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Always amuses me how the gut reaction of so many people to a large lottery win is to complain about the taxes. Still good though, right? Even if you have to pay a bit back?
There are ways to stretch it out even more. Common wisdom says take the lump sum, but there are investors that will buy the income stream from the annuity for a lump sum that may be larger than what the state will pay.
You could also create a blind trust to accept the winnings instead of your own name, which would save you a great deal of taxes and keep your identity private.
Complain, no. Facing reality, yes. I would like the winner's problem.
Always amuses me how the gut reaction of so many people to a large lottery win is to complain about the taxes. Still good though, right? Even if you have to pay a bit back?
There are ways to stretch it out even more. Common wisdom says take the lump sum, but there are investors that will buy the income stream from the annuity for a lump sum that may be larger than what the state will pay.
You could also create a blind trust to accept the winnings instead of your own name, which would save you a great deal of taxes and keep your identity private.
Now that is "rich man's thinking." I am surprised (and yet not) that people don't often consider such options.
There are ways to stretch it out even more. Common wisdom says take the lump sum, but there are investors that will buy the income stream from the annuity for a lump sum that may be larger than what the state will pay.
You could also create a blind trust to accept the winnings instead of your own name, which would save you a great deal of taxes and keep your identity private.
Firms looking to buy your winnings will not pay more than the state will pay. Yes a trust can be the recient of the winnings but not a blind trust.
Firms looking to buy your winnings will not pay more than the state will pay.
There are companies that do this, mostly for states where a lump sum is not available, and yes, they won't pay more. I'm sure that you may be able to find some investor that would be willing to do this for more than what the state would pay, however.
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Yes a trust can be the recient of the winnings but not a blind trust.
Hrrmff you're correct, it seems NY doesn't let you do that. May be possible if you win a multi-state lottery like Powerball, depends on the rules of the game I suppose.
The moment after Daniel Bruckner realized he had won $208 million remains a blur.
The financial analyst from California, introduced Friday as the winner of the Dec. 27 Mega Millions game, Long Island 's largest lottery jackpot, said he checked his winning Quick Pick ticket just to humor his father-in-law.
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