The lottery check

[xsubsailor]

 I didn't want to derail the lottery tax thread with this question but what do you do with the check?

 

If you're handed this little piece of paper with $500M printed on it, what do you do with it, just walk into your local branch of First Tennessee and say " I'd like to deposit this".

 

I really need to know before I pick up my check  :D

 

[Sam1]

I'm sure it's done by transfer behind the scenes.

 

Floyd Mayweather keeps all of his money in a single bank account, so it's feasible.

[monkeylizard]

It's done by EFT. No paper check except the giant cardboard one you'll get to pose with.  :)

[bersaguy]

If I won any large sum of money like that in the lottery I would as soon as possible convert as much of it was I could into Gold and Silver. That way when the big banks fail again I will have plenty put back in a hole in the ground in a place on about 2500 acres I would buy to hide it on and put a security system from Hell on the property on which I lived also. ...........................jmho

[btq96r]

If I won any large sum of money like that in the lottery I would as soon as possible convert as much of it was I could into Gold and Silver. That way when the big banks fail again I will have plenty put back in a hole in the ground in a place on about 2500 acres I would buy to hide it on and put a security system from Hell on the property on which I lived also. ...........................jmho

 

All that gold and silver will be useless if the banks fail I'd imagine.  Who will recognize it as valid currency? 

Edited January 13, 2016 by btq96r

[glowdotGlock]

All that gold and silver will be useless if the banks fail I'd imagine. Who will recognize it as valid currency?

Do banks recognize it as currency now? I'm really asking.

[peejman]

Do banks recognize it as currency now? I'm really asking.

 

 

No, you can't walk into a bank with a couple gold bars and do anything with them other than put them in a safe deposit box. 

[glowdotGlock]

I posted on the other thread but oh well. I would right off the bat give money to friends and family. I would try to convince my 2 lifelong friends with a few million a piece to leave their jobs because who wants to be rich alone? I would concentrate on an underground bunker that can hold 20 or so people. It would be huge and would have storage for food, guns and ammo, medical supplies and so on. I would find some smart young Asian kid and send him to med school to have as backup in the bunker for our doc/surgeon. I would shoot, shoot, shoot everyday and build elaborate ranges and scenarios. I'd be getting .223 and 9mm delivered by the pallet. And I'd probably go all out and buy a lifelong benefactor membership on TGO.[emoji14] Edited January 13, 2016 by glowdotGlock

[xsubsailor]

It's done by EFT. No paper check except the giant cardboard one you'll get to pose with.  :)

 

Ain't gonna be no posing.  

 

The only thing I know for sure that I would be buying is the very best top quality vest for every LE K-9 in the county. BTW: I love dogs. 

Edited January 13, 2016 by xsubsailor

[peejman]

Ain't gonna be no posing.  

 

The only thing I know for sure that I would be buying is the very best top quality vest for every LE K-9 in the county. BTW: I love dogs. 

 

 

Posing with the check is a stipulation of accepting the prize.  They're required to publish the identity of the winner(s). 

[CommsNBombs]

Id be so damn nervous if I won.

Id need to draw a bunch of cash and stash it so no one can randomly sue me for some BS

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[MacGyver]

No, you can't walk into a bank with a couple gold bars and do anything with them other than put them in a safe deposit box. 

 

Fun fact.  There was a COMEX depository beneath the World Trade Center.  It wasn't at the top of the priority list, but clearly they wanted the metals recovered.  It had something like 12 tons of gold and a magnitude of scale more silver and other precious metals.

 

When we excavated to that point and managed to open the vault, each of those gold bars had a number written in Sharpie on the end.  Upon asking about it, we were told that unlike Ft. Knox, each of those gold bars was represented by a contract.  Theoretically, the customer could show up and actually take possession of their gold.

[Sam1]

Id be so damn nervous if I won.

Id need to draw a bunch of cash and stash it so no one can randomly sue me for some BS

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You can draw out what you want, but you will still be sued and some of those will be from your best "friends" and "family".  People have such a sense of entitlement that they believe they deserve part of your winnings too, after all... what did you do to earn that money?

 

Check out that TV show the lottery destroyed my life or whatever it is called, the tips they all have is tell everyone no (I'm at expert level on that one), move away, don't invest in things you don't understand.  Almost every single one of them say your friends and family are what cause the biggest issues.

