Welcome Guest
Log In | Register )
You last visited December 9, 2016, 12:16 pm
All times shown are
Eastern Time (GMT-5:00)

Mega Millions lottery jackpot rolls to $120 million

Topic closed. 35 replies. Last post 8 years ago by GamerMom.

Page 2 of 3
PrintE-mailLink
GamerMom's avatar - tails

United States
Member #60535
April 21, 2008
460 Posts
Offline
Posted: February 20, 2009, 6:07 pm - IP Logged

I am guessing because some people have a hard time saying no.

 I really do, i'm afraid of bad karma.  If I had $125 million dollars I would probably not refuse to pay anyone's crippling medical bills (tax break!!!) but personal gifts would be hard for me to say no to without feeling guilty yet sooner or later I would happen upon the dreaded gift tax and then kick myself in the butt for doing it.

    Avatar
    San Diego, CA
    United States
    Member #58386
    February 12, 2008
    287 Posts
    Offline
    Posted: February 20, 2009, 9:28 pm - IP Logged

    "...you have a better excuse not to pony up the money to everyone who asks."

    Why would you need an "excuse"? Skeptical

    Agree.

     

    If they bitched about not getting any money.  My response no matter who it was or how long I knew them:

    "Nice knowing you."

      Avatar
      Oak Creek WI
      United States
      Member #5403
      July 3, 2004
      44 Posts
      Offline
      Posted: February 21, 2009, 12:58 pm - IP Logged

       Me and my husband wouldn't have a problem saying NO.  When we have our Big Win we will have our financial advisor set up a limited liabiltiy Corp.

       investment group named xyzou. This way no body will know we won the lottery except for one or two people we tell. But they would be a part of this so they wouldn't be telling everyone any way. I would take the cash so I could have the investor invest it the way I see fit. The lottery puts the money in government bonds that are secure I could do that too and make the money off the money instead of them. 

      But each person has thier own idea of how they would do it if they won, I would take the cash other would do the annuity.

      I just wish everyone on this Forum the Best Luck  that all your dreams and wishes are fructuous.

      LottoLin

        Halle99's avatar - Lottery-043.jpg
        United States
        United States
        Member #68252
        December 16, 2008
        168 Posts
        Offline
        Posted: February 21, 2009, 5:23 pm - IP Logged

         Me and my husband wouldn't have a problem saying NO.  When we have our Big Win we will have our financial advisor set up a limited liabiltiy Corp.

         investment group named xyzou. This way no body will know we won the lottery except for one or two people we tell. But they would be a part of this so they wouldn't be telling everyone any way. I would take the cash so I could have the investor invest it the way I see fit. The lottery puts the money in government bonds that are secure I could do that too and make the money off the money instead of them. 

        But each person has thier own idea of how they would do it if they won, I would take the cash other would do the annuity.

        I just wish everyone on this Forum the Best Luck  that all your dreams and wishes are fructuous.

        LottoLin

        I Agree! I hear you.  For me I will take the annuity and work with little annual amount and invest in this economy I don't want to take everything and invest it with some company that who knows when they are going to go downhill....I trust the lottery more on that.  As for my family and friends(extended included)...I will give them all a portion of my winnings and wish them good luck in managing their money....If anybody becomes greedy NO will be the answer and asta la vista....I have already told them and they all know....I am the one who won the money so they have no choice but to appreciate any little(a few thousands) they get.

         

         

        GOOD LUCK TO EVERYBODY THE MM JACKPOT IS NOW $145,000,000....

          GamerMom's avatar - tails

          United States
          Member #60535
          April 21, 2008
          460 Posts
          Offline
          Posted: February 21, 2009, 11:29 pm - IP Logged

          does anybody know if the PB is a rollover? the FLA Lottery website is slooow


            United States
            Member #58528
            February 18, 2008
            710 Posts
            Offline
            Posted: February 21, 2009, 11:36 pm - IP Logged

            does anybody know if the PB is a rollover? the FLA Lottery website is slooow

            It generaly takes a couple of hours before the results are posted.USA MEGA/Lottery Post is usually one of the first websites to post the results.

