Mega Millions office pool - legal implications?

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lolschool2011
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Mega Millions office pool - legal implications?

Postby lolschool2011 » Tue Jan 04, 2011 4:39 pm

Dear 1, 2 or 3L's, I need some hypothetical pro bono legal advice. I, along with 13 other associates in my office, chipped in $5 each and one of us went to pick up 70 sets of numbers for a $330 Million Mega Millions Jackpot.

How do I legally protect my interest and percentage of the winnings if we do in fact win. I don't want to get burned out of my cut of around 12 Mil, post-taxes.

Please advise, contract specialists.
Last edited by lolschool2011 on Tue Jan 04, 2011 4:43 pm, edited 1 time in total.

Aqualibrium
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Re: Mega Millions office pool - legal implications?

Postby Aqualibrium » Tue Jan 04, 2011 4:41 pm

How do you legally ask someone who isn't licensed to practice law in any state for free legal advice?

A. By phrasing it as a hypothetical...

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inchoate_con
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Re: Mega Millions office pool - legal implications?

Postby inchoate_con » Tue Jan 04, 2011 5:37 pm

Save it for school.... you're sure confront this hypo in class.

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AreJay711
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Re: Mega Millions office pool - legal implications?

Postby AreJay711 » Tue Jan 04, 2011 5:39 pm

Legal Advice? Be the one to hold the ticket and you will at least get your cut.

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lolschool2011
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Re: Mega Millions office pool - legal implications?

Postby lolschool2011 » Tue Jan 04, 2011 6:16 pm

betasteve wrote:
lolschool2011 wrote:Dear 1, 2 or 3L's, I need some hypothetical pro bono legal advice. I, along with 13 other associates in my office, chipped in $5 each and one of us went to pick up 70 sets of numbers for a $330 Million Mega Millions Jackpot.

How do I legally protect my interest and percentage of the winnings if we do in fact win. I don't want to get burned out of my cut of around 12 Mil, post-taxes.

Please advise, contract specialists.

pro-tip - it's not contract law as much as it is property law.


Thanks dude, if I win, I'll send ya $500 for the advice. (hypothetically ;)

HowdyYall
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Re: Mega Millions office pool - legal implications?

Postby HowdyYall » Tue Jan 04, 2011 6:18 pm

dont worry about it fool; you wont win. the lottery is a tax on people who cant do math

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lolschool2011
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Re: Mega Millions office pool - legal implications?

Postby lolschool2011 » Tue Jan 04, 2011 6:20 pm

HowdyYall wrote:dont worry about it fool; you wont win. the lottery is a tax on people who cant do math


It's actually a tax on poor people. I've never actually bought a ticket, this is my first time, and it's because everyone else in my office thought it was a novel idea, in a waste $5 bucks kind of way.

HowdyYall
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Re: Mega Millions office pool - legal implications?

Postby HowdyYall » Tue Jan 04, 2011 6:26 pm

lolschool2011 wrote:
HowdyYall wrote:dont worry about it fool; you wont win. the lottery is a tax on people who cant do math


It's actually a tax on poor people. I've never actually bought a ticket, this is my first time, and it's because everyone else in my office thought it was a novel idea, in a waste $5 bucks kind of way.


oh i see. sorry bud, but as us rich people found out a long time ago, scratch-offs are where it iz at

09042014
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Re: Mega Millions office pool - legal implications?

Postby 09042014 » Tue Jan 04, 2011 6:32 pm

HowdyYall wrote:dont worry about it fool; you wont win. the lottery is a tax on people who cant do math


Actually I think mega millions just surpassed its expected value.

LjakW
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Re: Mega Millions office pool - legal implications?

Postby LjakW » Tue Jan 04, 2011 6:36 pm

Desert Fox wrote:
HowdyYall wrote:dont worry about it fool; you wont win. the lottery is a tax on people who cant do math


Actually I think mega millions just surpassed its expected value.

Really?

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98234872348
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Re: Mega Millions office pool - legal implications?

Postby 98234872348 » Tue Jan 04, 2011 6:39 pm

betasteve wrote:
lolschool2011 wrote:Dear 1, 2 or 3L's, I need some hypothetical pro bono legal advice. I, along with 13 other associates in my office, chipped in $5 each and one of us went to pick up 70 sets of numbers for a $330 Million Mega Millions Jackpot.

How do I legally protect my interest and percentage of the winnings if we do in fact win. I don't want to get burned out of my cut of around 12 Mil, post-taxes.

Please advise, contract specialists.

pro-tip - it's not contract law as much as it is property law.

If they had an agreement to split the winnings when they all pooled money together to purchase a substantial amount of tickets giving them all a chance to win, how is that not a contract?

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lolschool2011
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Re: Mega Millions office pool - legal implications?

Postby lolschool2011 » Tue Jan 04, 2011 6:40 pm

Would you still go to law school if you won this much money? I would, for shits and giggles.

09042014
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Re: Mega Millions office pool - legal implications?

Postby 09042014 » Tue Jan 04, 2011 6:42 pm

lolschool2011 wrote:Would you still go to law school if you won this much money? I would, for shits and giggles.


I'd JD/MBA up.

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bk1
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Re: Mega Millions office pool - legal implications?

