Where can you put that money if you win?

Reply #4

Bug — Sun, 28 Sep 2003 09:54:45 GMT

If you create an estate in each family members name and then name family members beneficiaries, I think that you can increase the amount of your insurance per account. Not sure, but thought that was how it worked.

Reply #3

hypersoniq — Sat, 27 Sep 2003 21:52:47 GMT

here in P.A. there are zero state and local taxes on lottery winnings IF you are a PA resident.they WITHHOLD 27%, you are responsible for 35% (used to be 39.6% or something like that)... that means you will still owe 8%... one of the many traps lottery winners can fall into because there really is no one-stop source of info on what to do if you win1/2 to 2/3 of ALL jackpot winners of $1,000,000 or more end up worse than they were before winning (a 16Million dollar PA lottery winner had his brith... [ More ]

Reply #2

twisted — Fri, 26 Sep 2003 22:16:04 GMT

I dont think taxes take close to 50% of what you win. Its not like income you have earned so I think it is taxed differently. As Powerball goes it takes away I think 27% federal tax and then your state taxes which I dont think go higher than 8%(MAX). But Mega Millions is different. For some reason they only withhold 25% federal tax and then your state tax you have to pay to the state. But I'm lucky in a way that my legal residency is in NJ but I dont live in NJ right now. I can tell some... [ More ]

Reply #1

hypersoniq — Fri, 26 Sep 2003 21:11:38 GMT

learn all you need here...http://www.fdic.gov/looks like $100,000 per person... per institution. Certain P.O.D. trusts can establish 100,000 per beneficiary insurance. In short, it looks like you would need to spread the love to many different institutions to go solely on FDIC insurance. Certain credit unions can provide members with excess share insurance which bumps the member limit to $250,000 to $350,000.I think I would open enough accounts in different institutions to rack up about $2,0... [ More ]

Where can you put that money if you win?

rundown99 — Fri, 26 Sep 2003 13:03:19 GMT

People on this message forum talk about this system software or that system software. People argue about cash versus annuity. This or that, this or that.... why this?.... why that? But nobody who places their posts or strategies have come close to winning the jackpot!!!!! And believe me, if they did win it, and people asked them how they did it, they wouldn't tell anybody...... A DAMN THING!!!! But considering that the lottery is totally RANDOM anyway, I would be more concerned about what to... [ More ]