Oklahoma Powerball lottery winner claims prize

Aug 2, 2006, 12:54 pm (9 comments)

Powerball

Two men representing a trust claimed the $101.8 million Powerball jackpot from the Oklahoma Lottery Commission, lottery officials announced Wednesday.

The WJW Investment Trust will receive a lump-sum cash payment of $32.8 million after taxes. The winning ticket was purchased at a Broken Arrow convenience store on June 17. Indiana also sells the tickets.

Trustee Richard Barlow and the trust's attorney, David Walls, presented the winning ticket to the Lottery Commission on Tuesday, said Jay Finks, a spokesman for the Oklahoma Lottery Commission.

In a statement released by the trust, the beneficiaries said the trust was created to maintain their privacy and to help invest and manage the proceeds.

"They wish to deal with the funds in a prudent manner in accordance with their own desires, values, and standards," the statement read.

"We are proof that you never know when you might win and you cannot win unless you play," the beneficiaries are quoted as saying.

Jim Scroggins, executive director of the Oklahoma Lottery, said lottery officials were growing concerned that the winning ticket may have been lost.

"That fear has now been put to rest, and it's great to know that the trust and the state of Oklahoma each will benefit as a result," Scroggins said.

Oklahoma will receive more than $1.8 million in state taxes. The federal taxes on the jackpot totaled $11.5 million.

The current Powerball jackpot is $178 million.  The drawing is tonight at 11:00 PM Eastern Time.

AP

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CASH Only

It's especially good to hear of a state's first jackpot winner choosing lump sum. More so if the annuity value is nine figures.

rundown99's avatarrundown99

Wait a minute!!!

 

Does this mean that Oklahoma lottery winners can remain anonymous with the help of a trust?

RJOh's avatarRJOh

For someone who wanted to maintain their privacy, those beneficiaries released a lot of statements to be read on their behalf.  If they say that much privately, then it's likely their friends and neighbors know who they are.

justxploring's avatarjustxploring

I agree with both of you. The article seems to indicate that a Trust will protect the names of the winners. In FL I've seen jackpots claimed in a Trust, but the names of the winners are still printed in the news release.  However, as RJOh writes, these people need to be careful and button their lips if they want to keep their secret hidden from neighbors and relatives. Still, not announcing the names in the paper is a great help and, if I ever win a jackpot, that would certainly save me a lot of aggravation.

DoubleDown

I guess all the worrywarts can just go find something else to worry about now..

I remember seeing headlines wondering who won and when the winners would come forward.

Not everyone goes running down to the Lottery HQ the first business day after the win- some people, like the above,  are SMARTer than that...

 

DD

justxploring's avatarjustxploring

I Agree!

So many times I read on the FL site that "Joe Brown, an 82 year old retired machinist" or "Sally Johnson, a 78 year old retired secretary" won amulti-million $$ jackpot.  It will go on to say they plan to share some of their good fortune with their children and grandchildren.  I'm not an attorney, but the little I know about gift & estate tells me it makes more sense to either form a Trust, LLC or just let one of your children or grandchildren claim the prize when your that age.

Yikes, another bad storm...bye 4 now!  

bellyache's avatarbellyache

I also agree. I think it was a good idea for them to take their time and not go rushing in. I never understood why people have this need for others to come forward right away.

Kidzmom's avatarKidzmom

I think people will claim their prize in their own time depending on their personal circumstances.  My financial planner is a relative and my  lawyer is a relative also , so I will be really good on that end when I win the lottery.  I just feel that if you've been financially planning for years for retirement then you should  have no problem with a large sum of money should it happen. Retirement for me is basically 30yrs off so either way I am planning.  I would more than likely claim my money within a week or two of winning based solely on what I've already been doing in life.

Just6ntlc

Good for them taking cash value. This is a great story.

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