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You never know what the tax rate will be ten years from now. You KNOW that you will probably be paying the lowest rate currently (2018)
I would never consider the annuity; give me the cash.
Biggest complication is the inheritance if you die before the end of the annuity payments. IRS values your estate at the total of the remaining payments (money you haven't gotten yet). So lets say you have 10 payments of 20mm left (200mm). They will want 50% of that the April 15th after your death. So they want 100mm next April yet your estate won't get that money for the next 5 years! Now what? Sell the annuity to a JG Wentworth type outfit for pennies on the dollar? Get a loan?
The other glitch: Money is invested in US treasuries which tend to be safe but only returning about 2-3% interest. If the US ever goes broke......your treasuries (essentially IOU's) are worthless.
Very lucky to be in a state where there's an option to remain anonymous.
And that makes it RIPE FOR CONSPIRACY THEORIES TO GO VIRAL!
I wonder if the tax rolls would expose the winner. 7% state income tax and with this win the ticket holder would probably be this year's top taxpayer in the state.
And that makes it RIPE FOR CONSPIRACY THEORIES TO GO VIRAL!
I wonder if the tax rolls would expose the winner. 7% state income tax and with this win the ticket holder would probably be this year's top taxpayer in the state.
And that makes it RIPE FOR CONSPIRACY THEORIES TO GO VIRAL!
I wonder if the tax rolls would expose the winner. 7% state income tax and with this win the ticket holder would probably be this year's top taxpayer in the state.
Whose to say the single ticket wasn't from an office pool, with 10, 20 or 30 people in it? They still will get a lot of money each, but spread over numerous people.
At my age I'd take the lump sum. We wouldn't need to worry about investing anything. After making some millionaires out of some friends and neighbors, and giving to charity and animal shelters, we'd buy a Winnebago in which to tour the country for a couple of years. After that we'd settle for a nice house on a lake, a big boat and a new car. We'd bank the rest of the money and live nicely off that until we both died.
Just what would you do with that much money? Cash value after taxes is 600 million or more.l.
You put it in the hands of reputable people (lawyers, accountants, financial advisor, trust fund) who know how to manage it. Obviously you don’t want to be scammed or ripped off so you would have to only hire folks who already have plenty of money.
Even if it was just $1 million. Money is so easy to blow if you never earned it or learned how to manage it. Almost 78% of NFL athletes end up bankrupt. 70% of lotto winners end up bankcrut.
Quote:
According to a 2009 Sports Illustrated article, 78% of National Football League (NFL) players are either bankrupt or are under financial stress within two years of retirement and an estimated 60% of National Basketball Association (NBA) players go bankrupt within five years after leaving their spor
And that makes it RIPE FOR CONSPIRACY THEORIES TO GO VIRAL!
I wonder if the tax rolls would expose the winner. 7% state income tax and with this win the ticket holder would probably be this year's top taxpayer in the state.
Pretty soon most states will be this way. They’re pushing really hard for this now but the lottery commission is largely against it.
Very lucky to be in a state where there's an option to remain anonymous.
A huge part of me was hoping it would be in such a state. The public will hopefully be spared any tragic stories of the winner(s) being stalked, harassed, marked for death, etc. unless, of course, they’re dumb enough to come forward. I firmly believe that much money brings more misery than joy. Good luck to whoever won because they will need it.
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