Welcome Guest
Log In | Register )
You last visited December 9, 2016, 8:24 am
All times shown are
Eastern Time (GMT-5:00)

Ohio couple hits lottery jackpot

Ohio LotteryOhio Lottery: Ohio couple hits lottery jackpot

Even before they won a $1 million prize in the Ohio Lottery, Gregory and Shelley West, of Marietta, were winners to their next door neighbor, Edee Starcher.

"I'm so excited for them. They are perfect neighbors," Starcher said.

"If Shelley makes a wonderful dessert, she'll bring some over and say, ‘Finish this.'"

The couple visited Starcher, of 622 Seventh St., Sunday to relay the good news that they had just won one of the 20 prizes of $1 million in the lottery's $200 Million Cash Spectacular instant game.

The Wests, of 620 Seventh St., chose a cash option and filed a claim at the Athens' regional office Monday for a lump sum of $357,500. They could have taken $50,000 annually for 20 years, adding up to $1 million. The Wests were unavailable for comment Tuesday.

"The numbers are so big I can't even compute them," Starcher said. "They came over Sunday and asked me to confirm what they were seeing."

The winning ticket was purchased at Marietta's Giant Eagle in the Frontier Shopping Center, only blocks from the Wests' own Seventh Street neighborhood. The store will receive an agent bonus of $10,000 for its part.

"It's great," Don Booth, store manager, said. "We're all tickled to death for them. The Wests are regular shoppers here — real good people. You always hear about someone winning in Cleveland or some place. This is pretty neat."

It's the first time in his 29-year career that his store had a $1 million prize winner, Booth said. He made some phone calls Tuesday to other store managers around the state to find out what happens next.

"It gets credited to this store," he said of the bonus. "All the other managers could say was ‘Wow.' It's the top prize in this game."

Starcher said her dogs love Gregory West.

"One year he gave my (dog) Annie white roses for Valentine's Day," she said. "That's just the kind of people they are. I certainly hope this doesn't make them move."

There is bound to be a period of change and lots of decisions for major money winners, said Robert W. Voisinet, certified financial planner with Raymond James Financial Services, 132 S. Fourth St.

"The first thing to do is say a little prayer of thanks," Voisinet said.

That being done, this investment specialist calls for some deft management of funds.

"Stick the money into a money market fund right away," Voisinet said. "This gives you time to think and to plan. Next, get an unlisted phone number, pay off your debts, and find a good financial planner."

If you don't have an expert to help with the newfound resources, interview two or three planners before making a choice, he said.

"Ask up front what services are offered and how he or she is paid," Voisinet said. "There are other issues too, like estate planning and insurance planning."

What not to do is "blow" the money won.

"Buying things not needed, blowing the money — it has happened to lottery winners before and certainly is not a good idea," he said.

Bill Page lives in the 500 block of Seventh Street and doesn't think he knows the Wests, although he might recognize them if he saw them out walking or mowing the lawn.

The big win was news to Page.

"Good for him," he said. "A million — wow — I'd go into shock."

This neighbor doesn't play the Ohio Lottery and never has.

"Maybe I ought to start," he said.

Marietta Times

We'd love to see your comments here!  Register for a FREE membership — it takes just a few moments — and you'll be able to post comments here and on any of our forums. If you're already a member, you can Log In to post a comment.

13 comments. Last comment 11 years ago by Chewie.
Page 1 of 1
LOTTOMIKE's avatar - cash money.jpg
Tennessee
United States
Member #7853
October 15, 2004
11338 Posts
Offline
Posted: January 26, 2006, 8:52 am - IP Logged

over 600,000 in taxes taken out????

insane.....

    fxdwg's avatar - animal bear.jpg

    United States
    Member #2870
    November 25, 2003
    76 Posts
    Offline
    Posted: January 26, 2006, 9:25 am - IP Logged

    over 600,000 in taxes taken out????

    insane.....

    Mike

    Where did you get that?

    The way I read,,,,,, they took a lump sum payment of 357,500 rather than a 20 year annuity of 50,000 a year totaling 1 million

      mylollipop's avatar - Trek STLOGO6.png

      United States
      Member #24380
      October 21, 2005
      623 Posts
      Offline
      Posted: January 26, 2006, 2:44 pm - IP Logged

      Say a Little Prayer of THANKS...AmenBlue Angel

        Avatar
        Coastal Georgia
        United States
        Member #2653
        October 30, 2003
        1866 Posts
        Offline
        Posted: January 26, 2006, 3:03 pm - IP Logged

        So the lump sum was $ 357,500 BEFORE taxes ??

