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Conn. man's last lotto ticket wins $10M for widow

Topic closed. 31 replies. Last post 8 years ago by KY Floyd.

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GamerMom's avatar - tails

United States
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April 21, 2008
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Posted: January 5, 2009, 8:49 am - IP Logged

Evil Lookingam curious to see how this pans out for them .....

 personally I'm kinda suprised she just didn't take the money and leave note on the door to the kids

nah she will need somebody to change her diapers in a few years

    Coin Toss's avatar - shape barbed.jpg
    Zeta Reticuli Star System
    United States
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    January 17, 2006
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    Posted: January 5, 2009, 9:47 am - IP Logged

    She was just on TV and mentioned she was about to throw the ticket away!

    There's no doubt in my mind that kind of thing has happened, everything from lottery tickets to a possible cure for a disease.

    "Honey, where's my notes? I left them on the coffee table"

    "Oh, the neighbors are coming over for coffee and I cleaned up and everything went out with the trash this morning".

    Bang Head

    Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

    Lep

    There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

      charmed7's avatar - Lottery-013.jpg
      MICHIGAN
      United States
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      September 22, 2008
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      Posted: January 5, 2009, 10:05 am - IP Logged

      How cool is that!  Wow, the death was tragic, but  she'll be comfortable

      for the rest of  herdays.   I give a portion to my children, and vacation my a--

      off. 

        justxploring's avatar - villiarna
        Wandering Aimlessly
        United States
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        November 5, 2005
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        Posted: January 5, 2009, 12:38 pm - IP Logged

        nah she will need somebody to change her diapers in a few years

        (a) I like to joke around too, but that's very disrespectful.   Many people reach 100 without losing control of their bodily functions.

        (b) If she's healthy she can buy long term care, although at her age it will be very expensive.

        (c) Wealthy, older people have little trouble finding companions, although it's probably more difficult for a woman.  After my Mom died, women were always chasing my Dad (and he didn't have a lot of money! lol)  So with millions she can always find a boy-toy to rub her bunions.

        BTW - can anyone find that "Time to rub the bunions!" ad?  That was priceless.

          RJOh's avatar - chipmunk
          mid-Ohio
          United States
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          March 24, 2001
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          Posted: January 5, 2009, 4:12 pm - IP Logged

          RJOh, guess it depends on the family.  A few years ago a man won $40 million in FL and gave the ticket to one of his daughters. He said she had a good head on her shoulders and he trusted her to make the right decision. I think he had 4 children and I had the same attitude as you.  She was in college and opted for the 30 annual payments.

          Not a lot of people realize that the IRS will tax a person's beneficiaries on the lump sum even if there are annual payments.   Some people have sued the IRS.  I wasn't aware of this IRS rule until I read a post on LP a couple of years ago.   Then I did some research which is why I know about the court hearings when the IRS demanded the families pay tax on the estimated annuity value, even though they hadn't yet received the money.

          I'm sure she has been made aware of some of the tax problems with inheriting an annuity as she admitted the ticket was bought by her husband before he died.  That could mean that at least half of the ticket was his which means it may be treated as part of his estate when it's probated.

           * you don't need to buy more tickets, just buy a winning ticket * 
             
                       Evil Looking       

            wizeguy's avatar - animaniacs04

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            Posted: January 5, 2009, 6:00 pm - IP Logged

            My condolences to the family. Even at that age losing a loved one is not easy.

              hearsetrax's avatar - 0118

              United States
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              May 21, 2007
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              Posted: January 5, 2009, 6:47 pm - IP Logged

              My condolences to the family. Even at that age losing a loved one is not easy.

              am sure in some ways shes laughing @ the ironary all the way to the bank Hiding Behind Computer

                GamerMom's avatar - tails

                United States
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                Posted: January 5, 2009, 7:43 pm - IP Logged

                I'm sure she has been made aware of some of the tax problems with inheriting an annuity as she admitted the ticket was bought by her husband before he died.  That could mean that at least half of the ticket was his which means it may be treated as part of his estate when it's probated.

                Unless he signed it how could anyone prove it was his?  Of course she opened her mouth about it but legally could they really treat it as if it were his???

                  OldSchoolPa's avatar - Lottery-057.jpg
                  Gurnee, Illinois
                  United States
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                  February 12, 2007
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                  Posted: January 5, 2009, 9:15 pm - IP Logged

                  "I've always wanted a Corvette, but I don't think I'll buy one. I'll stick to a small car. I might go to Mohegan Sun," she said, referring to the casino in Connecticut. "I'm going to go home and sit and think."

