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Old 01-29-2019, 06:54 PM
 
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i set up a trust that would only let me have a fix amount per years, so it last till i die
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Old Today, 08:51 AM
 
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Originally Posted by brownbagg View Post
i set up a trust that would only let me have a fix amount per years, so it last till i die
Everyone claims this is what they would do if they win, and Im sure winners in the past previously said the same things...but once you actually win, its a little different, your mind starts working overtime on everything you can now do.


ID like to see more winners in states where lottery winnings are not taxed, there are only a few, but they are out there.
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Old Today, 09:35 AM
 
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Originally Posted by rstevens62 View Post


ID like to see more winners in states where lottery winnings are not taxed, there are only a few, but they are out there.

the federal tax is where the hurt is........37%!

state tax is usually 5-10% which seems like nothing compared to federal
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Old Today, 09:36 AM
 
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Originally Posted by LillyLillyLilly View Post
How would the ex find out? Do lotteries check for recent divorces? I know they check for any child support owed.
and outstanding tax liabilities too!
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Old Today, 09:51 AM
 
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Originally Posted by tempratt View Post
He needs to speak with an attorney and a cpa. Setup an LLC under which to collect.

Then move to an area where there are others that make him look like a pauper. He could blend in, have nice toys and a nice home and wouldn't stickout.

https://www.youtube.com/watch?v=L3DxKel9a38
This first winner profiled was David Lee Edwards- won 1/4 of a 280mm jackpot, worked out to be about 27mm net. Blew it in less than 6 years and died shortly thereafter penniless.

His plan was to move to a fancy area, so his toys could "blend in." They didn't blend in, guy had like 12-14 cars in his driveway from Rolls Royces to Lamborghinis. Local paper did a story on him and he couldn't remember the names of some of the cars. Tons of loser hanger-on druggie friends. House got foreclosed for not paying the HOA fees, he then moved into a warehouse.

The person who was well balanced before the win would have the highest chance of being successful after the win. Athletes/musicians have similar issues, if they were well balanced before the big payday then they have a shot at long term wealth. Edwards was an ex-con with drug issues, he didn't have a chance!

If he took the payment stream instead, he would have netted about 1 mm a year for the next 25 years. Maybe, just maybe then he could have lasted longer but even then the payment stream people can get in over their heads if they get jammed up with payments on everything.

https://www.usatoday.com/story/news/...ess/595927001/
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Old Today, 11:30 AM
 
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Originally Posted by City Guy997S View Post
the federal tax is where the hurt is........37%!

state tax is usually 5-10% which seems like nothing compared to federal
If its not considered taxable income, federal tax would not apply either, right?


I cannot think of the states, but I know its not many that do not view lottery winnings as taxable income, maybe 3 at the most..?
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Old Today, 11:58 AM
 
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Quote:
Originally Posted by City Guy997S View Post

If he took the payment stream instead, he would have netted about 1 mm a year for the next 25 years. Maybe, just maybe then he could have lasted longer but even then the payment stream people can get in over their heads if they get jammed up with payments on everything.

https://www.usatoday.com/story/news/...ess/595927001/

I recall reading about some of them using one of those companies that buy annuities for a fraction of their worth. They had good intentions when they took the annuity option, but they never learned delayed gratification. They want everything immediately, and they want it so badly that they don't even think about the long term impact. They can't even think far enough ahead to know that the money will be gone in a year or two, let alone what they will do when the money is gone.
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Old Today, 11:59 AM
 
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Originally Posted by rstevens62 View Post
If its not considered taxable income, federal tax would not apply either, right?


I cannot think of the states, but I know its not many that do not view lottery winnings as taxable income, maybe 3 at the most..?

LOL that would be nice, but no. The feds don't care about state laws, they take their 37% if you live within the United States of America.
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Old Today, 12:09 PM
 
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Originally Posted by LillyLillyLilly View Post
LOL that would be nice, but no. The feds don't care about state laws, they take their 37% if you live within the United States of America.
It would not bother me as long I have my million dollars after 37% is taken out
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Old Today, 12:14 PM
 
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Originally Posted by MoneyMoney12345 View Post
It would not bother me as long I have my million dollars after 37% is taken out
Me too. A million after taxes would suit me just fine.
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