Why register? ...To Enhance Your Experience
+ Reply to Thread
Results 1 to 15 of 15
  1. #1
    MembersZone Subscriber MalahatTwo7's Avatar
    Join Date
    Mar 2002
    Location
    Loco madidus effercio in rutilus effercio.
    Posts
    12,828

    Thumbs up Jackpot winner holds back 49 weeks

    Jackpot winner holds back 49 weeks. Young man says he needed time to think about effects on others

    Wendy McLellan, Canwest News Service Published: Tuesday, July 29, 2008

    VANCOUVER -- You're a 24-year-old single guy and you just matched all the numbers on your 6/49 lottery ticket.

    You just won $3.6 million.

    What's the first thing you'd do?

    Would you tuck the winning ticket in a safety deposit box?

    For 49 weeks?

    "I just needed some time to figure out what was going on, how it would affect me and the people around me," said Peter Dushop, the Maple

    Ridge realtor who finally picked up his cheque for $3,693,414 yesterday at B.C. Lottery Corp.'s Richmond headquarters.

    The one-year deadline to collect on the ticket was just three weeks away.

    "Winning $1,000 is exciting, but $3.6 million is kind of life-changing," said Dushop.

    In his case, it wasn't life-changing right away.

    He bought the ticket for last year's Aug. 15 draw, and a couple of weeks later checked the ticket and realized he was a winner.

    He signed the back, stuck it in a bank vault and kept on working.

    He didn't buy a new car. He didn't buy a house.

    He rents his place, "but that's going to change soon," he said with a smile as he folded his lottery cheque and slipped it away.

    The only person who knew Dushop had become a multi-millionaire was his mom.

    Yesterday morning, he told his girlfriend to expect a big surprise.

    If Dushop had cashed in his ticket 49 weeks ago, an interest rate of three per cent would have earned him about $100,000 on his winnings.

    "I definitely thought about the interest, but in relation to the overall prize, I thought it was worth taking the time to just come to terms with everything," he said.

    Now that he's taken almost a year to think, Dushop said he plans to take a vacation "somewhere hot" and invest his winnings.

    "I'm going to let the money grow -- it's never going to deplete," he said. "I'm a big believer in real estate."

    He also plans to keep working.

    "I want to keep things as they are. I really don't know if I know what's going on yet. There's still a bit of disbelief."

    © Times Colonist (Victoria) 2008


    What would you do?


  2. #2
    Forum Member
    Join Date
    Nov 2007
    Posts
    26

    Default

    i wouldnt wait a year thats for sure.

    I would get a lawyer and have him cash it so my name isnt out there. I have always said if i won, the only person i would tell is my dad. Come up with a story he won big at the horse races and have him give money to everybody.

    I have heard alot of stories of people's lives being destroyed for winning and that would always be a thought in my head. I would like to think i could handle it and feel confident i would, but you never know till it happens and im still waiting for that day

  3. #3
    Forum Member len1582's Avatar
    Join Date
    Feb 2002
    Location
    The State of N.J.
    Posts
    1,389

    Default

    Don't know about a year but I'd wait until I felt I had most of it figured out about dealing with the new status. Alot of parasites come out of the wood work. Including crooked lawyers and accountants that'll "help you keep things in order".

  4. #4
    Forum Member volfirie's Avatar
    Join Date
    Dec 2007
    Location
    Victoria, Australia
    Posts
    558

    Default

    I tick the 'anonymous' box - nobody would know I won the money unless I told them! Would I leave any such winnings for a year before claiming? No way. Would I give up work? I couldn't, because I already have Would it change my life? Of course it would, for one I wouldn't have any concerns about the cost of fuel for my car!
    "Professional" means your attitude to the job...

    Nullus Anxietas ..... (T Pratchett)

  5. #5
    Forum Member
    Join Date
    Apr 2008
    Location
    Ontario
    Posts
    405

    Default

    I was reading the Toronto Sun some years ago, a man had won the lottery not once but twice.

    First was 9 million second time around was less than one million, he is now pennyless!

    He spent all his money on cars homes and a large gambling habit. A divorce took a chunk.

    Makes me think I would spend some.... and lock away a good amount. Some to family, pay off my debts, buy a large house, maybe get a nice car or two, and perhaps a nice cottage home somewhere. I would think that my thoughts are pretty common.

    Cheers

  6. #6
    MembersZone Subscriber MalahatTwo7's Avatar
    Join Date
    Mar 2002
    Location
    Loco madidus effercio in rutilus effercio.
    Posts
    12,828

    Default

    Unlike our "friend" who waited a year to pick up his winnings, I would collect it soonest, and then drop it into a one year term account. THEN, I would spend the next year trying to figure out what to do with it, while it ACCUMULATES interest.

    The stories of people getting big wins and then becoming equally poor after a couple of years is very typical. Most do not invest very well, or not at all in some cases.
    If you don't do it RIGHT today, when will you have time to do it over? (Hall of Fame basketball player/coach John Wooden)

    "I may be slow, but my work is poor." Chief Dave Balding, MVFD

    "Its not Rocket Science. Just use a LITTLE imagination." (Me)

    Get it up. Get it on. Get it done!

    impossible solved cotidie. miracles postulo viginti - quattuor hora animadverto

    IACOJ member: Cheers, Play safe y'all.

  7. #7
    Forum Member len1582's Avatar
    Join Date
    Feb 2002
    Location
    The State of N.J.
    Posts
    1,389

    Default

    volfire... I think if you read the microscopic fine print on the back of some tickets it says the lottery commission has the right to use your picture as a big winner as advertising or have the media present when they give you the 3ft by 4ft check. You say no pics or media, they say no payout.

