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Man with terminal illness wins 20-year annuity lottery jackpot
Man with terminal illness wins 20-year annuity lottery jackpotPosted: 2/1/2007 6:50:08 PM  In December, Wayne Schenk was diagnosed with terminal lung cancer. A month later, he was a millionaire. The 50-year-old tavern owner from Naples, New York, won a million dollars in a New York state lottery scratch-off game. But the Marine Corps veteran doesn't expect to be around to collect all his winnings. To do that, he would have to live 20 years. His doctors have given him a year to live, at most. Under lottery rules for the High Stakes Blackjack game he won on January 12, the jackpot winner receives the cash in annual installments over 20 years. That's $50,000 before taxes. Schenk picked up his first payment last week — $34,000 after taxes. Other than a hunting trip to Alaska, Schenk says he doesn't want to buy anything fancy with his winnings. He says he just wants more time. Source: AP
Amity, Oregon United States Member #3070 December 13, 2003 1190 Posts Offline |
| Posted: February 1, 2007, 6:53 pm - IP Logged |
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Well I would sell my annuity if I only had a year left. But that is just me.-weshar75
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Florida United States Member #6257 August 8, 2004 1396 Posts Offline |
| Posted: February 1, 2007, 7:04 pm - IP Logged |
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Well I would sell my annuity if I only had a year left. But that is just me.-weshar75 Is the annuity inheritable? Can you leave it to family/friends? If you can't leave it, can you sign it over to someone while you are still alive?
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Miss Kitty georgia United States Member #14 November 9, 2001 19016 Posts Online |
| Posted: February 1, 2007, 7:07 pm - IP Logged |
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Well I would sell my annuity if I only had a year left. But that is just me.-weshar75 Yes - it's done all the time. love to nibble those micey feet.
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Sunny SW Florida United States Member #25708 November 5, 2005 4193 Posts Offline |
| Posted: February 1, 2007, 7:30 pm - IP Logged |
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Is the annuity inheritable? Can you leave it to family/friends? If you can't leave it, can you sign it over to someone while you are still alive? Yes, all lottery prizes go to the estate of the winner. I'm not sure I would cash in the annuity if I were dying, unless I didn't have any family at all. Usually the winner would ask a family member to claim the prize, so there would be no inheritance tax. In this case, he didn't win over $2 million so there probably won't be an inheritance tax on the money. By cashing in the annuity and losing so much money, less the taxes, his family wouldn't be left with much. I'm not passing judgment, since we don't know the situation here.
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NY United States Member #24178 October 16, 2005 1471 Posts Offline |
| Posted: February 2, 2007, 12:24 am - IP Logged |
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Selling the annuity will net him less than if there was a cash value option, but he can certainy indulge himself a bit if he chooses. As far as providing for his family, if he has one, he's now got a chance to leave them more than he would for losing any of the numerous games with cash options.
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Sunny SW Florida United States Member #25708 November 5, 2005 4193 Posts Offline |
| Posted: February 2, 2007, 12:58 am - IP Logged |
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According to this article, he has no family and wants the money upfront for an entirely different reason. He asked the Lottery Commission to make an exception so he can receive a new advanced cancer treatment for which he isn't covered. They refused. The caption under his photo is "Wayne Schenk, left, won a million in the state lottery, but only after he had been diagnosed with cancer. Now, Schenk is trying to find a way to get more of the money up front so he can afford state-of-the-art cancer treatment." http://www.mpnnow.com/news/view_story.php?articleId=6231
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Just Guru to You! United States Member #91 January 19, 2002 5295 Posts Offline |
| Posted: February 2, 2007, 9:27 am - IP Logged |
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According to this article, he has no family and wants the money upfront for an entirely different reason. He asked the Lottery Commission to make an exception so he can receive a new advanced cancer treatment for which he isn't covered. They refused. The caption under his photo is "Wayne Schenk, left, won a million in the state lottery, but only after he had been diagnosed with cancer. Now, Schenk is trying to find a way to get more of the money up front so he can afford state-of-the-art cancer treatment." http://www.mpnnow.com/news/view_story.php?articleId=6231 Talk about dangling a carrot in front of you.....maybe he could sign his winnings over to the doctors for his treatment... "Everybody has to believe in something...I believe I'll have another beer!" = W.C.Fields
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Greenwich, CT United States Member #4879 May 24, 2004 1822 Posts Offline |
| Posted: February 2, 2007, 11:02 am - IP Logged |
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Where's CO? I can't wait for him to weigh in on this!
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Coastal Georgia United States Member #2703 October 30, 2003 1868 Posts Offline |
| Posted: February 2, 2007, 11:06 am - IP Logged |
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Where's CO? I can't wait for him to weigh in on this! Shhhh !!!
Be vewy vewy quiet !!!
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