If I were to win the lottery, I’m pretty sure that I’d be going round drinking champagne, and spending at least a little bit of my winnings, before taking the rest, and investing it in a nice fund! However, a couple who have two children in Chicago, decided not to make their win known.
Having won the Lottery for Illinois, they then decided not to tell any of their friends, or even their two children. Instead, the husband will be continuing with his business, albeit a small one. They’ve also decided that the secret will be kept hidden in their bank account, to ensure their children have a good working mind.
It’s real unusual. Most people, they’re ready to jump on it. They want to go on TV, they want to tell people.
It was in a gas station that they bought their winning ticket, and to be able to keep their names secret, it was paid out to a limited company, which their attorney created for this reason.
However, these are the only ones who’ve created a separate entity to get their hands on the money. Around 20% of those who claim prizes about $1 million do this, however, these are still the first to form an entire private company for this purpose. They will also be able to ulitise tax benefits and keep it quiet from the public.
When claiming your prize money, you are also agreeing that you are willing to be a part of interviews, and appear in promotions. They also like that this shows the public that this is the real deal, and that the money isn’t being filtered off to some unknown place, but to the right winner! However, despite the money you may be getting, you’re also signing up to a crazy few weeks.
When the $40 million jackpot was won, it was the largest in history for Illinois lottery, which created a big stir. The winner actually received death threats demanding money, and he wouldn’t be able to go to the pub without being recognised.
To help shield their names, the private firm can be named using their attorney’s name, which means that none of their information is ever filed on the documents with the secretary of state’s office.
This can cause some difficulty, as with prizes over $1 million, the Lottery rules say you need to be available for a press conference. The information of whom the funds are paid to, must also be made public, as it’s being paid by the state, and is necessary under the Freedom of Information Act.
If someone has a good reason not to do it, we’ll listen and we’ll agree to what they’re asking. If you have a $300 million prize, you better have a pretty good reason.
Luckily for this couple, the management company was going through change, and so they did manage to escape any kind of press conference, which helped to ensure they could not be identified.
All the couple plan to do is, pay off debt, save money for their children’s college fees, and to give to charity. And the rest… I guess to invest.