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With 758 million, a lot of problems can be solved. She can move anywhere, live anywhere, and it can happen NOW. She could buy 1,000 acres, build her own town and hire her own security force. She can instantly build a buffer between herself and anyone she does not want to see. In effect, she can pretty much do anything she pleases.
So I don't see 'coming out' immediately as any kind of major problem.
of that, $24 Million will be taken for State Taxes. (so netting her $335 Million).
And her "final tax burden" will be much higher. Can anyone explain the final tax burden?
The $121.1 million is the 25% Federal withholding tax - she will most likely be paying the highest tax rate. As a single filer, that will be $121,505 + $189.9 million (39.6% of the amount over $418,400) for total of just over $190 million. Of course, she will have adjustments and deductions (ie the state tax paid) so the number will come down a bit.
The $24 million for state taxes is 5%. MA income tax is 5.1% so sh may owe another $4.5 million.
I too was surprised that she came forward so quickly. The recommended process is to get financial and legal help first to help minimize the tax and celebrity burden.
I really hope she is able to handle what she now has.
I don't know how long I could drag myself to my job knowing that I had that much money sitting there waiting for me. But if you up and quit or disappear and they know the ticket was sold in your area then it wouldn't be hard to deduce that you were the winner and you'd have the press and money hunters after your trail.
The smart thing to do would have been to consult a good tax attorney and financial planner to give you advice on what to do to protect the money and let it work for you. If I won there's a few properties I'd be interested in buying and making bids on after I looked at them. If I decided I wanted one, I wouldn't want to wait a few months and let it get sold out from under me.
This woman doesn't sound like a moron, she was a nurse for 30 years. I personally wouldn't the media attention but maybe she wants to be a celebrity for a while. Celebrities live on attention. Anyway, I wish her well. I love a good story where a lottery winner goes to ruin but I don't wish it on them. I'll be just as interested in seeing how its positively changed her life a few years from now.
I would call my financial planner and instruct him to set up a meeting and to procure a CPA and an attorney. If possible, I would keep my identity secret.
The rule of thumb is to keep working for at least a year when you get any kind of windfall. But that kind of money would be so disruptive, I do not know if I could carry on at work.
This woman doesn't sound like a moron, she was a nurse for 30 years. I personally wouldn't the media attention but maybe she wants to be a celebrity for a while. Celebrities live on attention. Anyway, I wish her well. I love a good story where a lottery winner goes to ruin but I don't wish it on them. I'll be just as interested in seeing how its positively changed her life a few years from now.
She doesn't exactly seem like the type of person to seek celebrity status. She didn't even want to talk into the mic at first. I think she is just overwhelmed, and will figure it out.
We had a powerball winner in our community years ago and last I knew they still lived in the same house and the guy did not even quit his job.
I was shocked that she announced her name (already) and went to the lottery officials..... AND she said she quit her job BEFORE evening collecting the money.
I realize she has to identify herself in her state BUT shouldn't she have gotten an attorney and financial advisor FIRST, who will show her how to PROTECT her money. I hope the lottery ticket isn't sitting on her window sill!
If it were me, I would have kept my mouth shut, got an attorney and some good financial advice (AND put the money in a safe deposit box) and then when the time was right, announce that I was the winner.
Her ticket and identity need to be checked and verified (perhaps she did that already but....) I would not have quit my job until the money hit my account. That's just me.
I think she is in for a world of headaches and people begging for her money....She could have offset that by maintaining her privacy as long as possible...
How many of you would have gone on the news the very morning you found out you had won? What would you have done? (financially speaking) ..
Huge Mistake, she will learn the Hard Way. Best thing she can do now is take an extended vacation and while gone find a new home and Move, as far as possible and at this point changing her name is darn near a requirement.
In the unlikely event that I were ever to win the lottery, my primary focus would not be on what I would buy but on how to preserve some sense of normalcy for my family, which would mean protecting our privacy at all costs. I suppose, though, if that were truly my life's priority, then I would not be playing the lottery at all.
The $121.1 million is the 25% Federal withholding tax - she will most likely be paying the highest tax rate. As a single filer, that will be $121,505 + $189.9 million (39.6% of the amount over $418,400) for total of just over $190 million. Of course, she will have adjustments and deductions (ie the state tax paid) so the number will come down a bit.
The $24 million for state taxes is 5%. MA income tax is 5.1% so sh may owe another $4.5 million.
I too was surprised that she came forward so quickly. The recommended process is to get financial and legal help first to help minimize the tax and celebrity burden.
I really hope she is able to handle what she now has.
$758M will cover a lot of bad mistakes, let's not worry too much about her I think she will survive.
I'd buy my sister a house and then give all of the rest of my money to the 2020 Re-Elect Trump Campaign...and I'd make sure the national news media knew it.
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