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It just occurred to me the amazing depth of her stupidity. She spent $6, smashing all of our dreams, BUT SHE DID NOT KNOW HOW TO CHECK HER OWN NUMBERS. She had to ask a coworker.
RULE #1: Tell no one.
RULE #2: Hire a lawyer.
"Too late"
Yeah, that woman should have done some research. There are a lot of good tips in this article Soviet posted a few pages back, for example. Oh well, what do I know? Haha!!!
Ah, yes, that's my source. Terrific advice. I have long maintained that you should take the annuity but that post convinced me I was wrong. I thought you would be taking on a big job (managing your money) that would be full time doing something you know nothing about. With his plan it would take a couple of weeks and you'd be set for generations to come.
Here's the link. The first part is about the sad people like Jack Whittaker, the second is for all who win and want to avoid his fate.
Thank you, Soviet. https://www.reddit.com/r/AskReddit/c...x0&sh=2397445d
search for and publish private or identifying information about (a particular individual) on the Internet, typically with malicious intent.
"hackers and online vigilantes routinely dox both public and private figures"
Maybe there's a small chance she's paranoid about going to a legal firm for a trust. With that amount of money, they would probably assassinate her and take the winning ticket for themselves!
What plan does she have in place? She literally claimed the prize in less than 12 hours from the time it was announced. Hardly enough time to plan.
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That's why Soviet and I posted the link to an old Reddit post that provides some discussion of bad results along with a good plan. Just in case any of us here come up winners. https://www.reddit.com/r/AskReddit/c...x0&sh=2397445d
"My plan is ready now"
But if she didn't sign it, I thought it could be stolen. I'm guessing that she'd be able to fight it using the store surveillance but then she'd be known anyway if there was a legal battle.
Yes, there is that point. I would take a copy of the ticket to a law firm and let them verify with the State lottery people, then get set to deal with the rest of it. Until you have either an LLC or trust in place, you don't want to sign the ticket. No one can read my signature anyway. I PRINT something on the back of mine that identifies it as mine but does not lock in a name, which could be revealed.
Safe deposit box is not a great idea since in case of your death it is a big deal to get in, but if you have a co-owner they could take it.
"Hmmmmm?"
Fact: she filed a claim
Fact: she will wait 4-6 weeks til funds funnel in.
Fact: she won.
Fact: she is an adult. Her money her choice.
Fact:25% federal taken out immediately. 5% immediately to state.
She'll have til December to hire a tax adviser .
Fact: many lottery winners have led decent lives...look up the stats...bringing up Whitaker and the high profiled murder victim as if that is the rule...it's not.
Only those who lost a dear loved one understands the live for today...really does mean just that.
Yes, there is that point. I would take a copy of the ticket to a law firm and let them verify with the State lottery people, then get set to deal with the rest of it. Until you have either an LLC or trust in place, you don't want to sign the ticket. No one can read my signature anyway. I PRINT something on the back of mine that identifies it as mine but does not lock in a name, which could be revealed.
Safe deposit box is not a great idea since in case of your death it is a big deal to get in, but if you have a co-owner they could take it.
"Hmmmmm?"
I guess you can get the box with a co-owner who you wouldn't mind giving the money to but you don't tell them you're putting the ticket in there. I would bring a bunch of boring documents like insurance policies, copies of birth certificates, etc and just tell them to come with me and sign on the box so someone can get it in case I died.
However, I think it's harder than we imagine to stay quiet for the majority of people. It's a big thing to keep inside. I think I would tell my uncle. He's a tight lipped person and a dr so he doesn't need money immediately.
Fact: she filed a claim
Fact: she will wait 4-6 weeks til funds funnel in.
Fact: she won.
Fact: she is an adult. Her money her choice.
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Fact: many lottery winners have led decent lives
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That is a good and fair reminder. I guess the last few months have gotten us(me?) all up in the air and excited. We should chill.
Fact: she is not me, or any of you.
Fact: she is not calling me or you whatever for not winning.
Fact: she is not asking any of us for advice.
I apologize for being smarmy, and hope someone here wins the next one.
I thought that is what YOU said last week? I guess I misunderstood. So please explain it to us?
"The unified credit enables you to give away $5 million (plus the annual inflation adjustments)
during your lifetime without having to pay gift tax.
By using the unified credit during your life, you'll reduce the amount
available to offset the estate tax upon your death."
Your error is in the highlighted portion below:
Quote:
Originally Posted by Crashj007
What was your clue, the stupid grin or the gum chewing? I knew she was an idiot when I heard at noon news she had showed up for her money. Lottery was surprised too, I imagine. They don't even know exactly yet how much she won because the tally doesn't get done for a few days. So I have heard. BTW, she can gift $14,000 to each person per year, up to $5,000,000 limit for her lifetime. Gifts over that SHE pays the tax on the gift So she ends up paying 100% on gift money over 5 mill. 50% when she gets it, 50% when she gives it away.
Damned shame, I'd have been smarter, but I am not as lucky, so I wish her the best. Just hope she goes for a smart law firm, invests in G7 bonds and lives to a ripe old age.
So wasn't the whole joke point of the thread that the lottery is (usually) a tax on stupidity?
"Joke's on us, suckers!"
PS:
Actually they do know how much she gets, they just can't pay it until all receipts are actually in to MSLA.
The annual exclusion has NO impact on the unified credit. So, she can give away gifts up to the annual exclusion amount, to as many people that she wants to, every year if she chooses, and those gifts don't impact the unified credit amount at all.
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