Close Encounter guys!!

Reply #28

CASH Only — Wed, 15 Jan 2003 18:41:16 GMT

tg: The Connecticut Cash 5 is virtually the same as MASS CASH, including how all prizes are paid. MASS' new lottery director needs to make changes, eg, replace MASS CASH with a different kind of pick-5 (like NY Take Five ?), expand the new pick-5 to at least four nights a week, replacing either the MA 6/42 or 6/49, with the other game changed to include a CASH OPTION.

Reply #27

tg636 — Wed, 15 Jan 2003 15:02:57 GMT

I would criticize Mass Cash more than I would any of the other games...I don't know how much ittakes in, but when there is no winner the statekeeps every last penny of the jackpot, nothingrolls over. And then there was the heavilyadvertised guarantee several years ago thatwinners would be paid a guaranteed $100,000 thatproved to be a lie when the state decided therewere an excess of jackpot winners for a drawing.Why not dip into all those weeks when there was nowinner and pay them the $100,000... [ More ]

Reply #26

CASH Only — Wed, 15 Jan 2003 14:43:26 GMT

tg: Were you thinking of me in the above post? I've never said anything bad of your NUMBERS game, or KENO, or your Mass Cash (although I find it strange that Mass Cash is only twice a week, while the Connecticut Cash 5 is nightly, and at least two states have midday and evening Pick 5 games).

Reply #25

tg636 — Wed, 15 Jan 2003 14:29:06 GMT

No more pesty warnings about MA lottery games.In 1991 I was in dire poverty and misery without muchof a clue about how to find a job. I bought a MassMillions ticket and came very close to winning bigtimebut in the true MA shafting fashion didn't even win the$100 that was promised for 4 out of 6. I had 4 out of6, and I matched the bonus number. The other numberwas 1 off, a 42 instead of a 41 I think. It lookedpretty good, like a big payoff was in store...but if youdon't get 5 out of 6 the bonus n... [ More ]

Reply #24

CASH Only — Wed, 15 Jan 2003 12:51:56 GMT

My closet encounter was in the NY Take Five about six years ago. I had four numbers, and was one off the fifth. The prize was $406.

Reply #23

CASH Only — Mon, 23 Dec 2002 08:21:05 GMT

I think many people are buying Powerball tickets (instead of scratch tickets) as stocking stuffers this Christmas. It's a good thing that the cash/annuity choice for Powerball is made _after_ you win (in case certain gift-givers don't know better, and harried ticket sellers mistakenly push the wrong button, since PB tickets cannot be canceled).

Reply #22

CASH Only — Fri, 20 Dec 2002 18:58:50 GMT

Even if the estate taxes are repealed, who's to say they won't come back one day

Reply #21

Thomas Covenant — Wed, 18 Dec 2002 19:01:06 GMT

If you pick an annunity, the payments go to your estate. Let's say you pick the annunity and you die before you get any payments. The IRS wants taxes (about 55%) on the total $160 million before your heirs can get a cent. This has happened before, in texas I think. In that case the lottery commission sold the annunity and released the cash. but it still was a hassle for the heirs. Stay away from the annunity. I would suggest the annunity only if the federal government repeals the estate tax laws... [ More ]

Reply #20

rundown99 — Wed, 18 Dec 2002 18:43:53 GMT

Wait a minute?!?!!?!What DOES happen IF a person dies before receiving all of the payments???? That's the unanswered question of the lottery. The powerball website only says that the money is transferred to the estate. But what happens from there on? One CNN Website (http://www.cnn.com/2001/CAREER/trends/08/22/lottery.financial.planner.focus/index.html) said that if you die two years later, the IRS will garnish the payments until the entire inheritance tax is paid off with interest. But when... [ More ]

Reply #19

Thomas Covenant — Wed, 18 Dec 2002 18:17:12 GMT

RJOh, Heirs as in children, the rest can go jump in a lake.

Reply #18

Thomas Covenant — Wed, 18 Dec 2002 18:14:18 GMT

That's how the annuity provider makes money, this is true in all types of long term investments, If you buy the annuity or if the lottery buys it.

Reply #17

RJOh — Wed, 18 Dec 2002 17:59:14 GMT

What is this talk about heirs, if you have something to give to your relatives or friends, you can give it to them while you are living. I don't know of anyone who plays the lotteries to have money to share with their friends, relatives or charity, but the first question most reporters ask of a winner is how much they are going to give to their friends, relatives and charity. The way I look at it, If you don't ask your friends, relatives or charity for money to play the lotteries and you ever... [ More ]

Reply #16

CASH Only — Wed, 18 Dec 2002 17:43:36 GMT

TC: The profit earned through the annuity (the excess above what was guaranteed to the winner) DOES NOT go to the ticket holder. The annuity provider makes money off the player's winnings, much like if the winner were to sell the annuity to a buyer, who presumably would pay less than the actual value of the remaining payments.

Reply #15

Thomas Covenant — Wed, 18 Dec 2002 17:29:45 GMT

What added earnings? An annuity has a fixed interest rate over a specific period of time. (At least the type of annunity the lottery buys

Reply #14

CASH Only — Wed, 18 Dec 2002 17:22:11 GMT

TC: Taking the CASH means you'll have control over your money. If you tell the lottery you want the annuity, you have no control over 97+% of your winnings, and, whatever is earned by the annuity above the guarantee to the winner DOES NOT get added to your checks.

