Kentucky lottery winner wastes no time claiming jackpot

Comment #44

savagegoose — Sun, 26 Dec 2010 06:21:25 GMT

hehe dont forget the new tax grab for leaving USA with a wad of cash. theres a big chunk i think %25 for trying to take money over seas now, incase they wanna use it and just aint thought of a GOOD reason to claim it yet im guessing.

so yeah take the money and run, but dont forget the taking the money and running tax to.

Comment #43

CutlassBob — Sun, 26 Dec 2010 02:57:43 GMT

Good Job budd. Enjoy your fortune!

Steve Miller Band - Take The Money And Run

http://www.youtube.com/watch?v=jZwLsvO6YTw

Comment #42

savagegoose — Sun, 26 Dec 2010 02:37:24 GMT

oh yeah i would also take the lump sum. at least i get to own the money a little while before its blown on foolish investments, rather than let the state have all the fun with it.

Comment #41

BuyLow — Sat, 25 Dec 2010 16:44:48 GMT

Most states don't let you claim LARGE jackpots at the local or regional offices. Furthermore once you claim the prize it's too late to decide to whom your prize will be paid too ie: trust or LLC.

Comment #40

ttech10 — Wed, 22 Dec 2010 03:53:30 GMT

I too would validate the ticket before talking to anyone, though I would be validating at the local lottery offices and not the main headquarters. With that my attorney could contact the main headquarters with proof that we do indeed have the winning ticket and then we would move on to creating the trust and deciding when to collect.

I'd also have to do that just so I would make myself believe I was really holding the winning ticket.

Comment #39

DC81 — Tue, 21 Dec 2010 03:39:17 GMT

I agree with the anti-annuity crowd, been a part of it for a good number of years now.

Comment #38

awwcrap — Tue, 21 Dec 2010 00:39:40 GMT

My opinion, I wouldn't complain if I won 6 million after taxes,,,, 5 bucks for 6 million dollars,,,hell yeah

Comment #37

brownsy — Sun, 19 Dec 2010 02:13:18 GMT

Good for Him- Mr.Meade deserve his blessings-use it wisely

Comment #36

ecnirP — Sun, 19 Dec 2010 01:07:27 GMT

Some of the best advice I got was to always get your financial advice from someone other than the person who is going to be investing your money. Separate the two. This helps ensure you don't provide a false incentive to someone to invest money in a vehicle that pays a high management fee. Pay one person to give you advice. Pay a different person to manage the money.

Comment #35

Colt45ML — Thu, 16 Dec 2010 06:00:43 GMT

I don't even pay any attention to the annuitized jackpot before taxes. I look for my state's cash option under Jackpot Analysis and as far as I'm concerned, that is the real jackpot amount.

Comment #34

Colt45ML — Thu, 16 Dec 2010 05:48:11 GMT

I ain't gon' sit here and call you stupid and such like a lot of people would, because you're not as far as I can tell. However, do you really think that that last installment will be worth, in real terms, anywhere close to what the first one will be? Goggle quantitative easing, and read up on it. I garrantee that afterward you will have a whole nuther different take on that annuity. Good luck too you, young man.

Comment #33

savagegoose — Thu, 16 Dec 2010 02:52:25 GMT

financial advisers also prob get a percent of money under their management, so ... half a percent on $6 mill is a better wage than half a percent of 300k ea year

Comment #32

HaveABall — Thu, 16 Dec 2010 01:04:48 GMT

It probably would only make sense for this multi-million $ net jackpot winner to OWN these homes himself. Otherwise, it would need to be applied towards his lifetime gifting limit of $1million non-taxed dollars. He could then legally allow the max non-taxed gift to each brother $14K per year to occupy (for free) and maintain -- which would fully cover their hobbies, gasoline, groceries, and utilities.

Now is a great time to buy houses at the all-time low mean price, before the mortgage rates... [ More ]

Comment #31

HaveABall — Thu, 16 Dec 2010 00:44:36 GMT

Bad choice Genome. Please learn, before you win, that collection amount has nothing to do with age; that is why 99% of the multi-million dollar lottery jackpot winner's financial advisors STRONGLY suggest that they collect the lump sum/cash value instead ... then invest that in 5-7 different investment ways and easily bring those sum totals up to the annuity amount within 13 - 19 years. Never spend the principal is the rule for the winner's entire life.

Comment #30

THRIFTY — Wed, 15 Dec 2010 22:19:55 GMT

$6 MILLIONS for $5 QUICK PICKS is not a bad deal.You can count me in, I am not a greedy person.He should put the $6 millions dollars in high yield saving accounts and live off the interest. He can also be generous to his family and friends with the interest that he gets.