              GamerMom's avatar - tails

              United States
              Member #60535
              April 21, 2008
              460 Posts
              Offline
              Posted: February 21, 2009, 11:40 pm - IP Logged

              It generaly takes a couple of hours before the results are posted.USA MEGA/Lottery Post is usually one of the first websites to post the results.

              they have the numbers up but not if it is a rollover or not


                United States
                Member #58528
                February 18, 2008
                710 Posts
                Offline
                Posted: February 21, 2009, 11:57 pm - IP Logged

                they have the numbers up but not if it is a rollover or not

                Thats because it takes a couple of hours for all Powerball states to report in with the results.

                  GamerMom's avatar - tails

                  United States
                  Member #60535
                  April 21, 2008
                  460 Posts
                  Offline
                  Posted: February 21, 2009, 11:58 pm - IP Logged

                  Thats because it takes a couple of hours for all Powerball states to report in with the results.

                  ok, thanks!!!!


                    United States
                    Member #58528
                    February 18, 2008
                    710 Posts
                    Offline
                    Posted: February 22, 2009, 12:15 am - IP Logged

                    ok, thanks!!!!

                    Powerball rolled over.Wednesdays jackpot will be 150 million dollars.80 million dollars cash option.1 person in Florida hit five numbers w/o the powerplay option.Someone in Iowa (not me) hit 5 numbers with the powerplay option for 1 million dollars.Hope it was someone that I know.I'm happy for them even if I don't know them.Its been awhile since an Iowan won a second prize,even longer since an Iowan won the jackpot.

                      Piaceri's avatar - sarsony1
                      Republic of Texas
                      United States
                      Member #57557
                      January 9, 2008
                      1095 Posts
                      Offline
                      Posted: February 22, 2009, 10:50 am - IP Logged

                       I really do, i'm afraid of bad karma.  If I had $125 million dollars I would probably not refuse to pay anyone's crippling medical bills (tax break!!!) but personal gifts would be hard for me to say no to without feeling guilty yet sooner or later I would happen upon the dreaded gift tax and then kick myself in the butt for doing it.

                      GamerMom, you are going to have to learn to say "no" if you don't want to end up giving it all away and winding up with none for you and your kids.  Either that, or find a way to get around it.  Protect yourself, protect your winnings - these are important if you want that money to last.

                      With this size of lottery and you finding the word "no" hard to say, you will have to move or they will be at your door day and night. That is step one (after hiring a lawyer and finance advisor). You buy a new house in a trust name so your name or the trust you claimed the winning with is not recorded as owner, and you forward your old mail to a PO Box.  It doesn't matter how much you love your current home, you're gonna have to move.

                      Then, you either establish a small charity trust with a lawyer and a financial advisor on the decisions board to give away to those in special need situations, or you let some sort of factor make those decisions for you.  For family hand outs, you make the stipulation that those who handle their gift responsibly will get more in the future - and that goes for your kids.  Make them understand the gift tax situation.  And then let your financial advisor/factor decide when they come back for more - to be the bad guy so to speak. Those that get a "no" can try to prove themselves again later if they have a mind to, but tell them the funds are not unlimited, the gift tax applies, and you have to be fair to everyone.  This even goes for your kids.

                      Of course taking an assertiveness training class along side your finance classes is a must for winners who just can't say "no".  Like me.   Approve 

                       

                      Good luck to everyone Tuesday and Wednesday! Let's hope it is a Lottery Post winner!Party

                      face

                      singlewinnersinglewinnersinglewinner   

                        GamerMom's avatar - tails

                        United States
                        Member #60535
                        April 21, 2008
                        460 Posts
                        Offline
                        Posted: February 22, 2009, 12:13 pm - IP Logged

                        i just can't understand why anyone would be stingy with $150 million.  I think if I won the pb i would have my sig other, his mom and my mom sign the ticket with me.  that would be about $15 million after taxes each (assuming $80 million payout as previous poster stated). I do think you are right, we would have to move but I would keep my current house.  i'm sure in a few years it would all blow over and i could come back. or not.  You are right, though I would have to learn to say no more often!

                          DelmarvaChick's avatar - wallace
                          Ohio
                          United States
                          Member #68398
                          December 20, 2008
                          81 Posts
                          Offline
                          Posted: February 22, 2009, 12:47 pm - IP Logged

                          i just can't understand why anyone would be stingy with $150 million.  I think if I won the pb i would have my sig other, his mom and my mom sign the ticket with me.  that would be about $15 million after taxes each (assuming $80 million payout as previous poster stated). I do think you are right, we would have to move but I would keep my current house.  i'm sure in a few years it would all blow over and i could come back. or not.  You are right, though I would have to learn to say no more often!

