How would you cash a 240 million dollar lotto check?

robert38-55robert38-55 Senior MemberPosts: 3,621 Senior Member
I was just wondering how or what the procedure is for cashing a huge check like this. Let's say you won a 240 million dollar lottery. You go to the state lottery office collect your check and how will one cash that? I mean most banks only insure checking and saving accounts up to about 250,000 dollars FDIC. I know there was a law passed several years ago that requires banks to notify the IRS and DEA if you with draw more than 5,000 dollars IIRC. ( I could be wrong on this one.) If ya took that winning lotto check to the bank and ask them to cash it, would they have enough funds in cold hard cash available to actually give you 240 million in US dollars? I don't know because I ain't never won much more than 200.00 dollars on any type of lotto ticket. I know this; 240 million US Hallelujah's could buy me a lot of guns!!!!!!!!
"It is what it is":usa:
«1

Comments

  • mkk41mkk41 Banned Posts: 1,932 Senior Member
    Don't think ya could cash it unless ya already had 240mil in an account. You would have to deposit it and let it clear. Then , I doubt ANY bank besides the US Mint would have 240mil cash. Besides , even in $100 bills , it would be a box truck full.

    And I believe it's still $10g cash transaction before the bank files the IRS form. I withdrew 15g cash to take to an auction many years ago , and had to sign something for the Feds.
    "There are no victims , only volunteers!"
  • bobbyrlf3bobbyrlf3 Senior Member Posts: 2,411 Senior Member
    I wouldn't. I'd have them wire it directly to my bank account. Then break it up into several other accounts, then put the money to work and retire.
    Knowledge is essential to living freely and fully; understanding gives knowledge purpose and strength; wisdom is combining the two and applying them appropriately in words and actions.
  • Wambli SkaWambli Ska Moderator Posts: 25,043 Senior Member
    I was just wondering how or what the procedure is for cashing a huge check like this. Let's say you won a 240 million dollar lottery. You go to the state lottery office collect your check and how will one cash that? I mean most banks only insure checking and saving accounts up to about 250,000 dollars FDIC. I know there was a law passed several years ago that requires banks to notify the IRS and DEA if you with draw more than 5,000 dollars IIRC. ( I could be wrong on this one.) If ya took that winning lotto check to the bank and ask them to cash it, would they have enough funds in cold hard cash available to actually give you 240 million in US dollars? I don't know because I ain't never won much more than 200.00 dollars on any type of lotto ticket. I know this; 240 million US Hallelujah's could buy me a lot of guns!!!!!!!!

    I would get on the next plane to the Cayman Islands and get to the nearest big bank, endorse the check and let them deal with it, while I get on their computer and start shopping with the new Black Visa card they will give me on the spot so I can entertain myself while they move my money offshore QUICKLY. :tooth:

    Now the real answer. Your don't "cash" a check like that. The last time I had to take $32,000 in cash out of the bank (the most cash I have ever withdrawn in one day) I had to call the bank ahead of time to give them a date a few days later to make sure they even had that much cash on hand at the branch I was going to. When you get there they put you in a room where the branch manager (who marvels at what his yearly salary really looks like in cash :tooth:), a teller and you count the money on a table (yes you have to unbundle the nicelly wraped $100 bill bundles) and when you all agree have the correct amount of money in your hands you sign the fed papers telling them all about your transaction, you put the money in a shoe box and then a cheap plastic bag and walk your puckered butt to your car as swiftly as you can.

    BTW I also had to deposit $26,000 in cash at the same branch. The process is the same...

    If you get a check for $240,000,000, your first trip should be to a personal banker accompanied by your new personal accountant and lawyer. Many banks like JP Morgan Chase, Credit Suisse and others offer these services. They put you in a very nice room where lots of folks come in to kiss your butt and thank you for the business. Then they go through their portfolio of services geared towards folks with nice sized personal fortunes and you get to pick from the chinese food menu with the help of your new "people". Then you sign the back of the check and they take care of the rest. From now on you have monthly meetings with the lawyer and the accountant and like in the braches of government the three of you establish a set of "checks and balances".

    All this works out until you piss away most of your fortune and the rest gets sucked out of you by bad investments and the relatives that you didn't even know you had.

    Then you get yourself a bankrupcy lawyer... :devil:
    "Attack rapidly, ruthlessly, viciously, without rest, however tired and hungry you may be, the enemy will be more tired, more hungry. Keep punching." General George S. Patton
  • jbp-ohiojbp-ohio Senior Member Posts: 8,452 Senior Member
    First thing you do is get a lawyer to set up a trust, then the lawyer gets the check and puts it in the trust. Noone will every see me holding that big fake check on TV. I want to be anonymous.