Comment #29

Stack47 — Wed, 15 Dec 2010 15:24:55 GMT

The lottery did give Meade the big check for $19.12 million and reported he would get about $6 million after taxes suggesting there is a missing $13 million so it seems they are perpetuating the false advertising image. The average player probably doesn't understand the different between the annuity amount, the cash amount, and taxes.

But I'm surprised as Todd is that some people here on LP don't understand it; especially since it's discussed in depth at least once a month.... [ More ]

Comment #28

charmed7 — Wed, 15 Dec 2010 13:28:48 GMT

WTG MEADE, nice CHRISTMAS present, i agree stack47 i would let it stay in the bank, and take my time consulting

Comment #27

dingo — Wed, 15 Dec 2010 05:50:02 GMT

The Meads will have a nice Christmass this year.

Comment #26

RJOh — Wed, 15 Dec 2010 02:53:06 GMT

On most lottery websites both amounts are shown, at least in Ohio they are. There's no reason for anyone who get their information over the Internet not to know that.

Comment #25

psykomo — Wed, 15 Dec 2010 02:35:37 GMT

Please remember D Little Politco s in Washington

need UR money 2 $PEND on their PET projects!

fish ponds, bridges, amoeba study, sex life ants

condoms cucumbers, Little Debby' snacks how

she makes D chillion get FAT !!!

is not g@@d 4UR HEALTH !!!

no SALT, no SUGAR, no FAT NUR DIET

Comment #24

rcbbuckeye — Wed, 15 Dec 2010 01:37:22 GMT

Seems like every time there is a story where the winner takes the cash value and the amount minus taxes, there are a bunch of posts about false advertising and the government stealing thru taxes.

When I look at how much a jackpot is, I'm doing the math to figure what my take will be with the cash value after taxes. (Assuming/hoping I don't split it with somebody).

Comment #23

multicore911 — Tue, 14 Dec 2010 23:14:32 GMT

i buy my lotto from the same exact store like 2 miles from me. im glad someone that needs the money and had a tough life could win it. to bad it wasent me that would have been sweet.

Comment #22

TheOtherOne — Tue, 14 Dec 2010 22:45:30 GMT

Meade has been lucky at lottery play recently, and another smaller win led to this major jackpot. I bought a $10 scratch-off ticket last week and won $250, he said. I took my winnings and bought a $5 Powerball quick-pick ticket. It was this ticket which netted him the jackpot from Saturday night's drawing

Good for him! I love it when this happens (though unfortunately it has never taken place on this scale for me... yet :) )

But I do love winning a decent prize on scratch offs or lot... [ More ]

Comment #21

dphillips — Tue, 14 Dec 2010 21:34:14 GMT

In my dphillips post, I asked why Mr. Mead would consider helping his brothers. Just in case some of you may think I am not sympathetic, my reasons are:

1. They are still young (and hopefully in good health) -- and they can work (depending upon their careers) and purchase a home.

2. Even if he purchases them homes, his brothers still have to maintain upkeep -- least we forget -- taxes. If, on the other hand they do not pay the taxes, they are bound for foreclose, anway. Having a home is g... [ More ]

Comment #20

Todd — Tue, 14 Dec 2010 21:16:42 GMT

It's so weird to see so many red-faced comments about the cash option and taxes reducing the jackpot payout. If I didn't know better, I would think that the people posting were noobs playing Powerball for the first time!

Of course the cash option payout is much less.

Of course taxes reduce the payout.

Do you guys ever read the Jackpot Analysis page at USA Mega, or what?!

Naturally if you browsed the USA Mega Home page, you would have seen that the $38.24 million jackpot was split bet... [ More ]

Comment #19

jeffrey — Tue, 14 Dec 2010 21:07:02 GMT

Congratulations, sorry to hear about your mother. What a tragedy. At least you made it. I hope you will be wise with your money. Spend only 10% and save the rest. You won't be sorry. I hope you read this. Also, don't be afraid to say no to people. Remember, everyone wants money and many need it but you do too and you count above all the rest in your life. Hope you have a great life.

Comment #18

dphillips — Tue, 14 Dec 2010 20:59:24 GMT

Congratulations to Mr. Meade, a 24 year-old lottery recipient and a lawn service owner. I must give him credit -- at least he is a owner, and he understands owing a business instead of working for someone else: he may have started out working for someone else, but he found it prudent to own his business.

A poster mentioned if he were Mr. Mead and won at 24, the poster would have taken the annunity option. Of course, I could understand the reasoning. Since Mr. Mead is young and his annunity pa... [ More ]

Comment #17

buttercake — Tue, 14 Dec 2010 20:41:48 GMT

congrats

Comment #16

Littleoldlady — Tue, 14 Dec 2010 19:34:48 GMT

If they came up the hard way, they will appreciate whatever he can do for them. Having one's own home free and clear is no small feat these days.