                          GamerMom it's not being stingy....it's being smart. Your choice to give or not give is one thing, but you have to think... "Do I want to give it all away and feel good even though I'm broke" orrrrrrrrr would you rather say "I want to give for the rest of my life and beyond, setting up a legacy that will have an impact on society, the things I find important within it and my family"

                          Me personally, I would give some away but I wouldn't go broke doing it. NOBODY would know that I've won except the lottery people,  my financial people and Uncle Sam. I heard once on a radio show that a woman in England had won a million dollar jackpot (don't remember the exact amount) and she had kept it a secret from her husband for years...I think he had a drug problem or something and she was afraid he would squander it all away.

                          If the jackpot was big enough I would give small financial gifts to family through a trust they didn't know I was associated with, even writing myself some checks so they wouldnt get curious. I got this idea from a post I read by Alec West. He has a very thoughful approach to this lottery winning thing. To be truthful...I honestly can't say I would will it all away to family after I died eaither.  Truth be told, they still might not know then...and it's not that I'm stingy, it's just that I still want to serve the chartities I believe in (family included) without comprimising the important things money can have a negative effect on.

                            Uff Da!'s avatar - InCelebration 001.jpg
                            Washington State
                            United States
                            Member #33973
                            February 26, 2006
                            347 Posts
                            Offline
                            Posted: February 23, 2009, 2:29 pm - IP Logged

                            i just can't understand why anyone would be stingy with $150 million.  I think if I won the pb i would have my sig other, his mom and my mom sign the ticket with me.  that would be about $15 million after taxes each (assuming $80 million payout as previous poster stated). I do think you are right, we would have to move but I would keep my current house.  i'm sure in a few years it would all blow over and i could come back. or not.  You are right, though I would have to learn to say no more often!

                            If you did this, the IRS would almost certainly rule that the entire amount you gave to others was a gift subject to gift taxes.  The amount you owed in gift taxes might be more than the amount of money you had left!

                            Any arrangement between individuals to share the winnings of a lottery ticket need to be made before the ticket wins, not after.  Otherwise it is a gift.  You would need to be able to verify the date of the arrangement, so the arrangement should be in writing and perhaps notarized.  This is particularly true between related individuals.  Before the drawing, a ticket is worth only the cost of the ticket.  If you give shares of it away then, there wouldn't be gift tax owed, as the cost is so low.  But after the drawing, the value is based upon what that ticket has won.

                            You can't give away shares in a ticket only if it wins the jackpot.  If you give away 50% in shares, for example, you'd be giving away half of a $1 or $150 or $10,000 win, as well as half of a jackpot win.

                              time*treat's avatar - radar

                              United States
                              Member #13130
                              March 30, 2005
                              2171 Posts
                              Offline
                              Posted: February 24, 2009, 10:48 pm - IP Logged

                              GamerMom it's not being stingy....it's being smart. Your choice to give or not give is one thing, but you have to think... "Do I want to give it all away and feel good even though I'm broke" orrrrrrrrr would you rather say "I want to give for the rest of my life and beyond, setting up a legacy that will have an impact on society, the things I find important within it and my family"

                              Me personally, I would give some away but I wouldn't go broke doing it. NOBODY would know that I've won except the lottery people,  my financial people and Uncle Sam. I heard once on a radio show that a woman in England had won a million dollar jackpot (don't remember the exact amount) and she had kept it a secret from her husband for years...I think he had a drug problem or something and she was afraid he would squander it all away.

                              If the jackpot was big enough I would give small financial gifts to family through a trust they didn't know I was associated with, even writing myself some checks so they wouldnt get curious. I got this idea from a post I read by Alec West. He has a very thoughful approach to this lottery winning thing. To be truthful...I honestly can't say I would will it all away to family after I died eaither.  Truth be told, they still might not know then...and it's not that I'm stingy, it's just that I still want to serve the chartities I believe in (family included) without comprimising the important things money can have a negative effect on.

                              Woman 'hiding lottery win from husband' - www.lotterypost.com/news/126952 

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