    Although not showing up for work.... ever, and my new CTS-V Coupe might tip off a few people.
    "The democracy will cease to exist when you take away from those who are willing to work and give to those who would not." Thomas Jefferson
  • knitepoetknitepoet Senior Member Posts: 16,571 Senior Member
    jbp-ohio wrote: »
    . I want to be anonymous.
    Only problem with that is that it is public information in most states and in SOME states they require the winner be identified publicly :mad:
    Seven Habits of Highly Effective Pirates, Rule #37: There is no “overkill”. There is only “open fire” and “I need to reload”.


  • SirGeorgeKillianSirGeorgeKillian Senior Member Posts: 5,458 Senior Member
    No lump sum for this guy. I'll take a million+ every year. That way, no matter how stupid I am with the money, I will always have another chunk coming my way in 11 months.....
    Unless life also hands you water and sugar, your lemonade is gonna suck!
    Wambli Ska wrote: »
    I'm in love with a Glock
  • jbp-ohiojbp-ohio Senior Member Posts: 8,452 Senior Member
    knitepoet wrote: »
    Only problem with that is that it is public information in most states and in SOME states they require the winner be identified publicly :mad:

    Way I heard it, the name given to claim the money is the name of the trust. Not your name. However, I am not attorney nor did I sleep at a Holiday Inn Express last nite...
    "The democracy will cease to exist when you take away from those who are willing to work and give to those who would not." Thomas Jefferson
  • knitepoetknitepoet Senior Member Posts: 16,571 Senior Member
    No lump sum for this guy. I'll take a million+ every year. That way, no matter how stupid I am with the money, I will always have another chunk coming my way in 11 months.....
    :that: :agree:
    I came to that conclusion a LONG time ago.
    EVERYONE seems to get stupid with that much money, at least for a little while. By taking the annuity I'll HOPEFULLY wise up and still have a nice income coming in.

    If it's powerball their annuity payout goes up 4% yearly. Divide the winnings by 56.0849376468 for your first payment, then multiply that by 1.04 for the next and repeat for each additional year (Got that number FROM the folks @ powerball who were nice enough to send it to me in a spreadsheet when I asked)
    Seven Habits of Highly Effective Pirates, Rule #37: There is no “overkill”. There is only “open fire” and “I need to reload”.


  • knitepoetknitepoet Senior Member Posts: 16,571 Senior Member
    jbp-ohio wrote: »
    Way I heard it, the name given to claim the money is the name of the trust. Not your name. However, I am not attorney nor did I sleep at a Holiday Inn Express last nite...

    I'm not a lawyer either, but powerball addresses this in their FAQ
    CAN I REMAIN ANONYMOUS WHEN I HIT THE JACKPOT?

    All but five states (DE, KS, MD, ND, OH) have laws that require the lottery to release the name and city of residence to anyone who asks. Other states may offer to assist you in some way, including such things as the creation of trusts. But generally, you will want to hire an attorney to review the laws in your state to see what options you might have. Photos and press conferences are up to you for most, but not all states. Check with your state lottery to see if photos or more are required. Most of the time, it is advisable to get it over with the press so that you don't have one or more reporters following you around to get that "exclusive" interview. Even if the you can keep your identity secret from the press and the public, you will have to be known to the lottery - so they can confirm that you are eligible to play and win.
    about half way down the FAQ page
    http://www.powerball.com/pb_contact.asp
    Seven Habits of Highly Effective Pirates, Rule #37: There is no “overkill”. There is only “open fire” and “I need to reload”.


  • BuffcoBuffco Senior Member Posts: 6,202 Senior Member
    No lump sum for this guy. I'll take a million+ every year. That way, no matter how stupid I am with the money, I will always have another chunk coming my way in 11 months.....

    Nno... Nonononono.

    And if you die in six months? Lump sum, please. You ain't gonna beat me out of that money.
  • gatorgator Senior Member Posts: 1,679 Senior Member
    How would I cash a 240 million dollar check........With a huge smile on my face :cool2:
    USMC 80-84
    -96 lbs
  • 41 cal41 cal Member Posts: 97 Member
    had a friend that him and his dad won 52million,he took his half put into his bank (big national name).Over the next few years he actually lost money due to letting the bank handle everything.Eventually enough friends told him he should be making money so he found a good accountant that educated him now he lives without getting into the principle.Other than quitting their jobs husband and wife lived pretty much the same as before,they did get a nice house not a mansion,and new vehicles.He did get alot of long lost but ever loving "cousins" show up but refrained and went on with his life. Unfortunately wife passed away, he still lives a pretty simple life except he hunts and fishes most of the year. I hope any of us that won would refrain from going stark crazy like many winners do .
    I was always taught to respect my elders, but its getting harder to find one ...
  • jbp-ohiojbp-ohio Senior Member Posts: 8,452 Senior Member
    41 cal wrote: »
    had a friend that him and his dad won 52million,he took his half put into his bank (big national name).Over the next few years he actually lost money due to letting the bank handle everything.Eventually enough friends told him he should be making money so he found a good accountant that educated him now he lives without getting into the principle.Other than quitting their jobs husband and wife lived pretty much the same as before,they did get a nice house not a mansion,and new vehicles.He did get alot of long lost but ever loving "cousins" show up but refrained and went on with his life. Unfortunately wife passed away, he still lives a pretty simple life except he hunts and fishes most of the year. I hope any of us that won would refrain from going stark crazy like many winners do .