Comment #15

Genome — Tue, 14 Dec 2010 19:31:36 GMT

I would have taken the annuity if I were him. Im only 21 so I really dont need all that money at once.

Comment #14

RJOh — Tue, 14 Dec 2010 19:20:09 GMT

Nice people alway need money but it's the person with correct numbers that gets the money.

Comment #13

Stack47 — Tue, 14 Dec 2010 18:46:28 GMT

Now that's funny

Comment #12

dpoly1 — Tue, 14 Dec 2010 18:19:39 GMT

Some nice person (like me) needs to be the first Mega Millions Jackpot Winner from Pennsylvania tonite

Comment #11

Perfecttiming2 — Tue, 14 Dec 2010 17:47:40 GMT

This young man said he and his brothers have been on their own since the age of 16, which is when their mother passed.........where was their father all that time?

I see the father in the lotto ceremony photo and I noticed the expression on his face; seem very telling (he seem to be glaring at this son from behind).........just wondering where he was during the most difficult time of his children's lives

Comment #10

JWBlue — Tue, 14 Dec 2010 17:45:22 GMT

I have been saying for years that the annuity amount is false advertising.

A few years ago, a guy won a lottery jackpot in a northeastern state that I don't recall and went to court and sued for the advertised jackpot amount to be the cash value amount.

The judge told him that he could return his winning ticket for a refund.

Comment #9

dr65 — Tue, 14 Dec 2010 16:44:18 GMT

......becoming a bank for all of his families wants and needs.....

Yeah, Dad seems to have come back into their lives just in time to reap some benefits.

Comment #8

RJOh — Tue, 14 Dec 2010 16:35:09 GMT

He didn't give anyone who may have thought they bought the winning ticket and lost it a chance to make a claim.

Comment #7

Fla386 — Tue, 14 Dec 2010 15:49:09 GMT

Play Canada lotto, TAX FREE !!!!

Me, I can live nicely bringin home 6 mill

Comment #6

dpoly1 — Tue, 14 Dec 2010 15:30:27 GMT

I hope that Mr. Meade enjoys his win!

I you would win Mega Millions tonite and took the cash, the Feds would steal about $23.24 million from you in taxes .......... and the neanderthals wanted to raise the tax rate!

follow the Constitution of the United States and ride in the front!

and I am hoping that the pick the correct numbers (the numbers on my ticket) tonite

Comment #5

Stack47 — Tue, 14 Dec 2010 15:20:32 GMT

Sleep was not on the agenda for Meade last night. The ticket stayed in my shirt pocket all night, and there was no way I could sleep, he said.

Granted it wasn't the biggest jackpot ever won but when I read wish topics about consulting attorneys and financial planners before validating their tickets, I wonder how people could wait. The money won't be in his account for two weeks giving him plenty of time to get help reviewing his options.

Comment #4

OldSchoolPa — Tue, 14 Dec 2010 14:55:50 GMT

No the federal and state governments only robbed him of 3.0 million. The 19 million figure is what he would have received had he chose to receive the annuity option vice the cash value. The cash value is usually 50% of the advertised annuity amount. But in any case, the guy is lucky and better off than he was before. Now all he has to worry about is not becoming the bank for all of his families wants and needs as well as keeping good track of his spending versus accrued interest and investment r... [ More ]

Comment #3

BaristaExpress — Tue, 14 Dec 2010 14:49:05 GMT

You have to understand that the larger amount is the ANNUITY! The CASH amount is half of the larger number that's always advertised! It's called the bait and switch game to get more people to play!

Meade chose to take the cash option for his winnings, meaning his payout was $9.56 million ( before taxes).

After 25% federal and 6% state taxes are withheld, $6.6 million will be wired to his checking account within the next two weeks.

Comment #2

sully16 — Tue, 14 Dec 2010 14:45:40 GMT

Congrats to Mr. Meade...........only 6 million, that leaves 13 million to the state, robbery.

Comment #1

temptustoo — Tue, 14 Dec 2010 14:33:08 GMT

Lets see how this works.. you win 19 million.. you bring home 6 million.. that really SUCKS

Kentucky lottery winner wastes no time claiming jackpot

Lottery Post — Tue, 14 Dec 2010 14:17:35 GMT

Won $19.12 million from Saturday night's Powerball drawing

Knott County native and Louisville resident Muncie Meade is Kentucky's newest multimillionaire. The 24-year-old lawn service owner today presented a $19.12 million winning Powerball ticket at Kentucky Lottery headquarters.

Meade has been lucky at lottery play recently, and another smaller win led to this major jackpot. I bought a $10 scratch-off ticket last week and won $250, he said. I took my winnings and bought a $5 Powerball qu... [ More ]