Postby bk1 » Tue Jan 04, 2011 6:43 pm

Desert Fox wrote:
lolschool2011 wrote:Would you still go to law school if you won this much money? I would, for shits and giggles.


I'd JD/MBA up.


Spend the rest of my life pursuing as many degrees/lettersaftermyname as possible in search of the mythical PhDWTFBBQ.

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98234872348
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Re: Mega Millions office pool - legal implications?

Postby 98234872348 » Tue Jan 04, 2011 6:44 pm

Desert Fox wrote:
lolschool2011 wrote:Would you still go to law school if you won this much money? I would, for shits and giggles.


I'd JD/MBA up.

I would invest in tons of annuities and day trade on the beach...

09042014
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Re: Mega Millions office pool - legal implications?

Postby 09042014 » Tue Jan 04, 2011 6:44 pm

bk1 wrote:
Desert Fox wrote:
lolschool2011 wrote:Would you still go to law school if you won this much money? I would, for shits and giggles.


I'd JD/MBA up.


Spend the rest of my life pursuing as many degrees/lettersaftermyname as possible in search of the mythical PhDWTFBBQ.


I'd start my own startup that feeds on teh lifeblood of CS interns.

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Panther7
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Re: Mega Millions office pool - legal implications?

Postby Panther7 » Tue Jan 04, 2011 6:45 pm

lolschool2011 wrote:Dear 1, 2 or 3L's, I need some hypothetical pro bono legal advice. I, along with 13 other associates in my office, chipped in $5 each and one of us went to pick up 70 sets of numbers for a $330 Million Mega Millions Jackpot.

How do I legally protect my interest and percentage of the winnings if we do in fact win. I don't want to get burned out of my cut of around 12 Mil, post-taxes.

Please advise, contract specialists.


You already did. You have a valid contract, even if it's verbal. Don't sweat it yo.

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kwais
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Re: Mega Millions office pool - legal implications?

Postby kwais » Tue Jan 04, 2011 6:47 pm

hate to be a party pooper, but I also bought a ticket and I have a really good feeling about it so...

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bk1
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Re: Mega Millions office pool - legal implications?

Postby bk1 » Tue Jan 04, 2011 6:49 pm

Desert Fox wrote:I'd start my own startup that feeds on teh lifeblood of CS interns.


If you drank it you would probably become immortal.

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SeymourShowz
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Re: Mega Millions office pool - legal implications?

Postby SeymourShowz » Tue Jan 04, 2011 7:49 pm

HowdyYall wrote:dont worry about it fool; you wont win. the lottery is a tax on people who cant do math


aka the stupidity tax.

But, yeah I bought a ticket today.
Last edited by SeymourShowz on Tue Jan 04, 2011 7:50 pm, edited 1 time in total.

Renzo
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Re: Mega Millions office pool - legal implications?

Postby Renzo » Tue Jan 04, 2011 8:02 pm

LjakW wrote:
Desert Fox wrote:
HowdyYall wrote:dont worry about it fool; you wont win. the lottery is a tax on people who cant do math


Actually I think mega millions just surpassed its expected value.

Really?

No way. Unless you are assuming it's tax-neutral.

I did a rough calculation once with Powerball, and figured that the after-tax break even point was something north of $500mm, and that assumed that the pot wouldn't be split by multiple winners.

random5483
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Re: Mega Millions office pool - legal implications?

Postby random5483 » Tue Jan 04, 2011 9:43 pm

I heard the chance of winning the Mega Millions is about 1 in 200 million. With a prize of 300+ million the payout will be close to 200 million after taxes. It might actually make sense to buy some Mega Million tickets.

With that said, normally one would want to avoid buying tickets. But the chance of winning is constant every time and when the prize money gets significantly above 300 million it might actually make sense to buy a ticket!


Though I guess we have to consider the chance of only winning half the prize or less due to multiple winners. The math for figuring that out would be well beyond my capabilities.

CanadianWolf
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Re: Mega Millions office pool - legal implications?

Postby CanadianWolf » Tue Jan 04, 2011 9:49 pm

Many lotteries have rules against one purchaser or syndicate buying all possible combinations.
Mega Millions $355 million annuity value is about $150 million after taxes if taken in a lump sum (lump sum payout is $224 million before taxes).

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OGR3
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Re: Mega Millions office pool - legal implications?

Postby OGR3 » Tue Jan 04, 2011 9:50 pm

I spent $11 dollars on tickets today. When I win, I'm finishing out LS and will still complain about debt loads and employment issues. Then I'll graduate and take a $300,000 a year job at a "new boutique firm" started, of course, by me for the sole purpose of fucking with the heads of my classmates. My fellow Pitt grads will LOVE me!

09042014
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Re: Mega Millions office pool - legal implications?

Postby 09042014 » Tue Jan 04, 2011 10:13 pm

OGR3 wrote:I spent $11 dollars on tickets today. When I win, I'm finishing out LS and will still complain about debt loads and employment issues. Then I'll graduate and take a $300,000 a year job at a "new boutique firm" started, of course, by me for the sole purpose of fucking with the heads of my classmates. My fellow Pitt grads will LOVE me!


TCR is pay all your unemployed class mates 40 dollars per billed hour, and take interns to use their Westlaw passwords.




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