Mega-Millions Jackpot is now over a half billion dollars

[bjl584]

U.S. News - Mega Millions jackpot hits $540 million -- and could go higher

[disneysteve]

I admit it - I'm going to buy tickets. What the heck? I could use half a billion dollars.

[GREENBACK]

I'm in two different pools on this. Now my odds are only about 80 million to one

[kv968]

Winning that would definitely shed a new light on investing (i.e. wouldn't really have to)

[disneysteve]

Winning that would definitely shed a new light on investing (i.e. wouldn't really have to)

I was thinking about that. The cash lump sum is over $300 million. What exactly does one do with a check for $300+ million? Can you just walk into your bank and deposit it?

[kv968]

I was thinking about that. The cash lump sum is over $300 million. What exactly does one do with a check for $300+ million? Can you just walk into your bank and deposit it?

Well with FDIC being only $250,000 I'd say you'd be better off buying short-term U.S. treasuries in the meantime.

I think the smartest thing you could if you win (unfortunatley you won't though since I have the winning numbers ) is to contact an accountant and a lawyer and get everything set up before you claim the winnings.

I remember recently reading something about a woman in RI I think it was that won a big jackpot and when she claimed the prize she actually claimed it under an LLC. Not sure what that exactly did for her but I'm sure it helped in some way. Maybe took away some possible liabilities or something.

That's the funny thing I find with all of this. On this board there's some great advice and opinions but when you're talking about THAT kind of a windfall I think we can all admit, at least I know I can, that we'd be at least a little uneasy with what to do exactly. I mean I know there'd be no worry for anything monetary ever again in your life but the little details on how to go about it (at least in the beginning) seem a little overwhelming. Although as everyone would say, "I'll take that problem and gladly figure it out".

[GREENBACK]

contact an accountant and a lawyer and get everything set up before you claim the winnings.

This could have me scrambling. What person or firm would you go to? I would definitely do an exhaustive search here. I definitely wouldn't put it in one person's hands to take care of. There are plenty of folks out there willing to "help" you out here.

[kv968]

This could have me scrambling. What person or firm would you go to? I would definitely do an exhaustive search here. I definitely wouldn't put it in one person's hands to take care of. There are plenty of folks out there willing to "help" you out here.

I've thought the same thing. No offense to anyone out there but I don't think I'd be going to H&R Block to get my tax help or the lawyer down the street for all my legal advice. Although becoming a "muppet" for Goldman Sachs might not be the obvious answer either

[BudgetSurgeon]

WHEN I win tonight, one lucky recipient on this board will receive a FULL debt payoff from me. Which of you lucky chaps will it be?????

[kv968]

WHEN I win tonight, one lucky recipient on this board will receive a FULL debt payoff from me. Which of you lucky chaps will it be?????

I don't have much debt at all but if you do win let me know and I'll see what I can do to up it quickly

[disneysteve]

This could have me scrambling. What person or firm would you go to?

I already have an attorney and accountant so I'm set once I get that check.

[GREENBACK]

I already have an attorney and accountant so I'm set once I get that check.

I understand that but is he/she ready or capable of handling such a large amount of money and all the big challenges ahead?

[kork13]

I already have an attorney and accountant so I'm set once I get that check.

No fair! Both your attorney and accountant are family!!! (if I remember correctly)

[disneysteve]

I understand that but is he/she ready or capable of handling such a large amount of money and all the big challenges ahead?

I think the attorney firm is. They do a good deal of estate planning and such. The accountant may or may not be but I trust him (he's my cousin) and if he feels I need additional help, I would trust his referrals.

[riverwed070707]

So my officemates have a pool and have been talking all day about whether they would give their two weeks notice or just not show up the next day...am I the only looney one who wouldn't quit their job?!

Debt Surgeon -- I'd take you up on that and it wouldn't make that big of a dent in your winnings. Wiping out $9k SLs and $60k mortgage would have me sitting pretty nicely!