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Conn. man's last lotto ticket wins $10M for widowReply
I've always wanted a Corvette, but I don't think I'll buy one. I'll stick to a small car. I might go to Mohegan Sun, she said, referring to the casino in Connecticut. I'm going to go home and sit and think. In my line of work, I find that it is true that most people will go home. They will sit. But they usually don't think about putting into action the logical and best financial steps for them and their family. I mean she went from saying she wanted to buy a showy car to settling for a smal
Jan 5, 2009, 9:15 pm - OldSchoolPa - Lottery News

Conn. man's last lotto ticket wins $10M for widowReply
RJOh, guess it depends on the family. A few years ago a man won $40 million in FL and gave the ticket to one of his daughters. He said she had a good head on her shoulders and he trusted her to make the right decision. I think he had 4 children and I had the same attitude as you. She was in college and opted for the 30 annual payments. Not a lot of people realize that the IRS will tax a person's beneficiaries on the lump sum even if there are annual payments. Some people have sued the IRS. I
Jan 4, 2009, 11:28 pm - justxploring - Lottery News

Conn. man's last lotto ticket wins $10M for widowReply
Good song, Hearsetrax! Well, at least this woman has good taste in automobiles. I don't understand why she didn't ask one of her children to claim it, however. Sure she might live 10 or more years, maybe even to 100, but there will be a lot of estate taxes to pay when she dies, unless the laws change. If she takes it in 21 annual payments and dies, it will be even worse for the family. The IRS doesn't care if you inherit a structured annuity from a lottery prize. You still have to pay tax on
Jan 4, 2009, 3:38 pm - justxploring - Lottery News

Florida MegaMoney - 76% payout?Reply
Since the subject is MegaMoney, maybe I should start a new thread, but it's still the same subject - RE: Lump Sum Payouts in Florida On Christmas Eve 2 winners split $38 million. Yesterday one of the winners claimed $13,340 which is over 70% of $19 million. I can't imagine taking the 30 year installments now because the lump sums are so high. However, my question is... do annual payments also increase? In other words, if he chose to take annual payments would they be $644K ($19M : 30) or
Dec 31, 2008, 12:15 pm - justxploring - Jackpot Games Forum

Idaho Lottery raffle made a millionaire tonightReply
Heck at least Idaho is going pay all prizes as one lump sum, even the Million Dollars! Now that's the way it should be done! Not like NJ, those A**holes are going to rip the people off by paying the top 3 prizes as annuities! The (3) $2,000,000 Annuity prize will be paid in 20 annual gross installments of $100,000 each. That's Absolutely Chicken**it if anything can be called that!
Dec 31, 2008, 9:40 am - BaristaExpress - Lottery News

Do you still feel the same about Cash Option or Annuity??Reply
yeah im with lj1, my 1st jackpot im taking the cash, when i win my second jackpot ill go for the annuity. taxes can be paid from y 3rd jackpot, and finnaly ill have to thing about donating to a church when my 4th jackpot comes around. hehe seriously tho, its cash for me if i get to chose. i didn tthink it would really matter , but with all the financial disasters a few states in usa did have to sue big banks for the annuities they had invested in , and all that is being paid up n
Dec 8, 2008, 11:13 am - savagegoose - Lottery Discussion Forum

$170 MILLION: Mega Millions lottery jackpot raisedReply
It is actually not accurate since larger JPs accelerate at much higher pace. If I don't take these 170M on tuesday, the next would be already 210, then 270 and then it goes into news and the craze begins... last time indeed the leap was from 270 all the way to 390 for the annuity... This time it is not predictable - given the economy woes, it is possible even the rich guys would play. So we have maximum 4 draws left including the one on tuesday. I have a strong feeling itz been a while sinc
Dec 8, 2008, 1:53 am - barbos - Lottery News

Do you still feel the same about Cash Option or Annuity??Reply
Cash! What if the elected administration decides to do something like tax lottery annuities at a higher and higher rate every year? I'm just saying.... Someone here has or had a sig: You can always buy a better annuity... and you'd do that by taking cash!
Dec 6, 2008, 7:33 pm - Coin Toss - Lottery Discussion Forum

Mega Millions lottery jackpot rolls to $146 millionReply
jarasan, I keep thinking more and more like you. $60m is an intimidating amount of money. I think the stress of trying to manage without taking huge losses would just be too much for me. And could I trust someone else to manage it? That might be as much stress as the other. With an annuity of $4m per year, you can live very comfortably and put money away for 26 years. At the end of 26 years, you still have quite a bit of money and you have lived well. But then to come full circle, LOL, 2%
Dec 3, 2008, 11:32 pm - Piaceri - Lottery News

Is your state a powerball or a megamillions stateReply
To JordanT: yes, mega millions has a cash option payout. Guru: Why does Powerball allow a higher annuity payout with less cash? Specifically.
Oct 10, 2008, 7:40 am - spy153 - Jackpot Games Forum