So You've Won The Lottery...

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If a person wins their state's Lotto (regular or "Mega"), and either puts all of the money in the bank, or spends it overseas (or both), could this person be charged with any crime under the law? Could a "Class-Action" or civil suit be brought against this person for failing to spend his or her money within the state? Should the person be compelled to return the money or give some of it away? Should anyone who did not win expect to be entitled to any portion or share of the winnings?

I'm here to claim my prize.

Did you post this in the wrong section? *looks puzzled*

Once it's your money, it's yours to do with as you please, as I understand it.

A lot of the jackpot you win is automatically taken out for state and federal taxes. The government is really the only people whom you are obligated to share that jackpot in that way. The place where you buy the winning ticket is usually awarded a small fraction of your winnings as well ($5000-$100,000 depending on the full jackpot). Sharing your jackpot with others is only an issue if you're married or took part in a pool to win the money. A pool is when people pitch in a small amount to buy lottery tickets and agree to share the prize between the participants if won.

I advise those whose states allow it to claim anonymously if you can. You may have to give a little of your winnings to the lawyer to arrange the trust fund and protect your identity but it's worth it. Winners who release their identities to the public are often forced to move and change their phone numbers because of solicitors that come out of the woodwork asking for money loans from you.

I would think so too.

If I were to win the lottery, I would buy some land, set up a solar farm, and make a profit from adding energy to the power grid.

You are free to put your money in any bank you want and spend it in any country that your country doesn't have a trade embargo or prohibitive sanctions on. However when moving large sums of money out of the US ($10,000 or more I think) one has to report this and there may be some type of tax that has to first be paid.

That all being said, if one came into a significant some of money, it's generally not advisable to put most of it in an ordinary bank account for a few reasons. In the US bank accounts are only insured up to $150,000. If you put one million dollars in the account and the bank lost it on a bad investment (banks invest your money and keep the interest for themselves) or the bank went under, you only get $150,000 back, provided the economy did not collapse and the FDIC funds ran dry (then you would get nothing)...that almost happened a few years ago.

Most interest earning bank accounts, where the person gets to keep some interest their money earns, don't have very high yields compared to other investment opportunities. Super rich people keep most of their net worth tied up in various stocks, bonds, funds, and other investments which either yield a higher return than a bank account, or at least offers a higher degree of protection against loss.

A few follow-up questions ...

Why then would a person who was turned down for a handout by the lottery winner claim to have been "robbed"?

Why would anyone accuse the lottery winner of stealing the money simply because the winner did not share it?

Why would anyone say that the winner, who up to this point had been largely ignored by nearly everyone, had somehow been "changed" by winning?

(Yes, in retrospect, this might not be the appropriate forum.)

Maybe people get very jealous. I 1ce heard that money doesn't change you; it changes the people around you

Why?

I spend money overseas all the time to buy things that aren't sold in Australia. Why should that be a crime ?

I also have some money sitting in the bank.....What difference does it make where it came from ?


To answer the question I thought this thread was about, I would quit my job, pay off my debt, collect a few more animals and live happily ever after. I'd probably take up volunteering at a wildlife shelter...Money would sit in the bank in a high interest account, and I'd live off the interest.

I'm not sure where you're going with this, but I would prefer it if a rich person spent their money on mass producing alternate sources of energy, rather than share their profits with me. I have no need for anything more than what I already have, and neither does anyone else.

If they had agreed to that handout prior and the winner reneged, they might consider that being "robbed."



See above. It's not theft, though, as it's the winner's money and people tend to catastrophize things that don't go there way.



Because they want and do not have some of the money. To them, the perception of their friend as someone who is generous to a fault may not match reality but matches their expectations of getting money.

These are all guesses based on conversations I've had with people about winning the lottery.

Because some folks here in the 'States ahve told me that spending American dollars overseas should be a criminal offense, since they also claim that for every $20,000 spent overseas, another American worker loses his or her job.

The same people tell me that for every $20,000 left sitting in the bank, another American worker loses his or her job. Then they tell me that when this happens, I am literally stealing someone else's income. Of course, these are lifetime union workers who tell me these things - the same ones who told me that buying a Japanese car puts 7 UAW workers on the street.

Yeah, sorry 'bout that ... I was looking for a title that would catch people's eye ... so let's turn this thread to match the title!

I'd quite my job, pay off all of my bills, move back to my home-town, buy the biggest house I could find there, move in, and put up Hanukkah decorations every December just to vex the Fundies.

If American cars didn't suck, people might buy them. Don't make me break out the Consumer Reports 2011 Car Buying Guide and show you how it is.

I'm sorry, but what's more important, me having a reliable car, or union workers having jobs? And to think that most Americans oppose socialism...

Last edited by SammichEater on 02 Jul 2011, 8:41 pm, edited 1 time in total.

No worries. I know exactly how it is. That's why I own a Japanese hybrid car and tell my union relatives to sod off!

I wouldn't worry about it. You need to have money in the bank to look after yourself. Pointless giving it to someone else, only to find yourself out of a job, or unable to pay for medical expenses etc. These type of things really apply to the very very wealthy people, not the average person.

The governments waste so much money its a joke. They should be accountable for issues such as unemployment etc, not making the average person feel guilty about their hard earned money.

Why do you say that? What difference would it make if someone won their millions overnight, as opposed to earning their millions over several decades? Wealthy is wealthy, regardless of how it's acquired.