Mega Millions office pool - legal implications? Forum

[lolschool2011]

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.

[Aqualibrium]

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...

[inchoate_con]

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

[AreJay711]

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

[lolschool2011]

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]

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

[lolschool2011]

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]

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]

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]

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?

[98234872348]

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?

[lolschool2011]

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

[09042014]

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

I'd JD/MBA up.

[bk1]

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.

[98234872348]

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]

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.

[Panther7]

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.

[kwais]

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

[bk1]

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

If you drank it you would probably become immortal.

[SeymourShowz]

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.

[Renzo]

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]

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]

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).

[OGR3]

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]

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.