                  In my line of work, I find that it is true that most people will go home.  They will sit.  But they usually don't think about putting into action the logical and best financial steps for them and their family.  I mean she went from saying she wanted to buy a showy car to settling for a small one (on a side note:  I bet all those folks that ran out and shelled out top dollar for those ugly gas sipping hybrids, Smart cars, Astrias, etc are kicking themselves now that gas is back down in the dollar something range!!  With gas prices this low, it will take them even longer to break even on that purchase...but I guess they can take solace in "feeling good" about doing something "green" for the planet!  Same thing with all of the wind generators that sprung up all across the Midwest!).  Then she showed her true thoughts when she said she might go to the casino (and blow all them millions in them slot machines...but on the positive side, spending a few million pulling slot levers should give at least one of her arms a light workout...oh and her lungs will get a nasty workout trying to breath that first hand, 2nd hand, and 3rd hand cigarette smoke!).  If she takes the annuity, then it will be evident that she not only didn't think clearly about this, but she also didn't seek the advice of a good tax accountant.

                  Get MONEY!!! Winning a JACKPOT lottery is all the HOPE and CHANGE I desire!!!  NOW give me MONEY!US Flag

                  The guy who won the presidency in 2008 really won the lottery...he is now millions richer, travels in first class style, and even has a staff that would be the envy of the richest Powerball winner (she has a staff of 2). Every night he goes to sleep, he probably plays the close of Dave Chappelle's Show: I'm rich beyatch!

                    Vergie6's avatar - DSCN5541
                    North Carolina
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                    Posted: January 5, 2009, 9:37 pm - IP Logged

                    Unless he signed it how could anyone prove it was his?  Of course she opened her mouth about it but legally could they really treat it as if it were his???

                    I agree with you....it has to be signed before it can legally belong to anyone.

                      justxploring's avatar - villiarna
                      Wandering Aimlessly
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                      Posted: January 5, 2009, 10:03 pm - IP Logged

                      Sorry, folks.  You are wrong.   A spouse never has to pay gift or estate tax on any amount.  There is no reason for it to go into probate because there is a surviving spouse.  They were married for 59 years, meaning she was 18, so I doubt if there will be an ex-wife coming forward to contest it!

                       

                      (I just looked at the above avatar and, for some reason, I feel as if I'm talking to myself!  LOL)

                        toogood's avatar - Lottery-061.jpg
                        New Member
                        Hickory, NC and Castle Rock, CO
                        United States
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                        January 4, 2009
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                        Posted: January 5, 2009, 10:30 pm - IP Logged

                        GOD Bless you folks! I'm sorry to hear about your loss....I know the winnings will not bring back a loved one. If your husband/father is anything like my dad he would be laughing his butt off and saying "just my luck"! Best of luck in the future and I hope you make all the right decisions with your winnings!

                        Toogood

                          Bondi Junction
                          Australia
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                          December 24, 2007
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                          Posted: January 5, 2009, 10:34 pm - IP Logged

                          Congratulations to her! Why did she go public? What is the situation in Connecticut, are winners required to go public?

                          I would like the 10 million, but I would like to keep my anonymity.

                            Avatar
                            Ann Arbor, MI
                            United States
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                            August 10, 2005
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                            Posted: January 6, 2009, 4:27 am - IP Logged

                            Good luck with that anonymity thing. Most states don't allow anonymous jackpot winners. I don't know whether or not this would work, but I've heard that you can circumvent that by becoming incorporated and claiming the winnings on behalf of the corporation. I could be entirely inaccuriate, but I would definitely look into that if I won a big one.

                              Avatar
                              NY
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                              October 16, 2005
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                              Posted: January 7, 2009, 4:34 am - IP Logged

                              Sorry, folks.  You are wrong.   A spouse never has to pay gift or estate tax on any amount.  There is no reason for it to go into probate because there is a surviving spouse.  They were married for 59 years, meaning she was 18, so I doubt if there will be an ex-wife coming forward to contest it!

                               

                              (I just looked at the above avatar and, for some reason, I feel as if I'm talking to myself!  LOL)

                              You're making a number of assumptions. Suppose his house was owned without the wife having rights of survivorship? Suppose some of the estate was left to somebody other than the spouse, or suppose he didn't have a will? Whether or not there is a surviving spouse isn't the only factor in whether or not the estate goes through probate, or how simple (or protracted) the process is. The only definite way to  avoid probate is to have planned in advance to avoid it, such as establishing a trust. Suppose somebody else thinks they should have been a beneficiary? Far more people than an ex-spouse could contest the will, and not having an ex doesn't guarantee that he didnt have a 2nd wife.

                              No matter what happens, it's a safe bet that she's better off if the prize isn't considered part of the decedent's estate.

                              BTW, there is an exception to unlimited gifts or estate transfers to a spouse. There are limits if the spouse isn't a US citizen.