    If I won, I would want land. Lots and lots of land. Distance makes better neighbors than fences...
    "The democracy will cease to exist when you take away from those who are willing to work and give to those who would not." Thomas Jefferson
  • RazorbackerRazorbacker Senior Member Posts: 4,646 Senior Member
    jbp-ohio wrote: »
    If I won, I would want land. Lots and lots of land. Distance makes better neighbors than fences...

    Me and you; same cat.
    Teach your children to love guns, they'll never be able to afford drugs
  • NCFUBARNCFUBAR Senior Member Posts: 4,174 Senior Member
    I think I'd try to cash it as Buffy said in a LUMP SUM as the president/CEO of the non-profit organization I formed with the guidance of the tax attorney I hired along with tax accountant.

    After that figure out how to set it up for me to take take a nice salary for that organization ... a firearms complex for various speical groups like 4H, Wounded Warriors and such. Of course I'd have to live on property to stay on top of the adminstration. Hire the right people and work would be a pleasure PLUS keeping the Gooberment from grabbing any more in taxes than I could.
    “The further a society drifts from truth ... the more it will hate those who speak it."
    - George Orwell
  • hawk18hawk18 Senior Member Posts: 660 Senior Member
    Lots of good advice here but, I'd just put it in my checking account and keep on farming 'til it's all gone.

    Hawk
  • VarmintmistVarmintmist Senior Member Posts: 6,217 Senior Member
    Have land, need fence.

    Pretty sure that the first post would cut the telephone line to.

    At work, they would hear a "pop - clink - thud" That would be the air closing around the place where I used to be, the keys and ID hitting the floor.
    It's boring, and your lack of creativity knows no bounds.
  • BigDanSBigDanS Senior Member Posts: 6,598 Senior Member
    $240 million in a lump sum, invested in insured tax free municiple bonds would yield about 2% these days if you didn't fiddle with the bonds and sell them or buy them when rates vary. That's an annuity of $4.8 million forever.... Or just for fun over $13,000 a day, forever.

    Yes, I would live differently. :up:

    D
    "A patriot is mocked, scorned and hated; yet when his cause succeeds, all men will join him, for then it costs nothing to be a patriot." Mark Twain
    Alcohol, Tobacco, Firearms and Explosives.... now who's bringing the hot wings? :jester:
  • DoctorWhoDoctorWho Senior Member Posts: 9,481 Senior Member
    Geneva Credit Suisse - then there is a Country with My name on it !!!! :jester:
    "There is some evil in all of us, Doctor, even you, the Valeyard is an amalgamation of the darker sides of your nature, somewhere between your twelfth and final incarnation, and I may say, you do not improve with age. Founding member of the G&A forum since 1996
  • cpjcpj Senior Member Posts: 36,662 Senior Member
    bobbyrlf3 wrote: »
    I wouldn't. I'd have them wire it directly to my bank account. Then break it up into several other accounts, then put the money to work and retire.

    What do you mean put it to work? Its 240million freaking dollars. I wouldnt invest a DIME unless it was just for my amusement.
    "I'm here for the guns, hunting, and skirt wearing men."
    Zee
  • NNNN Senior Member Posts: 22,604 Senior Member
    cpj wrote: »
    What do you mean put it to work? Its 240million freaking dollars. I wouldnt invest a DIME unless it was just for my amusement.
    That is my opinion as well.
    My new Signature
  • bruchibruchi Senior Member Posts: 2,582 Senior Member
    No lump sum for this guy. I'll take a million+ every year. That way, no matter how stupid I am with the money, I will always have another chunk coming my way in 11 months.....


    If you take the yearly payments at the end you "get" more cash, takes 20 years to get the entire thing in installments and the taxes will eat about half of that yearly check before it gets to your hands, I believe this is not transferable and will stop when you pass away, not a penny left for your relatives.

    Think that after taxes and the deduction for taking the LUMP SUM payment you get about a third of the prize in cash, in this case that would be around $80 million so you put, actually lock $40-50 million so the interest will be $2 million a year... Do this so you CANNOT touch the principal ever and can only partake on the interest, somewhere it will be safe and where the taxes will not kill you, some say the Cayman Islands are the best place for this but, others Switzerland, some say some island off Canada, never mind, you will HIRE AN EXPERT to guide you through all of this.