         

                                       

                      

         

         


          United States
          Member #379
          June 5, 2002
          11296 Posts
          Offline
          Posted: January 26, 2006, 5:05 pm - IP Logged

          Probably after withholding. Although OH won't pay the full cash value in Lot O'Play if someone doesn't want the annuity.

            justxploring's avatar - villiarna
            Wandering Aimlessly
            United States
            Member #25360
            November 5, 2005
            4461 Posts
            Offline
            Posted: January 26, 2006, 6:24 pm - IP Logged

            Has to be after taxes.  First thing I thought as I read this article was "typo" because who would play if the lump sum was less than 1/2 of the advertised jackpot?  So I went to the Ohio site and they have a link to cash option calculation. If you put it 1.0 (for one million) this is what you get:  Oops. somehow the figures aren't copying. Sorry. I'm trying to delete this. Anyway, it shows the way they get to $357,000.

            STATE TAX
            ANNUITY PAYMENTS
            CASH OPTION

            ANNUAL
            PAYMENT:

             
            PRESENT DAY
            CASH VALUE:
             
            FEDERAL TAX
             
            FEDERAL TAX
             
              
            STATE TAX (3.5%):
             
            NET PRIZE AMOUNT PER YEAR FOR 26 YEARS:
             
            ONE-TIME NET
            CASH VALUE AMOUNT:
             
              Avatar

              United States
              Member #10720
              January 23, 2005
              933 Posts
              Offline
              Posted: January 26, 2006, 10:56 pm - IP Logged

              After tax cash value usually comes out to about 1/3 the advertised annuity jackpot, or about 2/3 of the cash option.  50K/year would have been pre-tax. Lump sum of 1/2 of 1 million is 500K so the 357K is slightly more than 1/3 of 1 Mill, 2/3 of 500K.

                psykomo's avatar - animal shark.jpg

                United States
                Member #4877
                May 30, 2004
                5123 Posts
                Offline
                Posted: January 28, 2006, 2:05 pm - IP Logged

                LOTTO PIE........"taste googoud"..........

                Hope you get to sample it with your neighbor, Edeeeeee Starcher..........

                LOL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

                PSYKOMO 

                 

                 

                  Avatar
                  Sparta, NJ
                  United States
                  Member #18331
                  July 9, 2005
                  1977 Posts
                  Offline
                  Posted: January 28, 2006, 2:13 pm - IP Logged

                  Remember, Ohio is one of those states who has an obssession with screwing their citizens attempt to advance themselves.  State taxes, county taxes, and city taxes on any winnings are common.  Exactly what the "Founding Fathers" had in mind when they created America - NOT!

                  Cheers

                  |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

                  I only trust myself - and that's a questionable choice

                    justxploring's avatar - villiarna
                    Wandering Aimlessly
                    United States
                    Member #25360
                    November 5, 2005
                    4461 Posts
                    Offline
                    Posted: January 28, 2006, 2:43 pm - IP Logged

                    I don't think the taxes are high when you look at the above calculations. The prize was a lump sum of $500,000.  That being said, I don't think lotto winnings should be taxed at all. In this case, either the lump sum was more than 50% of the $1M jackpot or they still might owe Federal tax next year when they file.

                      Avatar
                      Sparta, NJ
                      United States
                      Member #18331
                      July 9, 2005
                      1977 Posts
                      Offline
                      Posted: January 28, 2006, 5:14 pm - IP Logged

                      Your numbers didn't come through, althought the 3.,5% did.  I remember several threads about Ohio winners where they wound up in court because the city added taxes to their annuity winnings, and the county jumped on board.  NJ has that one thing in its favor, no tax on NJ winnings.  They get you big time if you win one of the PA or NY lotto's and stay in NJ, but you're safe winning inside the state.

                      Cheers

                      |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

                      I only trust myself - and that's a questionable choice

                        justxploring's avatar - villiarna
                        Wandering Aimlessly
                        United States
                        Member #25360
                        November 5, 2005
                        4461 Posts
                        Offline
                        Posted: January 28, 2006, 6:17 pm - IP Logged

                        I agree that the taxes are too high almost everywhere. In FL there is no state income tax, but I always question the posts that state 28% Federal Tax.  Isn't the maximum 35%?  It used to be much higher.  I always thought that 25% was deducted by the lottery and then the winner is responsible for any additional tax owed. I've done a lot of "googling" and I believe someone who earns a million dollars is in the 35% bracket. Please advise if I'm wrong. So in a state like NC where taxes can reach 8%, you could wind up paying 43% of your lump sum. On top of that there is gift tax.  So of course the best thing is to find a tax savvy lawyer or CPA who knows how to deal with the IRS.  There are lots of loopholes, but it's finding them and knowing how to apply them that really counts.

                          Avatar
                          Sparta, NJ
                          United States
                          Member #18331
                          July 9, 2005
                          1977 Posts
                          Offline
                          Posted: January 28, 2006, 9:44 pm - IP Logged

                          The interim problem is, not only don't we need a tax expert of the caliber a multimillionaire would need, but we can't afford one right now.  So the real answer about taxes will be up for discussion until the world ends - unless one of us hits the big one.  Then we probably wouldn't come back in a year and provide knowledge updates.

                          Cheers

                          |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

                          I only trust myself - and that's a questionable choice