Edited January 13, 2016 by Sam1

[monkeylizard]

^{Posing with the check is a stipulation of accepting the prize.  They're required to publish the identity of the winner(s).} 

 

 

^{Yep. That's why a smart person gets a lawyer and sets up a blind trust, gives the ticket to the trust, then has their lawyer claim the prize on behalf of the trust. Then there's no mention of your name in public at all.}

Edited January 13, 2016 by monkeylizard

[CommsNBombs]

^{Yep. That's why a smart person gets a lawyer and sets up a blind trust, gives the ticket to the trust, then has their lawyer claim the prize on behalf of the trust. Then there's no mention of your name in public at all.}

I have a NFA trust I never bothered using...think that could be used? Seeming as I also have a lawyer I know

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[Spiffy]

I'm depositing it in my bank account waiting 3 days then taking it out in 20s and 50s.......the back yard is gonna look like we got gopher problems.

 

 

Can you get Mason jars and lids in the winter time? Maybe Amazon will have some.

[Garufa]

 I didn't want to derail the lottery tax thread with this question but what do you do with the check?

 

If you're handed this little piece of paper with $500M printed on it, what do you do with it, just walk into your local branch of First Tennessee and say " I'd like to deposit this".

 

I really need to know before I pick up my check  :D

 

 

Don't need to worry about it right now.  Go find the best CPA and tax, estate and divorce attorneys you can.  They'll let you know what to do.

[monkeylizard]

I'm depositing it in my bank account waiting 3 days then taking it out in 20s and 50s.......the back yard is gonna look like we got gopher problems.

 

 

Can you get Mason jars and lids in the winter time? Maybe Amazon will have some.

 

 

Forget Amazon. I'm pretty sure you're going to need Mason, Inc. to have a few truckloads of jars delivered if you're burying $900,000,000 in $20s and $50s.

Edited January 13, 2016 by monkeylizard

[nightrunner]

How long do you think it will take to get that kind of money out of the bank?

Remember any cash withdrawal over $10,000 immediately gets reported to the IRS, and I'm sure they investigate it.

You know how LE loves to confiscate large amounts of cash if found when searching your vehicle on the highway? I'm sure the IRS gets even more excited. Point is, government doesn't like it when they can't track your money.

[Garufa]

I imagine when you go to officially collect there will be a friendly IRS agent waiting to greet you.

Edited January 13, 2016 by Garufa

[Dirtshooter]

I imagine when you go to officially collect there will be a friendly IRS agent waiting to greet you.

Isn't that an oxymoron, a friendly IRS agent?? Like someone said get a lawyer set up a trust, let the lawyer collect the "check" and your name and picture isn't plastered over the internet!! I would give most to charities like St. Jude's children's hospital.

[btq96r]

I would give most to charities like St. Jude's children's hospital.

 

St. Jude's is a very worthwhile charity.  I have my Amazon Smile account set up to give them a little something every time I buy an eligible item.

 

If I won, I'd also set up a non-profit to find good charities.  Let the employees of my organization do the research and find local charities like homeless shelters, food pantries, other good causes, then give them $10-100k donations.  For a small group, an amount like that could be a big boost to their operating funds and make a big difference.  There would be a lot of money to dot the map and see it put to some great uses.

Edited January 14, 2016 by btq96r

[monkeylizard]

I like Amazon Smile. If anyone here shops on Amazon and isn't using Amazon Smile, then get on it! Just pick a charity and *poof*. No cost to you. Mine goes to the elephant sanctuary in Hohenwald.

Edited January 14, 2016 by monkeylizard

[gjohnsoniv]

You know I've never bought a lottery ticket or scratch off, but I did tonight. Thought what the heck, just a couple bucks.

[rmiddle]

I like Amazon Smile. If anyone here shops on Amazon and isn't using Amazon Smile, then get on it! Just pick a charity and *poof*. No cost to you. Mine goes to the elephant sanctuary in Hohenwald.

 

I use Smile to support the Second Amendment Foundation.  I get to help 2A issues well spending a good amount of my income at  amazon.  Now if they only had a way to do that at Walmart then SAF would be funded enough to go head to head with Bloomburg :)

 

Thanks

Robert