    Once this is set you live on half of that interest, add the other half for the pot to grow and "adjust" for the rise on the cost of living, the principal is never touched, it actually grows and when you go away there will be plenty of interest generated for those you leave behind as the principal will remain locked.

    Then you will not even need to touch the interest you are earning for a spell so let it all grow as you still have the remaining $30-40 million in your pocket to pay cash for that private island, all the toys and so on, I mean financial security is paramount, it requires discipline and all of that but geez, you just won a boatload of cash, have a lot of fun with it as well!
    If this post is non welcomed, I can always give you a recipe for making "tostones".
  • SirGeorgeKillianSirGeorgeKillian Senior Member Posts: 5,458 Senior Member
    Buffco wrote: »
    Nno... Nonononono.

    And if you die in six months? Lump sum, please. You ain't gonna beat me out of that money.

    If I get a lump sum, the money would be gone in six months, and more than likely I would't have much to show for it.
    Unless life also hands you water and sugar, your lemonade is gonna suck!
    Wambli Ska wrote: »
    I'm in love with a Glock
  • knitepoetknitepoet Senior Member Posts: 16,571 Senior Member
    Buffco wrote: »
    Nno... Nonononono.

    And if you die in six months?
    Then my wife, kids and grandkids are WELL taken care up for the next 28 years as those checks just keep on coming
    edited to add:
    Look 2 questions below the "Can I remain anonymous" question in the FAQ I linked to above
    WHAT HAPPENS IF AN ANNUITY PRIZE WINNER DIES?

    The estate will handle the lottery prize. A lottery annuity prize is just like any other asset. You can pass any remaining annuity payments on to your heirs or to anyone else. The Powerball game will even cash out an annuity prize for an estate. This may make it easier for the estate to distribute the prize. It also may be necessary to cash out the annuity to pay Federal estate taxes. We will sell some or all of the securities at competitive bid or will even just transfer the securities to the estate. We do not charge a fee of any kind. I think that this misunderstanding may come from the response that the prize "goes to the Estate" and some people hear "goes to the State."
    Seven Habits of Highly Effective Pirates, Rule #37: There is no “overkill”. There is only “open fire” and “I need to reload”.


  • TugarTugar Senior Member Posts: 1,607 Senior Member
    Second thing I would do would be locating a place to build a decent house 3 or 4K sq feet, on some good land, where it could be self-sufficient. Put a few million in trust for repairs and maintenance under a corporation that has to let you live there. Then you can go nuts.

    I'd still take the lump sum. You just set aside what you can afford to blow first.
    Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery.
    Winston Churchill
  • drsfefadrsfefa Member Posts: 397 Member
    No lump sum for this guy. I'll take a million+ every year. That way, no matter how stupid I am with the money, I will always have another chunk coming my way in 11 months.....

    The only reason I disagree with that is I don't trust California to stay solvent!
    Responsible CCW is a lifetime commitment to Avoidance, Deterrence, and De-Escalation.
  • robert38-55robert38-55 Senior Member Posts: 3,621 Senior Member
    :worthy::worthy::worthy::worthy::roll::roll::roll: Some of these suggestions I have never heard of before, but then again I ain't never won 240,000,000 dollars in a lotto either... Well I will keep these in mind folks if I win. Heck, 240 million dollars would be enough to buy each person here a new rifle or handgun!!!!!:beer:
    "It is what it is":usa:
  • robert38-55robert38-55 Senior Member Posts: 3,621 Senior Member
    drsfefa wrote: »
    The only reason I disagree with that is I don't trust California to stay solvent!

    I don't thnk we can trust any state to remain solvent,until some of the state's finanical situtions improve!!!!!!!!!!!!!!!!
    "It is what it is":usa:
  • robert38-55robert38-55 Senior Member Posts: 3,621 Senior Member
    gator wrote: »
    How would I cash a 240 million dollar check........With a huge smile on my face :cool2:
    :agree::that: And as the old saying goes, Laughing all the way to the bank.
    "It is what it is":usa:
  • bmlbml Senior Member Posts: 1,075 Senior Member
    If I get a lump sum, the money would be gone in six months, and more than likely I would't have much to show for it.

    But it would be one hell of a ride for those six months!!
    scottd wrote: »
    The milk of human kindness is often out dated and curdled.

    This is like watching a bunch or **** trying to hump a door knob.....
«1

Leave a Comment

BoldItalicStrikethroughOrdered listUnordered list
Emoji
Image
Align leftAlign centerAlign rightToggle HTML viewToggle full pageToggle lights
Drop image/file