Reply #13

Thomas Covenant — Wed, 18 Dec 2002 17:12:47 GMT

Get the cash and buy your large purchases first, i.e. house, then put the rest in an annuity.(or tax free bonds, or some other type of low risk investments) That way you get control of your money, and have a guaranteed income. And you don't have to pay a financial advisor to lose all your money in the stock market. However, another thought is that the same financial advisors you find on the internet that suggests the cash option are the same ones that would be making tons of money off you invest... [ More ]

Reply #12

CASH Only — Wed, 18 Dec 2002 15:51:29 GMT

RJ: Unfortunately there is no guarantee that somebody winning tonight would still be alive at Christmas 2031. Don't forget what happens to the heirs if a winner dies before receiving all the annuity payments.

Reply #11

RJOh — Wed, 18 Dec 2002 15:41:18 GMT

With a jackpot of $160M, the cash value is $86.5M and I wonder how many young people who would be investing to have an income for the next 30 or more years would have any idea how to manage that much money. You could seek the advice of a professional, but there are a lot of professionals that expect a large fees even if they are losing your money and giving you bad advice , just look at the high paid leaders of Eron and other companies that are now going bankrupt, the stock analyizers that made... [ More ]

Reply #10

CASH Only — Wed, 18 Dec 2002 13:28:18 GMT

Good luck to everybody playing tonight's $160 million Powerball (assuming all of you want the lump sum

Reply #9

CASH Only — Tue, 17 Dec 2002 18:38:33 GMT

Now if all US lotteries made all games lump sum or with a cash option (except for lifetime prizes). Then we could work on getting all lottery prizes to be exempt from state taxes...

Reply #8

CASH Only — Tue, 17 Dec 2002 02:50:06 GMT

New Hampshire (which has Powerball, Hot Lotto , and NO state income tax) is refuge from people leaving Taxachusetts .

Reply #7

Thomas Covenant — Sun, 15 Dec 2002 03:39:31 GMT

I think it takes 6 months to a year to establish residency in NJ. The powerball ticket expires before then.But that doesn't matter, NJ doesn't take out taxes on lottery winnings only if you are a resident of NJ and win a NJ lottery. If you buy a ticket in RI they will take taxes off the top before you see the check. You can get credit towards your MA taxes from the taxes you paid to RI. But if MA taxes are higher you will pay more. Quote: Originally posted by gary on December 08, 2002I have anot... [ More ]

Reply #6

CASH Only — Fri, 13 Dec 2002 20:10:07 GMT

In other words, Choose Cash or DON'T PLAY

Reply #5

CASH Only — Mon, 09 Dec 2002 22:06:10 GMT

Bug: Until the early 1990s all regular lotto games were annuity-only, which explains why so many of these companies sprung up. Lottery winners who were forced to receive annuities often end up wanting (or having) to try to sell the remaining payments for cash; they lose money TWICE (the first time because they could not collect in lump sum directly from the lottery, the second because the annuity buyer wants to make money, just as the company that sold the annuity to the lottery when the prize w... [ More ]

Reply #4

Bug — Mon, 09 Dec 2002 21:48:30 GMT

I met someone years ago whom was a venture capitalist and purchased the annuities. Apparently he did quite well. The strange thing I've heard, and I don't know if it is true, is that Jackpot winners are in the same situation they were in, broke or without liquid capital, in X amount of years after winning. I suppose that is when the venture capitalist types can step in and get the annuity for ten cents on the dollar.

Reply #3

CASH Only — Mon, 09 Dec 2002 21:35:22 GMT

Gary: I'm sure there are such companies that still exist. Lottery winners that were forced to receive annuity payments (no cash option) are ripped off because they were not able to collect the cash value in lump sum, and therefore could not invest their winnings to their best advantage. I would avoid playing for the annuity AT ALL COSTS so you would have no reason to sell a lottery-bought annuity. The Hot Lotto (in NH) I mentioned would be a good fit for RI (which has no real secondary jackp... [ More ]

Reply #2

gary — Mon, 09 Dec 2002 21:17:48 GMT

NH and CT are too far for me to visit. RI is closer. It is true that MA deosn't allow lump sums. I usually play Big game or PB. I like patterns and picking numbers. Maybe some day Iw ill strike... If and when, I will take your advice and opt for CASH ONLY. Aren't there some companies which buy annuities and pay up CASH. Are they ripoffs

Reply #1

CASH Only — Mon, 09 Dec 2002 01:17:03 GMT

Gary: (I'll leave the tax advice to someone else.) Since you've posted only a few times, my best advice is just make sure you _don't_ play Mass. 6/42 or 6/49 because both games are still ANNUITY-ONLY (yet Mass does allow Mega Millions winners to choose lump sum). I would play Hot Lotto in New Hampshire and/or Connecticut Lotto instead (NH and CT also sell Powerball).

Close Encounter guys!!

gary — Mon, 09 Dec 2002 00:24:44 GMT

I picked last night's PB numbers myself.. I picked 3 18 26 33 48 - 10...I missed the 5 match so close yet so far ... Little depressed. Wanted to share with every one. May be I am getting closer..Atleast my pats won today's game against Bledsoe. So the day wasn't a waste..I have another question. I am Mass guy who picks up PB tickets from RI. If I ever win (I can dream. Can't I?), which taxes do I need to pay? RI or MA? Can I establish a residency in some state like NJ where there are no taxes o... [ More ]