sheesh.”

Even if they didn’t say anything, you know they’d be secretly envious.

If I were the lottery czar in my state, I’d worry about authentication of the power of attorney. How would you know the lawyer really was authorized by the winner to act on the winner’s behalf unless the winner went with the lawyer in person and gave proof of identification in person? And then it would leak out who you were. The press would be ccamoed out there waiting for the lucky winner and his lawyer.

I imagine the lottery commissioners have all kinds of nightmare scenarios, like a lawyer hired by a greedy relative or thief who stole the ticket and has the winner chained up in a basement.

Why the anonymity rules? I imagine that’s to make sure that your creditors, especially including the IRS, and the women to whom you owe child support, get first shot at being paid, not only for their share of the winnings, but also for back taxes and penalties owed from prior years.

I seriously think the lottery causes as much problems as it solves. Maybe there should be some arbitrary limit, like 1000 times the value of the ticket price. And they could maybe have 50,000 winners dividing the 500 million jackpot maybe. I think that’s 100,000 each. Would you be more or less likely to buy a ticket in that case?

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0 on January 31, 2021

I guess the question is whether your lawyer presents himself as the “winner’s agent”, or whether he presents himself as the winner.

My assumption is that the tickets are bearer instruments. You have the ticket? That’s it. It’s yours.

The stuff about the neighbors etc is exactly my thinking. Zillion dollar lottery winners are homeless. Your old circle will always resent you, but the “rich guys” won’t accept you as one of their own, either.

I almost never buy lottery tickets. Once every few years on a lark, maybe.

One complication on all this is video surveillance. The lottery people always know exactly when and where the winner was sold. So the “lawyer front man” strategy needs to extend to the initial purchase. Go somewhere far from home to buy your ticket, and wear a disguise. Covid helps here. A mask, a hat, and sunglasses should do it. But even then, you’ll need a dedicated hat and clothes you never wear anywhere else.

Maybe all this is too much trouble. 😂😂😂

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0 on January 31, 2021

In WA, the radio ads say that you have to consent to let your name be used in promotion if you accept. FWIW.

More interestingly, K and I rented a mother-in-law apartment in a nice neighborhood for a while, back in the late 90s. We actually lived around the corner from a lottery winner. 5 million, at the time. Thing is, the guy’s day job was owning a large construction company. It was just more bulk in his bottom line that year. The only outward sign that he had won anything was a new pool in his back yard (that one can reportedly see from the air flying in; his company did most of the work, too) and his and hers Cadillac STS Sevilles-which was the luxury sedan hotness at the time.  Otherwise, business as usual around their place. Go figure.

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0 on February 1, 2021

Am getting notices for this thread today, but Sid’s from yesterday is the latest one I see. Are there other messages? 

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0 on February 1, 2021

A glitch in the matrix, perhaps. No doubt induced from too much anal swabbing.

It happens.

Here’s a question: Suppose you buy a lottery ticket, and win BIG! I’m talking $500 million, after taxes, BIG!

What do you do?

Don’t pretend we haven’t all indulged that daydream. You know you have.

Here’s my plan: I’m going to build a drive in theater. And I mean the drive-in of all drive ins.

This place will be a “spare no expense” monument to mid-century Googie architecture. My working name is the “El Royale“. 

There will be a yuge sign by the road, and a yuge sign on the back of the screen. The snack bar will, of course, be fabulous. The second floor will include a full service, four-star restaurant and an elegant bar. 

To complete the experience, we’ll get the aluminum “hang on your windows” speakers made. But of course we’ll upgrade the guts to the latest, high-fidelity sound. And maybe even have the old “electric heaters you put in your car” recreated as well, so we can push the season by a month or two on either end.

Admission will be cheap. Maybe $5 or $10 per car. And the snack bar prices will be reasonable. And we’ll have a running promotion where any classic cars or hot rods get in free.

So yes, this place will lose money. Hand over fist. Part of the plan is taking a big chunk of cash and putting it in a trust dedicated to keeping it open.

I figure $25 million will be more than enough to build it, including land acquisition. Another $75 million in trust should be enough to throw off enough cash to keep it running forever. 

So for the low, low price of $100 million, Omaha will get the coolest and most iconic drive in in the history of cool and iconic drive ins.

I’m completely dedicated to this plan. But I still rarely ever buy a lottery ticket…

 

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0 on February 1, 2021

Too much anal swabbing?? Impossible.

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0 on March 24, 2021

I thought some more about this “what would you do?” question, and I suppose I would buy an existing company, like a seed company or a nursery, and work with the city on some beautification projects. I’d give lots of jobs to people and set up a cafe in the place.  Then someone would get food poisoning and sue me.

Give $50 million each to my kids?  Is that really a good idea?  Bill Gates is not leaving his fortune to his kids, or so he says.  One of the big NY financiers who name I don’t recall grew up rich in NYC. When he graduated high school — Carl Icahn, that’s the guy — he got admitted to Columbia and told his dad, who replied, “So?” He was expecting all the tuition money and some walking around money from his father. Sounds like the dad cutting the cord was the best thing that could have happened.  

In terms of what I’d want for myself, I guess a new Lexus.  I’d like a nice pickup truck too, but we only have a 2-car garage, and I wouldn’t want to park it on the street.  I guess I could buy a second house and park the pickup there.  But you see what happens?  All the stuff you buy ends up owning you, because you have to take care of it, insure it, service it, worry about it ….

Then I’d need someone to clean and maintain the second house …. I honestly don’t see how giving me $500 million would change anything for the better.  I already eat and drink whatever I want.   We love our neighborhood, except for the dang leaf blower noise, which there is no escaping.  Buy a bigger house?  For what?  My wife ain’t leaving this one.  And as for a big house, how many rooms can you actually be in at one time?

We also have stories in Texas of dummies buying a huge house with the lottery money, quitting their jobs, and then failing to plan for the property tax and utility bill, in which case … uh oh.

 

 

 

 

 

 

 

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