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Old 11-19-2016, 06:04 PM
 
Location: Coastal New Jersey
56,082 posts, read 54,565,498 times
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I never played that Win $1000 a week For Life game because I figured it would be worth it for the state to pay a hit man to arrange an early death.
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Old 11-19-2016, 06:18 PM
 
Location: Philadelphia
3,082 posts, read 3,168,084 times
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Quote:
Originally Posted by Mightyqueen801 View Post
I never played that Win $1000 a week For Life game because I figured it would be worth it for the state to pay a hit man to arrange an early death.
I play it all the time,it's got the best money for the ticket. For $5 you get a chance at an average of $750,000 compared to usually $20,000 from others. I read the back of the ticket and it said you could also take a cash buyout on that,which is the $750,000...
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Old 11-19-2016, 06:25 PM
 
1,946 posts, read 1,336,830 times
Reputation: 3327
Quote:
Originally Posted by Truth11 View Post
Fyi most winners are generally older people,so apparently it pays off;

I always thought that sucked. Usually they are too old to enjoy it for themselves. They end up giving it away to their kids or close relatives.

It's really sad when an older person wins it and he/she has no kids to help share it with.
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Old 11-19-2016, 06:36 PM
 
Location: Philadelphia
3,082 posts, read 3,168,084 times
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Quote:
Originally Posted by Stockyman View Post
I always thought that sucked. Usually they are too old to enjoy it for themselves. They end up giving it away to their kids or close relatives.

It's really sad when an older person wins it and he/she has no kids to help share it with.
Better late than never,and they usually look pretty happy in the pictures;

If they have no one to share it with I would get satisfaction in sharing it with charities...
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Old 11-19-2016, 07:07 PM
 
9,582 posts, read 8,886,049 times
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Quote:
Originally Posted by FiveLoaves View Post
Just to take a break from all the "Demise of Social Security" threads -- I've got a real good feeling about the PowerBall Tickets I bought at lunch today. The Top Prize is $320 Million -- Cash Option would be about half that.

Just supposing you won a large sum of money, I'm talking multiple millions WOO-HOO !! What would be the proper claiming strategy ??

I think the Annuity Payout is stretched out over 30 years, is the Cash Option always the better choice ??

Do you set up a Trust or an LLC or something ??

How do you minimize the Taxes ?? Is the 5-year Income Averaging thing available ??


Ah, such stuff as dreams are made on......
Tax on the old...shame
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Old 11-19-2016, 07:15 PM
 
Location: Georgia
4,562 posts, read 4,095,369 times
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Quote:
Originally Posted by David A Stone View Post
why buy a ticket if you aren't going to en joy the HUGE winnings?

Being soooooooooo worried that someone might find out would be a good enough reason not to pl,ay.
I agree with Lily. If I won, NO ONE, not even my kids, would know I had won until arrangements were in place. I'd immediately change my phone number, put the ticket in a safe deposit box, and then and talk to an attorney skilled in estate planning in order to organize the winnings in the most tax-advantageous way possible.

I'm thinking that the money would go into a trust, with various family members as beneficieries of the trust, in varying degrees of percentage. With $122 million (after cash payout and taxes), I'm figuring that my family and my husband's family would enjoy the income of 20% of the trust. My husband and I would maintain control of 51% of the trust, and our children would benefit from the income of 14.5% each (enough to provide for some luxuries, not enough to ruin them.)

But, subject to change. :-)

I don't need fancy new cars -- my current cars are fine. I have a lovely home in a great location -- I might freshen it up some and redo the kitchen. I'd set up a separate charitable trust for some projects that I am passionate about.

Then I'd claim the money, and then take a month-long vacation somewhere anonymous and private until the hubbub died down.
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Old 11-20-2016, 07:08 AM
 
Location: MMU->ABE->ATL->ASH
9,127 posts, read 17,141,418 times
Reputation: 9980
Quote:
Originally Posted by Mightyqueen801 View Post
I never played that Win $1000 a week For Life game because I figured it would be worth it for the state to pay a hit man to arrange an early death.

Most states do a $1000/Week with a 10year certain payout,

So if you get hit by a bus on the way out of the lottery office, It still has to pay.

btw: That happened a number of years ago in New York, 1000/week winner did get killed by a bus a few month after he won.
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Old 11-20-2016, 08:05 AM
 
9,151 posts, read 7,214,181 times
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No winner last night. Jackpot up to $359 million for the draw on Thanksgiving Eve. That's a $219.6 million cash value.
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Old 11-20-2016, 11:45 AM
 
4,315 posts, read 2,523,101 times
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Quote:
Originally Posted by LillyLillyLilly View Post
No winner last night. Jackpot up to $359 million for the draw on Thanksgiving Eve. That's a $219.6 million cash value.
If I win, I will announce it here on City-Data .
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Old 11-20-2016, 01:46 PM
 
Location: Las Vegas
13,888 posts, read 25,323,560 times
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Quote:
Originally Posted by Truth11 View Post
Fyi most winners are generally older people,so apparently it pays off;
Maybe I should buy one now!
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