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Man with terminal illness wins 20-year annuity lottery jackpot

New York LotteryNew York Lottery: Man with terminal illness wins 20-year annuity lottery jackpot

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.

AP

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20 comments. Last comment 10 years ago by tg636.
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weshar75's avatar - Lottery-042.jpg
Mcminnville, Oregon
United States
Member #3013
December 13, 2003
3046 Posts
Offline
Posted: February 1, 2007, 6:53 pm - IP Logged

Well I would sell my annuity if I only had a year left.  But that is just me.-weshar75

    stavros's avatar - avatar 6898.gif
    Florida
    United States
    Member #6147
    August 8, 2004
    1396 Posts
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    Posted: February 1, 2007, 7:04 pm - IP Logged

    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?

    Good Luck!

    Stavros

     

      emilyg's avatar - cat anm.gif

      United States
      Member #14
      November 9, 2001
      31337 Posts
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      Posted: February 1, 2007, 7:07 pm - IP Logged

      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.

       

                                   

        justxploring's avatar - villiarna
        Wandering Aimlessly
        United States
        Member #25360
        November 5, 2005
        4461 Posts
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        Posted: February 1, 2007, 7:30 pm - IP Logged

        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.

          Avatar
          NY
          United States
          Member #23835
          October 16, 2005
          3474 Posts
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          Posted: February 2, 2007, 12:24 am - IP Logged

          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.

            justxploring's avatar - villiarna
            Wandering Aimlessly
            United States
            Member #25360
            November 5, 2005
            4461 Posts
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            Posted: February 2, 2007, 12:58 am - IP Logged

            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

              fja's avatar - gnome1

              United States
              Member #91
              January 19, 2002
              11924 Posts
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              Posted: February 2, 2007, 9:27 am - IP Logged

              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                      

                Avatar
                Greenwich, CT
                United States
                Member #4793
                May 24, 2004
                1822 Posts
                Offline
                Posted: February 2, 2007, 11:02 am - IP Logged

                Where's CO?  I can't wait for him to weigh in on this!

                  Avatar
                  Coastal Georgia
                  United States
                  Member #2653
                  October 30, 2003
                  1866 Posts
                  Offline
                  Posted: February 2, 2007, 11:06 am - IP Logged

                  Where's CO?  I can't wait for him to weigh in on this!

                  Shhhh !!!
                  Be vewy vewy quiet !!!

                   

                                                 

                                

                   

                   

                    time*treat's avatar - radar

                    United States
                    Member #13130
                    March 30, 2005
                    2171 Posts
                    Offline
                    Posted: February 2, 2007, 11:52 am - IP Logged

                    "If you need cash now call J.G. ..."

                    It's your money, use it when you need it... 

                    LOL (I just wanted to say it before guesser)

                    In neo-conned Amerika, bank robs you.
                    Alcohol, Tobacco, and Firearms should be the name of a convenience store, not a govnoment agency.

                      justxploring's avatar - villiarna
                      Wandering Aimlessly
                      United States
                      Member #25360
                      November 5, 2005
                      4461 Posts
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                      Posted: February 2, 2007, 11:57 am - IP Logged

                      Shhhh !!!
                      Be vewy vewy quiet !!!

                      LOL DoubleDown. In this case, Cash Only would probably be right, except that the lottery doesn't actually have the cash advertized.  It's always an annuity and the cash value is .......well, everyone here already knows.  At least there should be a lump sum value when a prize is paid over 20 years.  That said, we all can choose which games we want to play.  The lottery can't make exceptions for any one particular person because it would be opening up that proverbial can of worms.  However, maybe they should change all annuity games so they offer a cash value. This is a sad case, but I have some other thoughts about it which are more spiritual than practical. I didn't think anyone here would want to hear them.

                      BTW, fja has a good point.  At first it didn't hit me, but if the only reason they won't perform the treatment is money, that might work.

                        SirMetro's avatar - center
                        East of Atlanta
                        United States
                        Member #6191
                        August 11, 2004
                        1389 Posts
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                        Posted: February 2, 2007, 1:09 pm - IP Logged

                        This is one time where I would support Cash Only in the pursuit of a clause that would permit a cash payout (am assuming average annuity cash payout is around 30% which is far greater then the 10% a buy-out would pay) for annuity only games.

                        Perhaps if the clause read something to the extent of "In the event that the collective medical opinion of (xx number) State Board Certified Medical Doctors who specialize in the terminal illness of the Lottery Winner is such that the Lottery Winner could in no way live a normal life expectancy of an average healthy individual which would allow collection of at least 50% of the total annuity payments, then said prize may be paid in a single lump sum cash value equal to the original annuity cash value or the allocated funds that are available once all winners have been paid, whichever is lesser."

                        Such a clause would benefit both those who are elderly (65 plus) as well as those who are medically ill while at the same time, preserving the intent of establishing an annuity based game. And obviously...a lawyer would have to write it as to insure all the required loop holes are added and/or removed.

                          Avatar
                          Delaware
                          United States
                          Member #30273
                          January 14, 2006
                          494 Posts
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                          Posted: February 2, 2007, 4:26 pm - IP Logged

                          This is one time where I would support Cash Only in the pursuit of a clause that would permit a cash payout (am assuming average annuity cash payout is around 30% which is far greater then the 10% a buy-out would pay) for annuity only games.

                          Perhaps if the clause read something to the extent of "In the event that the collective medical opinion of (xx number) State Board Certified Medical Doctors who specialize in the terminal illness of the Lottery Winner is such that the Lottery Winner could in no way live a normal life expectancy of an average healthy individual which would allow collection of at least 50% of the total annuity payments, then said prize may be paid in a single lump sum cash value equal to the original annuity cash value or the allocated funds that are available once all winners have been paid, whichever is lesser."

                          Such a clause would benefit both those who are elderly (65 plus) as well as those who are medically ill while at the same time, preserving the intent of establishing an annuity based game. And obviously...a lawyer would have to write it as to insure all the required loop holes are added and/or removed.

                          The only thing is he bought the ticket thus accepted the annuity only terms.

                            fja's avatar - gnome1

                            United States
                            Member #91
                            January 19, 2002
                            11924 Posts
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                            Posted: February 2, 2007, 8:19 pm - IP Logged

                            I Agree! This would be a non-issue (non-story) if he did not win....Its not the lottery or the medical doctors that caused his illness...but now he has choices he can make and leverage to make deals to improve (if not save) his life...It is a sad story....but there is really no villan here.  Rules and regulations,,,just like laws, should not be changed due to some isolated incidents......in this case the many, out weight the one.....

                            I wish him the best regardless!

                            "Everybody has to believe in something...I believe I'll have another beer!"   = W.C.Fields