  8. #8
    Forum Member
    Join Date
    Mar 2004
    Location
    Memphis Tn,USA-now
    Posts
    5,436

    Default

    Are you kidding?I'd hold a press conference:"As a result of my winning $3.6 million dollars from the lottery,the following people may now line up-Sheriff,would you show the people where the line starts?Thank you.Here,go buy your wife a new car.They may line up where Sheriff Justice is standing and proceed to kiss my lily white axe."
    Then I'll unroll a list that rolls off the dais and down the aisle a ways:"LISA,yer first,then Dee Dee,Susie,et cetera,et cetera et cetera."
    And yes,I would buy my own fire truck,pull it up to my boss' house where I think the bedroom is at 0130 and hit the Q to see if he's awake or not.

  9. #9
    Forum Member AZFF25's Avatar
    Join Date
    Aug 2006
    Posts
    571

    Default

    I'd blow it all on hooker's or whatever they're called these day's.
    __________________
    "Too many freaks and not enough circuses!"

  10. #10
    MembersZone Subscriber
    Join Date
    Nov 2001
    Posts
    2,983

    Default

    I am still waiting for the superlotto to tell me I have won. I keep buying tickets that don't win.

    However, on the bright side,I think it is up to $40M now, cash payout is about $25M if you take the one-time cash payment, deduct federal taxes and I still end up with about $8-$9 M. I could manage that. I already know what I would do with the money. As soon as I saw I won, I would sign that puppy, and mail it in. I have a Plan A, B & C.

    You are also correct about the disclaimer about using your name as a winner. By signing the form, you give them the right to use your name, likeness, in advertising.

  11. #11
    Forum Member volfirie's Avatar
    Join Date
    Dec 2007
    Location
    Victoria, Australia
    Posts
    558

    Default

    Nah, you're in the wrong country! Say 'anonymous' here, and thats it, no disclosure allowed. And the winnings are tax-free as well
    "Professional" means your attitude to the job...

    Nullus Anxietas ..... (T Pratchett)

  12. #12
    MembersZone Subscriber
    Join Date
    Nov 2001
    Posts
    2,983

    Default

    Well, if I win the big one, I plan on moving to Australia (pending government approval). There is nothing to keep me on this continent. I can take my degree anywhere (and my money $$$)

    I think it should be tax free. Why should the government get a cut of my lottery money? I also like the idea of being anonymous.


    sigh... it is always nice to dream about winning that big one.....
    Last edited by superchef; 07-31-2008 at 12:20 PM.

  13. #13
    MembersZone Subscriber MalahatTwo7's Avatar
    Join Date
    Mar 2002
    Location
    Loco madidus effercio in rutilus effercio.
    Posts
    12,828

    Default

    As long as I remain a Citizen of Canada, any winnings that I might collect while in the US would be TAX FREEEEEEEEEEEEEEEEEEEEEEEEEE

    Of course I have to meet "God" 1/2 way by at least BUYING a ticket first.
    If you don't do it RIGHT today, when will you have time to do it over? (Hall of Fame basketball player/coach John Wooden)

    "I may be slow, but my work is poor." Chief Dave Balding, MVFD

    "Its not Rocket Science. Just use a LITTLE imagination." (Me)

    Get it up. Get it on. Get it done!

    impossible solved cotidie. miracles postulo viginti - quattuor hora animadverto

    IACOJ member: Cheers, Play safe y'all.

  14. #14
    Forum Member
    Join Date
    Mar 2004
    Location
    Memphis Tn,USA-now
    Posts
    5,436

    Default

    Like the late Jay Hickman said"You let me hit for $52 million dollars,I'm gonna buy me a yacht,a case of Scotch,a kilo of coke,50 hookers,you come back in a month you'll find a broke hungover seasick overf***ed HAPPY God****ed lottery winner!"

    I thought about that last night as I toted up how much I'd won on Powerball.I matched one number and the Powerball numer three times,I matched the Powerball on all 5 lines and I'd matched two numbers and the Powerball on two lines.
    I'm filling the truck all the way this time!At the full service pump!Nothing but first class for the Bundys today!
    Last edited by doughesson; 07-31-2008 at 12:44 PM.

  15. #15
    Forum Member
    Join Date
    Feb 2005
    Location
    Somewhere
    Posts
    478

    Default

    State Sunshine Laws in Idaho require that that Lottery winners be identified.

    However, there maybe loopholes.

    I used to work for a bank, and saw a couple of these. A bank will accept any negotiable instrument for deposit. Technically a winning lottery ticket is a negotiable instrument. If you are friendly with your local bank, you may be able to open an account by "depositting" the winning ticket and waiting for the bank to get your money. That requires a bank willing to work with you. Most of us don't have that kind of relationship with our bank.

    Second way requires you to work closely with a lawyer. Certain kinds of trusts don't have to publically identify beneficiaries of the trust (check with your local attorney). Start a trust, have the attorney claim the winnings in the name of the trust. State could only use the name of the trust in their news releases.

    There are probably a couple other ways an imaginative lawyer could figure out.

    Note: none of the techniques are designed or intended to avoid any tax obilgations on the winnings.

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Zephyrhills Holds Pasco County to Contract
    By captstanm1 in forum Florida
    Replies: 0
    Last Post: 07-26-2005, 04:08 PM
  2. Replies: 0
    Last Post: 07-01-2005, 05:41 PM
  3. Winner, Winner, Lawsuit Dinner...(funny)
    By CALFFBOU in forum The Off Duty Forums
    Replies: 2
    Last Post: 07-30-2004, 01:32 AM
  4. NFPA Holds Emergency Summit to Re-Consider Codes, Enforcement
    By CollegeBuff in forum Firefighters Forum
    Replies: 1
    Last Post: 03-13-2003, 08:06 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts